MSSP M&A: SilverSky Buys Cygilant, Blends MDR and SOC Security Services
SilverSky, an MSSP and managed detection and response (MDR) services provider, has purchased cybersecurity-as-a-service company Cygilant for an undisclosed sum. Cygilant CEO Rob Scott shifts to SilverSky chief strategy officer as part of the deal.
This is technology M&A deal number 42 that MSSP Alert and sister site ChannelE2E have covered so far in 2022.
- See all technology M&A deals for 2022, 2021 and 2020 listed here.
- See more than 85 MSSP mergers and acquisitions listed here.
Silversky Expands Globally
Cygilant increases SilverSky’s access to European markets, the companies said. Cygilant operates a UK-based delivery center that complements SilverSky’s operations in Asia and North America.
In addition, Cygilant will combine its security operations center (SOC) capabilities and cybersecurity expertise with SilverSky’s MDR offerings, CEO Rob Scott said. That way, Cygilant and SilverSky can provide their joint customers with a wide range of managed services.
Cygilant specializes in cybersecurity-as-a-service to help organizations reduce the cost and complexity to guard, detect and respond to cyber threats, the company indicated. The service is subscription-based and provides access to Cygilant’s cybersecurity advisors and SOC-as-a-service.
Furthermore, Cygilant offers a variety of cybersecurity services, including:
- Managed endpoint security
- Patch management
- Security monitoring
- Vulnerability management
Cygilant delivers its cybersecurity offerings to organizations in healthcare, higher education and other industries. It does not currently offer a partner program for MSSPs and MSPs.
In a prepared statement about the deal, SilverSky CEO Richard Dobrow said:
“Alongside our recent growth-related announcements, this acquisition of Cygilant, a cybersecurity-as-a-service and threat-intelligence powerhouse, helps to further galvanize our efforts to globally expand the SilverSky presence as well as retain and nurture some of the industry’s best cybersecurity and data science talent. Cygilant shares our commitment to rich-service offerings that are unmatched in the industry. We’re pleased to welcome the Cygilant team and their customers.”
“We are excited to join SilverSky. This represents a significant next-chapter of the Cygilant journey, as our innovative SOC capabilities and deep bench of cybersecurity expertise are combined with one of the industry’s most comprehensive MDR offerings. The outcome for our customers will be access to the collective set of broader managed services that will continue to enrich their cyber protections and strengthen their security posture.”
SilverSky Funding, Earlier Cybersecurity Acquisition
The Cygilant acquisition comes after SilverSky in October 2021 secured a $31.5 million investment from ITOCHU International. SilverSky is using the investment to scale its operations worldwide, the MSSP said.
Previously, SilverSky in August 2021 acquired Advanced Computer Solutions Group (ACSG), which provides cybersecurity services to schools. ACSG expands SilverSky’s portfolio of MDR offerings for the education sector, the companies stated.
SilverSky offers cybersecurity services to more than 3,000 small and mid-size businesses (SMBs). It also provides a partner program that enables MSSPs and MSPs to integrate MDR, email protection and other managed security services into their portfolios.