Data Security Company Algosec Raises $36 Million

New Jersey-based enterprise data security company, Algosec Systems Ltd. closed a $36 million investment led by private equity firm Claridge Israel, the company announced Wednesday.

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Founded in 2004 by Yuval Baron and Avishai Wool, Algosec develops data security management software used for enterprises. It lists Microsoft, Intel, Volkswagen and British Petroleum as clients. According to LinkedIn data, the company currently has over 300 employees after a 41% increase in the last two years.

Based in Herzliya, a Tel Aviv suburb, Claridge Israel is the local branch of international firm Claridge Investment Ltd., a joint venture of the Canadian Bronfman Family and Caisse de dépôt et placement du Québec, one of Canada’s largest institutional investors.

Algosec impressed Claridge with its “current and future growth prospects,” said Oded Tal, a managing partner at the private equity firm.

Recently appointed Claridge partner Rami Hadar will join Algosec’s board of directors. In a previous position, Mr. Hadar served as the CEO of Nasdaq traded communications equipment company Allot Communications Ltd.