NORWALK, Conn., Sept. 25, 2018 /PRNewswire/ -- Petros Partners announced today its investment in TruOps, LLC, a leading cybersecurity, risk and compliance management software company headquartered in Norwalk, Connecticut. The investment will be used to further develop and market the TruOps platform and will bring additional tech jobs to southwestern Connecticut.
The funding comes from the Petros Connecticut Fund I, an $18 million investment fund focused on supporting the growth of Connecticut businesses. The Petros Connecticut Fund operates under the state's Insurance Reinvestment Tax Credit Program and is in place to encourage and assist in the creation, development, and expansion of Connecticut businesses by providing them access to both capital and operational expertise.
"Identifying and financing companies like TruOps is rarely straightforward," said Petros Partners co-founder and CFO Jim Stanislaus. "The Petros approach is to be patient, disciplined and creative. We work hard to make sure the managers of great companies—like TruOps—have the capital and flexibility they need to build their businesses in the way that is most conducive to their growth and potential. We like the sector and haven't seen another business capable of delivering similar solutions as TruOps."
Organizations rely on TruOps' cloud-based platform to improve their cybersecurity, manage risk and stay on top of regulatory compliance. TruOps automates the entire risk and compliance management process with a simple by design framework which is quick to deploy and easy to use. TruOps comes pre-loaded with many standards including SOX, HIPAA, ISO, etc.
"TruOps is an outstanding company with a bright future," said Barry Schwimmer, Managing Director of the Petros Connecticut Fund. "It has been very rewarding to get to know the business more closely and help the team formulate a solid plan. Transactions such as this help foster growth and employment in our state, which is exactly why we formed this fund. We view this investment as a direct boost to job growth in the growing tech industry in Connecticut."
"Businesses today are increasingly dependent on technology and use interconnected systems for their employees and external partners and vendors. This leads to an overwhelming amount of enterprise risk, security threats and compliance challenges," said TruOps CEO Ajay Gupta. "We're pleased to be partnering with Petros to continue to protect our clients and promote Connecticut as a hub for tech and software; we look forward to our continued expansion. Petros has been a pleasure to work with on this critical step in our company's evolution."
About Petros Partners
Petros designs, builds, and operates financial services businesses. Based in Austin, Texas, the Petros team has decades of institutional private investment and structured finance experience, totaling over $2 billion in transactions. The firm maintains strong, direct relationships with the C-level at major insurance companies, asset managers and other institutions as its investor partners. Petros utilizes specific public-private incentives to credit enhance fixed-income investment products for these investors partners, which helps capitalize Petros' investment platforms. Learn more at petrospartners.com.
TruOps was founded to deliver an integrated security, risk and compliance management cloud-based platform to address the challenges of over engineered, complex GRC implementations. TruOps is an exceptionally adaptive and simple to use platform created by risk, identity and security professionals. The software uniquely combines risk management with insider and external threat intelligence to give enterprises a holistic view of risk. TruOps is headquartered in Norwalk, Connecticut. Learn more at truops.com.
SOURCE Petros Partners