washingtonpost.com  > Technology > Washtech

Quick Quotes

Trust Digital Gets CEO, Cash Influx

By Yuki Noguchi
Washington Post Staff Writer
Tuesday, October 19, 2004; Page E05

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.

_____Local Tech News_____
BioVeris to Enter Vaccine Business (The Washington Post, Oct 20, 2004)
XM Satellite Radio Signs Baseball Deal (The Washington Post, Oct 20, 2004)
Online Resources To Buy N.J. Firm (The Washington Post, Oct 19, 2004)
More Headlines
Tech Events Calendar
_____Venture Capital News_____
Venture Capital Investments (Live Online, Oct 26, 2004)
Herndon, N.Y. Cyber-Security Firms to Merge (The Washington Post, Sep 21, 2004)
Wireless Solution Illustrates Success of Unorthodox Strategies (The Washington Post, Aug 23, 2004)
Learning to Play With the Big Boys (The Washington Post, Aug 23, 2004)
BioVeris Still May Lose Its Investment (The Washington Post, Aug 18, 2004)
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.


© 2004 The Washington Post Company