WestAM is the asset management affiliate of WestLB AG, a global leading provider of financial services with offices in 35 countries. The firm manages approximately $41 billion in investment assets for over 450 clients world-wide.

Vsecure said that the proceeds of the financing will primarily be used for expansion of its sales and marketing operations in US. Vsecure is focusing on sales channel development, public relations and messaging and recruitment of additional US staff. Parallel efforts will continue to further expand the functionality and capabilities of Vsecure's powerful intrusion prevention products, specifically in the area of applications security.

Vsecure Technologies's headquarters are in New York City, with research and development operations based in Petach Tikva.

"The success of this round is proof of the industry's trust in Vsecure as a company, as well as its trust in our technology," said David Saar, Vsecure's CEO. "Even in today's market, with all the uncertainty and budget-cutting, we are successful because we remain committed to providing our customers with the best defense against crippling network attacks. We're proud of our reputation and pleased with the outcome of this round."

Vsecure noted that according to recent projections from security industry analysts, the combined global intrusion detection/prevention market is expected to grow to $1.5 billion by the end of 2005 with intrusion prevention accounting for up to $500 million of this total.

Published by Globes [online] - www.globes.co.il - on 24 June 2003