Evolver and eVigilant, both Virginia-based cybersecurity providers, have merged into a new company called Converged Security Solutions (CSS) to sell integrated managed security services to government agencies and businesses. Private equity dollars, like so many MSP-centric transactions these days, funded the deal.
What keyed the deal? CSS plans to operate as a managed security services provider (MSSP), betting that with a remote monitoring model in tow it can integrate network-driven physical security and cybersecurity into a formidable offering.
The merger at a glance:
- Background. Evolver, an 18-year old company, commands expertise in cybersecurity, infrastructure, application development, data analytics and legal technology. The 19-year old, minority-owned eVigilant focuses on securing IT systems and physical facilities. eVigilant claims 200 percent growth in the last three years. The companies had previously teamed on some projects.
Portfolio: Solutions will feature integrated network-enabled physical security systems, such as access control, ID management, video surveillance and motion detection, with cybersecurity tools such as network protection, intrusion detection, malware prevention and data assurance.
- Investors: Private equity firms Hillcrest Holdings and Akoya Capital backed the deal. New CSS boss Bob Friedenberg told the Washington Business Journal the money will pay for acquisitions in the next 12 - 18 months and underwrite a market expansion plan. Terms were not disclosed by either company.
- C-suite: In addition to Friedenberg, CSS’ top brass includes former Evolver CEO Bill Sabo, set as its president and chief operating officer. Gunvir Baveja, former eVigilant CEO, will serve as CSS executive vice president of strategic sales. There is no word if additional members of either company’s executive management team will join CSS.
“As the security threats to both physical systems and IT networks increases due to the , a converged security approach that integrates both disciplines is required,” said Friedenberg. “Building on our solid technical solutions and experience delivering ROI and compliance-driven business value, CSS will deliver a highly innovative managed services model to help the C-Suite understand and quantify their risks.”
Among eVigilant’s commercial clients are Cox, Federal Express, Hilton and Raytheon. Its federal accounts include the General Services Administration, U.S. Treasury Department, U.S. Environmental Protection Agency, U.S. Navy, Federal Aviation Administration and other government agencies.
Evolver said it has served some three dozen public and private organizations, including several major federal civilian bureaus, municipalities, and commercial organizations in the financial services and healthcare sectors.