Telenor Venture, the venture capital arm of Telenor, Norway's national telecoms provider, has acquired a 60% stake in Proseq, the European internet security company.
The funding comes from Telenor's Telenor Venture II ASA fund. Proseq will use the financing to expand its services, and to buy out the remaining 40% from the former owner, Otrum. Rune Rinnan, president and chief executive of Telenor Venture, said: "Telenor has a firm belief in the ongoing strength of the internet security market, and sees Proseq as a well positioned company with an experienced management team." As part of the acquisition members of the venture capital company will assume an active role on the Proseq board of directors.