inTellect, which will market and sell Sanctum products in Turkey, is Turkey's leader in software security with a 42% market share. Its customers in Turkey include banks and financial institutions, government offices, industrial and commercial organizations, and insurance companies.
The company will be installing Sanctum's AppScan and AppShield in its customers' websites, and will provide support.
Industry sources assess the agreement, the first for an Israeli company in the field of Internet security in Turkey, at $2 million.
Founded in 1997, Sanctum develops Internet application security products. It has two principal products. AppScan is automatic analysis software for Internet applications, which detects weak points that hackers could exploit. AppShield is a proactive security device that protects Internet websites by automatically detecting and locating browser activity potentially harmful to the applications used on the website.
Sanctum completed a $30 million private placement in July of this year, according to post money value of $56 million. Foreign investors in the company include the Sprout Group, Dell Ventures, Fidelity Investments, First Union (NYSE:FTU), Sequoia Capital, Intel Capital and Goldman Sachs. Israeli investors are Walden Israel, Gemini Capital Fund Management and Mofet Israel Technology Fund.