Optiv Security acquires East Coast cybersecurity firm
Optiv Security said Monday that it will boost its presence in the northeast with the acquisition of Comm Solutions, a much smaller security firm in Pennsylvania that offers similar cybersecurity services to large businesses. Terms of the deal were not shared. The move is part of Optiv s growing expansion, which started with two companies merging in 2015 to create Optiv.
This is really about expanding our presence and accelerating our execution in North America. This market is a huge opportunity for what Optiv does, said Tim Hoffman, Optiv s executive vice president of worldwide client solutions. Optiv, which is based in Denver, is a massive security-services firm that offers anything from anti-hacking services to monitoring networks and cleaning up breaches after an intrusion.
The company was born in 2015, when Denver s Accuvant merged with FishNet Security of Overland Park, Kansas. It started with customers and became a $1.5 billion player in the industry, according to trade publication CRN. Last year, Inc. magazine ranked Optiv at No. 3,375 on its Inc. 5000 list of America s fastest growing companies. Its revenues reportedly totaled $1.8 billion over three years. In November, Optiv filed to become a publicly-traded company, listing pro-forma net income for the first nine months of 2016 at $643.8 million and a net loss of $5.7 million. But it reversed direction a month later, selling a majority stake to private investment firm KKR. Comm Solutions, meanwhile, is no startup. The Malvern, Penn., company was founded around 1980 and started as a small cable assembly company. Over the years, it morphed into networking and then securing the network. It now operates on the East Coast, from Virginia to New York.
We do the same thing Optiv does, but on a smaller scale, Comm Solutions CEO Paul Black said. What we add to the mix is a regional presence.
But Black added that it s a two-way deal. Comm Solutions gets access to the resources that a billion-dollar company can offer, such as a legal department, access to Opitv s information security services and the relationship with more than 350 vendors.
We just don t have the breadth of capabilities that Opitv has, Black said.
Comm s 71-person team will be integrated into Optiv by the second half of 2017. But for the most part, Optiv plans to keep Comm Solutions operating as a regional office. Optiv employs 1,800 people globally, including about 250 in metro Denver.