The acquisition of Elite Consulting Solutions is also part of the transaction announced July 19. Elite Consulting Solutions, founded in 2006 in Southfield, Michigan, is a provider of IT compliance and cybersecurity consulting and remediation services. A company profile was not available on LinkedIn.
This is technology M&A deal number 652 that MSSP Alert and sister site ChannelE2E have covered so far in 2022. Terms of the deals were not disclosed.
A Closer Look at the Deal Makers
Founded in 2006 and headquartered in Stamford, Connecticut, Atlantic Street Capital (ASC) specializes in lower middle market companies in buyouts, recapitalizations, corporate carve-outs, restructuring and bankruptcies. The firm has 35 employees, according to its LinkedIn profile.
CyberGuard Compliance, founded in 2009, is a professional accounting firm that specializes in IT compliance and cybersecurity audit and assessment services. The Las Vegas, Nevada-based business has 35 employees, according to its LinkedIn profile.
CyberGuard provides non-discretionary IT compliance and cybersecurity services, including:
- SOC, HITRUST and PCI audits
- vulnerability assessments
- penetration testing
- other compliance/cybersecurity services
CyberGuard notes “a diverse client base, ranging from emerging growth and pre-IPO businesses to Fortune 500 clients, and performs over 300 audits annually.”
CyberGuard co-founder Jim Jimenez offered his take on the deal:
"CyberGuard was established with an exclusive focus on IT compliance and cybersecurity to serve industries handling sensitive data as they face increased scrutiny, liability and demands for accountability from consumers, vendors and the government."
CyberGuard co-founder Tim Roncevich added:
"Our professionals serve as trustworthy compliance partners backed by a technology platform that streamlines audits and minimizes customer burden. This exciting new partnership with Atlantic Street will help us to continue supporting existing clients with the highest quality services and to provide these critical services to additional clients."
ASC Leaders Champion Added Cybersecurity Advantage
Paul Sun, principal at ASC, explained the intent behind the CyberGuard acquisition:
"Increasingly stringent industry standards and regulatory environments will continue to drive demand for IT compliance and cybersecurity services, and we are very pleased to have found experienced partners in the CyberGuard management team, who will continue in leadership positions and work with Atlantic Street to accelerate the growth of the business."
Whit Williams, ASC managing partner, added:
"Investing in CyberGuard represents an opportunity to partner with a proven management team with demonstrated experience in IT compliance and cybersecurity services. Our experience managing a delivery workforce with a focus on recruiting, training and retention strategies, along with our capabilities building sales and marketing, will help scale this growing, tech-enabled platform. Additionally, an accelerated M&A strategy will further expand CyberGuard's platform and breadth of services."