Balderton exits ScanSafe

London-based VC Balderton Capital has sold its stake in web security company ScanSafe to Cisco Systems for US$183m in cash and retention-based incentives.

ScanSafe had raised around US$43.5m in VC funding, from firms like Montagu Newhall Associates, Balderton Capital and Scale Venture Partners.

Cisco Systems is a supplier of networking equipment and network management for the internet and will use its stake in ScanSafe to strengthen the group’s existing web security business.

Balderton initially invested in ScanSafe when the UK business was founded in 2004. The UK VC then funded two further rounds, becoming the largest institutional investor.

Headquartered in London and California, ScanSafe now employs over 150 people and services customers in over 100 countries.