Trifork invests in Promon together with GRO Capital and Kirk Kapital to grow and build a global app shield leader. The investors will leverage Promon’s best-in-class app shielding technology and will partner with the company to invest in sales and marketing, drive continued product innovation and expand across industry verticals on a global scale.
Built on continuous product innovation, Promon’s SHIELDTM platform offers unparalleled application protection and shielding technology by extending security beyond the downloaded application and proactively detecting and blocking potential security threats at rest and at runtime, ultimately safeguarding applications used on +300 million devices from malware attacks and application tampering.
Promon has been a pioneer in the application shielding software eco-system since 2006 and has acquired +250 customers and +25 strategic partners globally, with offices in Norway, Germany, US and India. Promon’s software is validated by a broad portfolio of blue-chip customers in a wide range of industry verticals. The company has undergone rapid growth since inception and the investors partner with Promon at an important inflexion point in the company’s growth journey, as the demand for application security solutions is expected to accelerate significantly in response to customers’ need to protect against ever increasing malware attacks on an application level.
Gustaf Sahlman, CEO of Promon, said: “We are very excited about partnering with our new investors to invest in our scaling journey and capitalize on our best-in-class technology, with a focus to ensure continued delivery of state-of-the-art app shielding to millions of end users. We are proud of our historical track record as one of the pioneers and thought leaders within the app shielding domain, why it has been important for us to partner with investors who can demonstrate extensive knowledge and experience around operating and scaling software businesses.”
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Maxwell Veyhe, Partner at GRO Capital, said: “Promon has demonstrated consistent delivery of significant value for both its customers and partners, and at GRO Capital, we are very impressed by the best-in-class platform that Promon has built over the past two decades. We are very confident that GRO Capital is the ideal partner for Promon and are looking forward to working with the Promon team to create a global category leader within the app shielding market.”
Kim Gulstad, CEO of Kirk Kapital, said: “Our investment in Promon is a testimony of Kirk Kapital’s strategy of teaming up with strong and competent partners, who we believe can deliver sustainable value creation. We consider Promon a first-class company with significant global growth potential and we are excited to support our investment partners and Promon on this journey.”
Jørn Larsen, CEO of Trifork Group, said: “We are very pleased to invest in Promon together with GRO Capital and Kirk Kapital. Trifork is already active in the fast–growing cyber protection market and impressed by Promon’s unique app shielding technology. Promon is a perfect partner and we are looking forward to working with the team to continue its growth journey globally.”
Closing of the transaction is anticipated to take place in the end of January 2022. Trifork will make the investment through our R&D company Trifork Labs. Following closing of the transaction, Trifork will own 5% of Promon.
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