HelpSystems, an IT management solutions provider, has purchased Vera, which produces a cloud-based data protection platform, to augment its existing data security portfolio, the buyer said. Financial terms were not disclosed.
The privately-held, six-year old Palo Alto, California-based Vera, whose platform attaches military-grade encryption, access controls, security, and policy directly to data, has raised some $50 million in five funding rounds since its inception. Vera said its platform provides risk mitigation not only for corporate intellectual property but also for personally identifiable information such as credit card and social security numbers and medical records.
Vera’s customers span financial services, manufacturing and design, healthcare, media and entertainment, pharmaceuticals and professional services. The company maintains strategic partnerships with Box, Canon, Cisco, Dropbox and Optiv, according to its website.
The Eden Prairie, Minnesota-based HelpSystem, which bills itself as a “people-first software company focused on helping exceptional organizations Build a Better IT” (it trademarked the capitalized tagline), said it made the deal to meet an increasing demand for solutions that protect information throughout the data life cycle, spanning data classification and secure file transfer to data loss prevention and encryption.
“The market for data security is evolving fast to require a comprehensive approach to discovery, detection, classification and dynamic encryption,” said Kate Bolseth, HelpSystems chief executive. “Vera seamlessly integrates and expands HelpSystems data security solution offerings and we welcome the Vera employees and their expertise to the global HelpSystems family.”
HelpSystems and Vera had an existing relationship prior to the acquisition, Shri Dodani, Vera president and chief executive, said. “I’m pleased Vera is joining a global company with a comprehensive set of solutions empowering customers to strengthen their approach to data security,” he said. “Vera solutions extend HelpSystems’ existing data security portfolio meeting the needs of our combined customers and partners. We have been working together at some of our largest customers and have proven the joint value proposition and look forward to expanding our go-to-market leveraging HelpSystems global footprint and resources,” Dodani said.
Neither company disclosed terms of the deal or operational details other than Vera will be known as a HelpSystems company.
MSSP Alert has tracked 48 mergers, acquisitions and buyouts involving managed security service providers (MSSP) since 2018, 21 of which have occurred this year. You can view the complete list here.