Herjavec Group swallows Brit security services minnow Sysec
CEO: Today we take on Europe, tomorrow... the WHOLE PLANET
Candadian managed security services biz Herjavec Group has crossed the pond to hoover up Brit minnow Sysec, a specialist boutique that ploughs its furrow in the same field.
The buy forms part of Herjavec’s three-year $250m “expansion plan” - it is more than half way there but may need to make a few more buys to get there given the size of Sysec.
“We started as a small Candaian firm and have grown exponentially over the past twelve years to 250 team members and $140m in annual sales revenues,” said founder and CEO Robert Herjavec.
He said cyber threat is a “global challenge” and setting up a European beachhead via the UK lets it “support our clients overseas”.
The Reading offices of Sysec will serve as the group’s European HQ but the brand will be dropped as the firm is assimilated, and it will trade under the new parent's name.
Cris Pikes, MD at Sysec will remain on board to lead the regional charge. The company is building a security operations centre in London, in addition to existing ones owned by Herjavec in Toronto and Las Vegas. Another is being set up in Los Angeles.
Classified as a small business, Sysec filed abbreviated accounts for the year to 31 March, showing net assets of £111k, up from £43k in the prior year. ®