Trifork joins as investor in the cyber protection company Promon
By Joy Dumasia
Trifork invests in Promon together with GRO Capital and Kirk Kapital to grow and build a global app shield leader. The investors will leverage Promon’s app shielding technology. They will partner with the company to invest in sales and marketing, drive continued product innovation and expand across industry verticals globally.
Promon’s SHIELD platform offers application protection and shielding technology by extending security beyond the downloaded application and proactively detecting and blocking potential security threats at rest and runtime, ultimately safeguarding applications used on +300 million devices from malware attacks and application tampering.
The company has undergone rapid growth since its inception, and the investors partner with Promon at a critical inflexion point in the company’s growth journey, as the demand for application security solutions is expected to accelerate significantly in response to customers’ need to protect against ever-increasing malware attacks on an application level.
The closing of the transaction is anticipated to take place at the end of January 2022. Trifork will invest in our R&D company Trifork Labs. Following the conclusion of the transaction, Trifork will own 5% of Promon.
Gustaf Sahlman, CEO of Promon, said: “We are very excited about partnering with our new investors to invest in our scaling journey and capitalize on our best-in-class technology, with a focus to ensure continued delivery of state-of-the-art app shielding to millions of end-users. We are proud of our historical track record as one of the pioneers and thought leaders within the app shielding domain, why it has been important for us to partner with investors who can demonstrate extensive knowledge and experience around operating and scaling software businesses.”
Jørn Larsen, CEO of Trifork Group, said: “We are very pleased to invest in Promon together with GRO Capital and Kirk Kapital. Trifork is already active in the fast-growing cyber protection market and impressed by Promon’s unique app shielding technology. Promon is a perfect partner, and we are looking forward to working with the team to continue its growth journey globally.”
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