Clearwater Compliance, a healthcare cyber risk management and HIPAA compliance solutions provider, has acquired MSSP and cybersecurity and IT auditing firm CynergisTek for $17.7 million. The agreement includes a 30-day "go-shop" period that allows CynergisTek to seek higher offers from third-parties.
This is technology M&A deal number 500 that MSSP Alert and sister site ChannelE2E have covered so far in 2022.
If this deal gets finalized, CynergisTek will become a privately held subsidiary of Clearwater, the companies said.
Together, Clearwater and CynergisTek will deliver solutions that "add significant value" for healthcare organizations, Clearwater CEO Steve Cagle stated. They also will provide healthcare cybersecurity, privacy and audit services, the companies indicated.
Furthermore, CynergisTek will scale as an MSP and expand and enhance its service portfolio, CEO Mac McMillan said. It will deliver a cybersecurity platform designed for organizations in healthcare and other sectors.
A Closer Look at Clearwater Compliance and CynergisTek
Clearwater provides cybersecurity, risk management and HIPAA compliance software, consulting and managed services for the healthcare industry. It enables healthcare organizations to prevent data breaches, protect patients and their data, meet regulatory requirements and get the most value out of their cybersecurity investments, the company stated.
Healthcare organizations can join Clearwater's ClearAdvantage program to receive cyber risk management and HIPAA compliance managed services, the company noted. Furthermore, Clearwater provides cyber risk management-as-a-service and vendor risk management-as-a-service as part of its managed services portfolio.
CynergisTek helps healthcare organizations prepare for and validate their cybersecurity efforts, the company noted. It offers a variety of cybersecurity solutions, including:
- Continuous penetration testing
- Ransomware preparedness
- Security risk assessment
- Web application security testing
CynergisTek also provides compliance, privacy and Cybersecurity Maturity Model Certification (CMMC) solutions. It does not offer a partner program for MSSPs and MSPs.