To support INTRUSION’s product-focused growth strategy, the Richardson-based cybersecurity company is looking to expand its executive team by hiring a new chief financial officer, vice president of sales, and vice president of IT.
The news comes after INTRUSION announced the completion of its follow-on public offering (FPO) earlier this month. The FPO included more than 3.5 million shares of its common stock, with the full exercise of the underwriter’s option to purchase an additional 465,000 shares from the company, according to a statement.
INTRUSION ended up selling over 2.4 million shares in the offering, with a group of selling shareholders selling 1.1 million shares of INTRUSION common stock.
The proceeds from this offering—estimated at $18.3 million—are expected to be used for its growth initiatives.
A few days prior to this, Intrusion was approved for uplisting the trading of its common stock from OTC Capital Markets to the Nasdaq Capital Market (“Nasdaq”), using the symbol “INTZ.”
As INTRUSION looks to hire on new executives, the role of CFO will be an especially important position to fill, as it’s currently held by long-time executive Michael L. Paxton, who has been with the company for 30 years and recently announced his retirement.
INTRUSION CEO Jack Blount thanked Paxton in a statement for helping “INTRUSION’s comprehensive efforts to support the DoD and major corporations in their constant battle against cybercrime and cyberwarfare.”
Over the course of its history, INTRUSION has provided solutions for Fortune 500 companies and the U.S. government.
The company was originally founded in 1983 by former Chairman, President, and CEO G. Ward Paxton with the original intent to design, manufacture, and sell secure fiber optic LAN equipment. In 1991, the company uncovered one of the largest-ever settlements from a cyber crime, which was a corporate espionage case in which the customer received a settlement of more than a billion dollars, according to the company’s website.
INTRUSION now provides entity identification, high-speed data mining, cybercrime, and advanced persistent threat detection services on a global level.
Among INTRUSION’s growth initiatives is the commercialization of its INTRUSION Shield cybersecurity solution, which concentrates on monitoring all of a business’ incoming and outgoing traffic, instead of solely attempting to keep out malicious incoming traffic like other solutions.
INTRUSION also offers a suite of Internet monitoring and tracking products that recognize malicious and illegal activities through INTRUSION TraceCop and a transparent network data capture and analysis solution called INTRUSION Savant.
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