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Private Investor Group Purchases Commercial Cyber Security Provider, SilverSky
December 09, 2020 08:00 AM Eastern Standard Time
MORRISVILLE, N.C.—-A private investor group completed the purchase of the cyber security provider, SilverSky, on November 3rd, 2020. Two cybersecurity industry veterans who participated in the early evolution and scaling up of SilverSky (the “Company”) have purchased the Company from BAE Systems in an investor and management-led buyout. The Company, focused on managed security services (MSS), managed detection and response (MDR) and cloud cybersecurity, has successfully operated since 1997 and now serves more than 3,000 customers on a global basis.
Richard Dobrow, most recently co-Founder of outSOC, a leading SOC-as-a-Service platform and past CEO of Perimeter eSecurity (later renamed SilverSky) along with Cary Conrad, former President of Integralis AG (sold to NTT Communications Corp.) led the initiative to acquire the Company along with support from members of the current management team. Richard will assume the role of the Company’s Chairman & CEO while Cary will lead business development initiatives.
“We are very excited to assist our customers with their cybersecurity and compliance needs,” said Richard Dobrow and Cary Conrad. “Many of our original customers are still with the Company and we are thrilled to be in a position to re-engage with them and assist them in driving their businesses forward.”
SilverSky provides comprehensive commercial cyber security services focused on organizations with strict security and compliance requirements such as banks, credit unions and other financial institutions. The Company also has a solid presence in other security-aware markets such as healthcare and insurance.
SilverSky is one of the most experienced MSSP businesses in the market with a successful operating history of more than 22-years. The Company has revenues in excess of $50 million, services more than 3,000 customers and specializes in teaming with organizations where the cost of compliance to their individual industries’ best practices outweighs their ability to deliver without a focused cybersecurity and compliance specialist like SilverSky.
Financing for the transaction was led by SQN Venture Partners LLC.
DC Advisory acted as exclusive financial advisor to BAE Systems and SilverSky.