provider, has acquired a 60% stake in the European Internet Security Company
Proseq AS. The Telenor Venture II ASA fund has provided substantial additional funding that will enable Proseq to accelerate its ambitious product and service expansion plans, as well as replacing former owner Otrum's stake in the Company.
The acquisition by Telenor Venture sees members of the venture capital company assume an active role on the Proseq board of Directors, and serves to consolidate Proseq's existing framework agreement to supply security services to Telenor ASA.
In a separate development, Proseq has won a distribution contract with Global Security Services Limited to deliver 100 units per year of its brand new MicroIDS plug & play Internet security product. Global Security Services Limited is one of Britain's leading security resellers, with over 2000 customers in the United Kingdom.
Proseq has also entered into a contract to deliver 60 of its MicroIDS Internet security products per annum to Norway's BG-Consult AS. BG-Consult is a key supplier to Scandinavia's Telehuset AS and Bravida ASA. The value of each Proseq plug & play installation is in excess of Â£20,000.
According to Rune Rinnan, President and CEO of Telenor Venture, 'Telenor has
a firm belief in the ongoing strength of the Internet security market, and
sees Proseq as a well positioned Company with an experienced management team.'
Arnt Brox, CEO of Proseq AS added that 'Telenor Venture was our preferred financial and strategic partner, and we are pleased to have them on board
for the next phase of Proseq's growth. Telenor Venture is a highly professional organisation with a wealth of international experience and valuable connections.'