ControlScan Closes $3.5 Million in Series B Round of Funding
June 29th, 2010 By:THN News
(The Hosting News) – ControlScan has recently closed a $3.5 million Series B Round of funding. The round was led by Harbert Venture Partners, with C&B Capital also participating. Harbert Venture Partners and C&B Capital join Total Technology Ventures, which funded the company’s Series A round. Proceeds from the new funds will be used to advance ControlScan’s technology and infrastructure initiatives and drive sales and marketing efforts.
As part of this investment, Tom Roberts, partner, Harbert Venture Partners, will join ControlScan’s Board of Directors. Roberts serves on the boards of Clarabridge, JackBe and WindChannel Communications. Harbert Venture Partners provides early growth stage capital to technology and healthcare companies in the Mid-Atlantic and Southeastern United States.
ControlScan also announced that Jack McDonnell will join the company’s Board of Directors. Jack currently serves as CEO of Phoenix Managed Networks and was previously CEO of ExaDigm, PayLinx, and TNS, Inc. (NYSE:TNS), which he founded and took public. In addition, McDonnell is a director of DealerTrack (NASDAQ:TRAK) and CyberSource (NASDAQ:CYBS), which was recently acquired by Visa, Inc.
“Small merchants are struggling to achieve compliance mandates related to the PCI Data Security Standard,” said Tom Roberts. “We see a large market opportunity for ControlScan to continue its efforts in partnering with acquiring banks and their independent sales organizations (ISOs) to deliver payment security solutions to small merchants. After tracking ControlScan’s tremendous momentum over the last eighteen months, we are excited to partner with management, TTV and C&B Capital to meet the security needs of merchants, ISOs and acquirers.”
Over the last two years ControlScan’s seasoned management team has achieved substantial momentum working with acquiring banks and ISOs to manage PCI compliance programs for their small merchant portfolios to ensure maximum compliance rates. “We are proud of our progress and are excited to have additional capital and our investors’ support to advance the key initiatives that will further accelerate our growth,” said Joan Herbig, chief executive office, ControlScan.
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