Trust Digital Inc., a McLean software company, is getting a new chief executive and $3.1 million in new investments as it tries to expand its business making security software for wireless devices.
The private company, which designs software to protect devices such as cell phones and personal digital assistants from viruses and other security threats, plans to announce the investment and the installation of Nick Magliato as chief executive today. Magliato is a former senior executive of USinternetworking Inc. of Annapolis and before that was an executive at Digex Inc.of Laurel.
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Venture Capital Section
Trust Digital's former chief executive and co-founder, Kevin Shahbazi, will become chief strategy officer.
The company's goal, executives said, is to expand from software protecting individual devices to company-wide security systems.
Trust Digital has about 45 customers and expects to generate about $1 million in revenue this year. Its main competitors include Texas-based Credant Technologies, and Baltimore-based Bluefire Security Technologies Inc.
Magliato said he wants to generate more sales among the health care, government and financial services companies that make up its customer base. He said he also wants to build relationships with resellers that could expand the customer base.
Core Capital Partners, a Washington-based venture capital firm, and Avansis Ventures of Reston invested in the company, which has raised $5 million including the new investment.
"In my opinion, mobile security isn't an if, it's a when," because more companies are using more sophisticated wireless devices, said Pascal Luck, managing director of Core Capital.