Data Security Company NXTsoft Spins Out MSSP ThreatAdvice
NXTsoft, a company that provides data security, connectivity, analytics, management and migration solutions, has spun out its ThreatAdvice division as a standalone MSSP.
ThreatAdvice, based in Atlanta, Georgia, will now focus on delivering its virtual CISO (vCISO), education, MSSP and MSP services to U.S.-based organizations. The company serves such vertical markets as healthcare, legal, manufacturing and transportation.
ThreatAdvice has over 500 active recurring customers and estimated revenue growth of over 50 percent to date in 2021, CEO David Brasfield indicated. Actual revenue and profit dollar figures were not disclosed.
ThreatAdvice Managed Security Services: A Closer Look
The ThreatAdvice vCISO service combines employee education, cybersecurity personnel and software, and tracking and monitoring solutions, the MSSP said. The overall goal: Optimize customers’ cybersecurity posture.
Moreover, organizations can use ThreatAdvice Educate services to teach their employees about cyberattacks, and to simulate phishing attacks. Additional ThreatAdvice managed security services include:
- Endpoint detection and response (EDR)
- Penetration testing
- Security operations center-as-a-service (SOCaaS)
- Security information and event management (SIEM)
Also, ThreatAdvice provides mobile device management, cloud services, hosted telephony and other MSP services.
ThreatAdvice has over 500 active recurring customers and estimated software revenue growth of over 50 percent to date in 2021, CEO David Brasfield indicated. Actual revenue and profit dollar figures were not disclosed.
Meanwhile, NXTsoft will focus exclusively on the financial industry, ThreatAdvice President Brandon Jarrett noted. NXTsoft provides solutions to help financial institutions secure, connect and optimize their data, so they can increase their revenues and profitability.
Meta Description: NXTsoft, a company that provides data security, connectivity, analytics, management & migration, spins out its ThreatAdvice division as a standalone MSSP.
MSSP Spin-Outs and Security Business Spin-Offs
Although M&A activity among MSSPs remains strong, the opposite trend also has accelerated. Indeed, multiple businesses have spun-off their MSSP and cybersecurity organizations. Sometimes, the move is designed to unlock shareholder value. Other times, the spin-out is designed to increase the MSSP or cybersecurity company’s pure-play focus on a particular market niche or opportunity.
Key industry moves include:
- November 2021: Booz Allen Hamilton spun off the SnapAttack threat hunting & detection company, backed by Volition Capital & Strategic Cyber Ventures.
- November 2021: TorchLight, an MSSP spin-off from IT consulting firm Intrinium, launched a ransomware detection architecture (RDA) & MDR cybersecurity services.
- June 2021: RSA Security spun off its Fraud & Risk Intelligence business into a standalone company called Outseer.
- January 20219: Exigent Technologies launched Partners in Regulatory Compliance (PIRC), a consulting firm that specializes in risk management & cybersecurity services.
Additional insights from Joe Panettieri.