Accuvant, FishNet Security Join Forces

Thursday, November 6, 2014 @ 03:11 PM gHale

Security companies Accuvant and FishNet Security will merge to create a new, unified security organization.

Blackstone private equity funds will maintain majority ownership in the combined company. While financial terms of the transaction are not immediately available, current investors of both organizations, including existing management, the private equity firm Sverica International and FishNet Security’s corporate owner, Investcorp, are maintaining minority equity interests in the combined company.

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“Attack vectors are changing, becoming more targeted and sophisticated, and there is a defined shortage of resources in the industry. As a result, organizations are left exposed to very real risks that can impact their businesses and customers,” said Rich Fennessy, FishNet Security chief executive.

The new company will bring together:
• Over 1,400 employees focused on serving customers
• More than 650 highly skilled consultants and engineers, delivering a full suite of information security risk and compliance consulting, as well as managed security services and product services
• Best practices and real-world experience gained from working with more than 10,000 customers of various sizes across multiple industries
• Partnerships with all of the leading security product manufacturers
• 60 offices, training and security operations locations across the United States and Canada

“The economic and reputational risks associated with successful cyber attacks are real and require that all institutions focus on defending their most valued assets,” said Dave Johnson, senior managing director in Blackstone’s Private Equity Group.

Upon the closing of the transaction, Accuvant chief executive officer Dan Burns will become the chief executive of the new company. Once the transaction has closed, FishNet Security chief executive Rich Fennessy will remain onboard as an advisor to assist in the integration effort.

The combined company’s management team will draw upon those from both companies. The combined company’s name, marketing brand and corporate headquarters location will end up determined during the integration process.

The deal should close in the first quarter of 2015.

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