Cyber security service providers Fishtech and Herjavec have merged, backed by funds advised by Apax Partners.
Herjavec is a cloud SIEM (security information and event management) specialist, and Fishtech focuses on enterprise MDR (managed detection and response). The two companies will operate as a single entity under a new brand to be announced in early 2022.
The Apax funds will hold a majority stake in the new company. Robert Herjavec, CEO of Herjavec and star of ABC's Emmy award-winning TV show Shark Tank, and Gary Fish, CEO of Fishtech, will each maintain “significant equity” in the new business, said Apax.
Herjavec will serve as CEO of the combined entity, and Fish will be chairman of the board. The financial terms of the transaction have not been disclosed.
Founded in 2003, Herjavec was acquired by Apax funds in February 2021. Fishtech was founded in 2016.
The new organisation brings together more than 600 security professionals operating out of six security operations centres (SOCs) in Kansas City, Toronto, London, Ottawa, Arkansas and Bangalore. The combined company will have one of the largest managed security engineering teams in the market, said Apax, which is targeting international expansion for the new company.
“We're proud of our results to date and even more excited about the growth to come,” said Fish. “Many organisations trust Fishtech to be their managed solutions provider, and with complementary offerings from Herjavec, we will transform the security industry globally.”
“We are joining forces with industry pioneer Gary Fish, whom I have known for decades,” said Herjavec. “We're impressed by Fishtech's MDR offerings and its proprietary platform built on Google Chronicle, which we consider highly differentiated. Jointly, we want to double down on the investment behind this solution and strengthen what are already deep partnerships. Having built one of the strongest tech teams in the industry, and a leading portfolio of services, our customers will benefit from enhanced operations.”
