Keating Capital Participates in LifeLock Financing
March 15 2012 - 3:44PM
Marketwired
Keating Capital, Inc. announced that on March 14, 2012, it made a
$5 million investment in the Series E Convertible Preferred Stock
round of LifeLock, Inc., which raised over $100 million. All major
existing investors participated including Bessemer Venture
Partners, Goldman, Sachs & Co., Kleiner Perkins Caufield &
Byers, and Symantec Corporation.
Founded in 2005 and based in Tempe, Arizona, LifeLock is an
industry leader in consumer identity theft protection services. A
multiple award-winning organization for two consecutive years,
LifeLock has been recognized by INC magazine on their annual list
of top 500 fastest growing privately held businesses in the United
States and by the American Business Awards as having the 2011
Customer Service Team of the Year. In August 2011, Javelin Strategy
& Research named LifeLock Command Center and LifeLock Credit
Score Manager as "Best in Prevention" in their annual Identity
Protection Vendor Report.
In connection with the Series E financing round, LifeLock
acquired ID Analytics, Inc. ("IDA"), a leader in enterprise
identity risk management. This acquisition combines IDA's
enterprise solutions and proprietary data capabilities with
LifeLock's brand leadership and consumer expertise, which broadens
LifeLock's reach and bolsters its position as a market leader.
According to LifeLock, the entities generated combined revenue of
over $200 million in 2011.
"LifeLock is the perfect example of the type of investment that
Keating Capital seeks to make," stated Timothy J. Keating, CEO of
Keating Capital. "We invested in a growing, category leading, high
profile company alongside a number of top tier venture capital
firms, many of whom we have co-invested with in the past.
Additionally, as a direct investor, Keating Capital was able to
evaluate the potential impact of the IDA acquisition on LifeLock's
future growth strategy," added Mr. Keating.
LifeLock is Keating Capital's second new portfolio company
investment in 2012, and its largest investment to date. With this
investment, Keating Capital has now made investments of $44.5
million in 16 portfolio companies, including $8.5 million invested
year-to-date.
About Keating Capital, Inc.
Keating Capital is a business development company that
specializes in making pre-IPO investments in innovative, emerging
growth companies that are committed to and capable of becoming
public. We provide investors with the ability to participate in a
unique fund that allows our stockholders to share in the potential
value accretion that we believe typically occurs once a company
transforms from private to public status. Keating Capital's shares
are listed on Nasdaq under the ticker symbol "KIPO."
Forward-Looking Statements
This press release may contain statements of a forward-looking
nature relating to future events. These forward-looking statements
are subject to the inherent uncertainties in predicting future
results and conditions. These statements reflect Keating Capital's
current beliefs, and a number of important factors could cause
actual results to differ materially from those expressed in this
press release, including the factors set forth in "Risk Factors"
set forth in Keating Capital's Form 10-K and Form 10-Q filed with
the Securities and Exchange Commission ("SEC"), and subsequent
filings with the SEC. Please refer to Keating Capital's SEC filings
for a more detailed discussion of the risks and uncertainties
associated with its business, including but not limited to the
risks and uncertainties associated with investing in micro- and
small-cap companies. Except as required by the federal securities
laws, Keating Capital undertakes no obligation to revise or update
any forward-looking statements, whether as a result of new
information, future events or otherwise. The reference to Keating
Capital's website has been provided as a convenience, and the
information contained on such website is not incorporated by
reference into this press release.
Third Party Websites
The hyperlink to LifeLock's website is located on a third party
server that is not associated with Keating Capital. Keating Capital
does not endorse this website, its sponsor, or any of the policies,
activities, products, or services offered on the site or by any
advertiser on the site. Keating Capital does not take
responsibility for third party websites and is not responsible for
the accuracy or completeness of any business, financial or other
information contained on such website.
Keating Capital, Inc. ("Keating Capital") is a Maryland
corporation that has elected to be regulated as a business
development company under the Investment Company Act of 1940.
Keating Investments, LLC ("Keating Investments") is an SEC
registered investment adviser and acts as investment adviser to and
receives base management and/or incentive fees from Keating
Capital. Keating Investments and its affiliates, control persons,
and related individuals or entities may invest in the businesses or
securities of the companies for whom Keating Capital provides
managerial assistance in connection with its investments.
Investment advisory services are provided by Keating Investments.
Keating Investments and Keating Capital operate under the generic
name of Keating.
Contact: Margie L. Blackwell Investor Relations Director Keating
Capital, Inc. mb@keatinginvestments.com (720) 889-0133