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WEB APPLICATION SECURITY COMPANY GARNERS ACCOLADES IN 2003



London – February 12, 2004– KaVaDo Inc., the technology leader in Web Application Protection, today announced record corporate momentum for 2003. Driven by innovative product releases, prestigious industry recognition, and corporate advancements, KaVaDo annual revenue increased over 100% versus 2002.


KaVaDo attributes accelerated success to its integrated Web application product suite consisting of InterDo 3.0, Web application firewall, and ScanDo 2.0, Web application scanner. Based on KaVaDo’s patent-pending Protected-Path™ technology, ScanDo assesses the entire Web application to identify security loopholes through comprehensive exploration and penetration of the application and its operating environments, while InterDo enforces a positive security model to prevent attacks on critical Web applications that supply the infrastructure for daily communications and commerce on the Internet.


Several prestigious security awards honored KaVaDo’s technology innovation including InfoWorld’s “Technology of the Year” for InterDo 3.0. The competition, sponsored by the leading information technology magazine, identifies significant technologies of the past year that promise to make the greatest impact on enterprise IT strategies, and honors the products that best exemplify the implementation of those technologies.


Customers also generated recognition for KaVaDo during the past year. Paymentech, the nation’s number one payment processor, was named an InfoWorld 100 recipient award for its use of the KaVaDo ScanDo product. In addition to stellar product recognition, KaVaDo has been acknowledged for its corporate achievements. KaVaDo was named to Venture Reporter’s list of the top twenty security companies “Most Likely To Succeed”. The report recognized Web application protection as a high-growth sector and promoted KaVaDo, stating that "the Web application protection space is a key space, and KaVaDo is at the forefront."


"KaVaDo set aggressive 2003 corporate objectives and as a result we have made great strides in terms of dominating the global Web application security marketplace," said Yuval Ben-Itzhak, co-founder and CTO of KaVaDo. "The strengthening of our customer base, channel network, and new ScanDo and InterDo product releases was the formula for success in 2003, and will act as our foundation for this upcoming year."


Other Highlights for 2003 include:

Third Round Funding: KaVaDo secured million in third-round funding led by Pequot Ventures. Having built a strong partner network and customer base, KaVaDo utilized the investment to further advance its proven Web application security solutions and continue its leadership position within the growing marketplace.

Expanded management team: KaVaDo’s commitment to expanding its reach within the Web Application Protection market is underpinned by recent strategic hires for the executive team. In addition to the hire of Benedict Campbell as Vice President of Business Development earlier this year, KaVaDo recently hired Edward Jackowiak as Vice President of Sales. Ed joins KaVaDo from Netegrity, where he was responsible for building two of the primary North American sales regions. In addition, Jon Greene has been appointed to lead the marketing team, bringing over 20 years of experience to the company.

Protected Path™ Alliance Program: a partnership of leading security, networking and information technology companies designed to promote the exchange of data and resources to create more advanced Web application security solutions for the growing number of Internet-enabled businesses worldwide. Throughout the year, KaVaDo gained tremendous momentum within its partner program adding major market players to the portfolio including: STG Security - Korean Market, STG, Inc. – Government Partner, Grant Thornton – Consulting Company Partner, SpearHead – OEM partner, ReddShell – Managed Security Service Partner, Forsythe – National US Partner, Softway in France, Cap Synergy in France, Qualipe in France, eb Qual – Switzerland and inTellect in Turkey.




About KaVaDo, Inc.

KaVaDo provides next-generation Web Application Protection and assessment solutions for the corporate market using its patent-pending Protected Path™ technology. These solutions account for the various types of threats against Web applications and allow users to apply the necessary protection against potential threats, known and unknown. KaVaDo offers a unique, effective approach to Web Application Protection with minimum strain on system resources, easy installation and management, and flexibility to handle any applications under various environments.


The company is based in New York with international research and development, sales and support facilities. KaVaDo has secured funding from Banc of America Equity Partners, Neurone Ventures, Pequot Ventures and 3i. More information on the company can be found at http://www.KaVaDo.com.


Press Contacts:

Tzvia Ofek

KaVaDo Inc.

++1 212-302-2400

tofek@KaVaDo.com


Neil Stinchcombe

Eskenzi PR

+44 (0)20-8449-1007

neil@eskenzipr.com


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