JMI Equity, a San Diego private equity firm focused on high-tech and health care industries, said it participated with earlier funding group Investor Growth Capital in a $31 million investment in WhiteHat Security, a Web security company.
The new investment will accelerate WhiteHat’s momentum around several strategic business initiatives including increased focus on the small to medium-sized enterprise market, and international expansion with its enterprise customers, said JMI.
Founded in 2001, WhiteHat, based in Santa Clara, had new bookings growth last year of 75 percent, and a customer retention rate of 95 percent, JMI said.
Founded in 1992, JMI Equity has invested in about 100 businesses and has more than $2.1 billion of committed capital under management. Included in its investments are DoubleClick, Nimsoft and ServiceNow.
— SDBJ Staff Report