SGS Acquires Penumbra Security, Expands US Market Reach
This is technology M&A deal number 787 that MSSP Alert and sister site ChannelE2E have covered so far in 2022.
SGS, founded in 1878, is based in Geneva, Switzerland. The company has 49,991 employees listed on LinkedIn. SGS’s areas of expertise include inspection, auditing, testing and training.
Penumbra Security, founded in 2011, is based in Clackamas, Oregon. The company has 18 employees listed on LinkedIn. Penumbra Security’s areas of expertise include information security and postal evidencing systems.
What the Penumbra Security Acquisition Means for SGS
Penumbra Security bolsters SGS’s cybersecurity capabilities, SGS CEO Frankie Ng said. It complements SGS’s portfolio and enables the company to extend its global cybersecurity market reach.
In addition, Penumbra Security provides various information security conformance assessments based on government standards and regulatory compliance requirements, according to SGS. It also is accredited by the National Voluntary Laboratory Programs for Federal Information Processing Standard test methods (FIPS 140-2/3), which tests security requirements for cryptographic modules used by federal organizations. As such, Penumbra Security could help SGS deliver new compliance offerings.
A Closer Look at SGS
SGS offers cybersecurity assessment, certification and training services, the company said. It also provides industry-specific cybersecurity services to organizations in these sectors:
- Consumer Internet of Things (IoT)
- Medical Device
SGS operates a network of 2,700 offices and laboratories globally. It does not currently offer a channel partner program but may look to provide one in the future.
Meanwhile, SGS reported total revenues of CHF 3.3 billion (approximately $3.4 billion) in the first six months of 2022, up 5.2% year over year. It continues to explore investments and acquisitions to further extend its global reach, Ng indicated.