Subject: RCN
IronNet Successfully Completes Financial Restructuring: Reforged as a Private Company, Powered by Collective Defense
The company emerges from bankruptcy, financially stronger and positioned for growth under new leadership.
HALETHORPE, Md., Feb. 22, 2024 /PRNewswire/ -- IronNet, an innovative leader Transforming Cybersecurity Through Collective DefenseSM has completed its restructuring process and emerged from Chapter 11 as a private company.
IronNet emerges as a stronger business, focused on advancing innovation with their product roadmap for the acclaimed IronNet Collective DefenseSM platform, IronDefense®. Since the start of the restructuring, IronNet has continued to evolve its products, particularly its cloud-based solutions, enhancing early threat detection, deep detection capabilities, and secure, anonymous community sharing. IronNet has introduced a new proactive command and control (C2) threat intel feed, IronRadar®, and remains at the forefront of addressing complex cyber threats.
Linda Zecher, CEO of IronNet, expressed enthusiasm about the future, stating, "At IronNet, we're embarking on a growth journey focused on our customers. We are committed to delivering on our promises, enhancing the IronNet Collective Defense platform, and staying engaged with our clients. With a focus on AI-driven solutions like IronRadar, we aim to lead in proactive cybersecurity, ensuring meaningful expansion and innovation in every step we take."
The company has embarked on a new chapter of innovation, resilience, and strategic expansion through the restructuring under the leadership of Linda Zecher as CEO and Cameron Pforr as President.
Under the company's Plan of Reorganization, which was approved by the United States Bankruptcy Court for the District of Delaware on January 18, 2024, IronNet has eliminated about $37.7 million in company debt and emerged with a new exit ABL facility of $15 million to support ongoing operations under the Plan. The company welcomes new Board Members including Rear Admiral (Ret.) Mike Hewitt, CEO of IP3, a company that develops sustainable energy and security infrastructure, and John Akridge, Co-Founder, Managing Partner, and CEO of Height Capital Markets, a Washington, D.C.-based capital markets firm that provides investment banking services. General (Ret.) Keith Alexander has stepped down as the Chairman of the Board of IronNet.
Commenting on IronNet's influential role in global cybersecurity, Admiral Hewitt stated, "IronNet has positioned itself as the lead technology provider on the ground in Ukraine by standing up the Collective Defense AI Fusion Cell (CDAIC) in Kyiv, which will be led by IronNet and its partners. The CDAIC under IronNet will incubate best-of-breed technologies in a real-world cyber conflict environment."
Bill Lane, VP of Product Development of IronNet, highlighted the impact of the IronNet Collective Defense platform, "For the month of January, more than 977 critical cyber alerts were detected across the collective defense community, which were shared and collaborated on. The IronNet collective defense community includes leaders in education, finance, government and Internet services. As we revitalize IronNet, our team is enhancing the platform's capabilities, ensuring it continues to be an indispensable tool across all cybersecurity domains ? XDR, MDR, NDR, or EDR. Every day, collective defense grows stronger, fueled by new data integrations, directly benefiting our customers and the wider cybersecurity community."
IronNet has maintained the support and trust of numerous government and commercial customers, underscoring their confidence in IronNet's unique Collective Defense solutions.
IronNet is now poised for smart growth as it looks to the future, focusing on delivering advanced cybersecurity solutions to its customers. This period of renewal strengthens IronNet's capacity to protect enterprises, sectors, and nations from sophisticated cyber adversaries.
About IronNet
IronNet is dedicated to delivering the power of collective cybersecurity to defend companies, sectors, and nations. By uniting advanced technology with a team of experienced professionals, IronNet is committed to providing peace of mind in the digital world.
For more information, visit www.ironnet.com or follow us on LinkedIn.
SOURCE IronNet
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