Fishtech Group and Herjavec Group, backed by private equity firm Apax Partners, are merging to form an MSSP that offers MDR (managed detection and response), SIEM (security information and event management) and identity security services. The combined MSSP will operate under a new name in 2022. Financial terms of the deal were not disclosed.
This is technology M&A deal number 803 that MSSP Alert and sister site ChannelE2E has covered so far in 2021.
Fishtech Group and Herjavec Group Merger: MSSP, MDR and SIEM Details
Both Fishtech and Herjavec Group were Top 250 MSSPs ahead of the merger. Robert Herjavec, founder & CEO of Herjavec Group, will lead the combined business. Gary Fish, founder and CEO of Fishtech Group, will be chairman. Both executives will maintain "significant equity" in the new business, though their actual financial stakes were not disclosed.
Apax Funds has owned Herjavec Group since February 2021. At that time, Herjavec told MSSP Alert that he was on the hunt for MDR (managed detection and response) capabilities. Fishtech Group fulfills that hunt.
The combined companies will offer MDR, professional services, identity and SIEM (security information and event management) capabilities. The combined business will have more than 600 security professionals and six security operations centers (SOCs) located in Kansas City, Toronto, London, Ottawa, Arkansas, and Bangalore.
Fishtech Group and Herjavec Group Merger: Executive Perspectives
In a prepared statement about the deal, Gary Fish said:
"We're exceptionally proud of our results to date and even more excited about the growth to come. We're honored that so many organizations trust Fishtech to be their managed solutions provider. With complementary offerings from Herjavec, we will transform the security industry globally."
"We could not be more thrilled to join forces with industry pioneer Gary Fish, whom I have known for decades. We are very impressed by Fishtech's MDR offerings and its proprietary platform built on Google Chronicle, which we consider highly differentiated. Jointly, we want to double down on the investment behind this market-leading solution and strengthen what are already deep partnerships. Having built one of the strongest tech teams in the industry and a leading portfolio of services, our customers will benefit from enhanced operations, getting stronger as we help accelerate their digital transformation."
Concluded Rohan Haldea, partner at Apax:
"We are truly excited by the combination of Herjavec and Fishtech. By putting together two best-in-class organizations, we are confident that the combined platform will become an undisputed leader in cybersecurity services in the enterprise segment and have an opportunity to redefine the market category."