iC Consult Group, backed by private equity firm The Carlyle Group, has acquired two Identity and Access Management (IAM) consulting firms that also offer managed services. The acquisitions include SecureITsource of Roswell, Georgia and ICSynergy of Plano, Texas. Financial terms of the deals were not disclosed.
These are technology M&A deals number 101 and 102 that MSSP Alert and sister site ChannelE2E have covered so far in 2022.
iC Consult Group Expands IAM Professional and Managed Services
SecureITsource, founded in 2015, offers consulting and professional Services for identity management. Key partners include Okta, SailPoint and CyberArk.
ICSynergy, founded in 2000, offers advisory, architecture, implementation and professional services in IAM. The company has completed more than IAM projects, ICSynergy noted.
iC Consult Group, based in Munich, Germany, now has more than 500 employees at 15 locations worldwide. The company offers managed services for such IAM platforms as ForgeRock, Okta, Omada, One Identity by Quest, Ping Identity, SailPoint and Saviynt.
iC Consult Group Acquires IAM Businesses: Executive Perspectives
In prepared statements about the acquisitions, Jürgen Biermann, CEO of iC Consult Group, said:
"SecureITsource is a strong and established IAM player with a large customer base, a deep technological understanding and a very advanced IAM offering. Over the past few years, they have built tremendous momentum - and will help us to further strengthen our leadership position in the IAM services market. We are excited to join forces, and to accompany our joint customers throughout their IAM journey."
“The addition of ICSynergy marks a major milestone for iC Consult and will significantly strengthen our presence in North America. ICSynergy is a successful, established IAM specialist with a strong customer base, a dynamic growth rate and a comprehensive service offering. We share a similar mindset, and we look forward to unlocking the synergies and to leveraging the strong standing of both companies in the market to generate value for our global customers.”
iC Consult Group: Private Equity Backing
The Carlyle Group acquired a majority stake in iC Consult Group in Q1 2021. Biermann and iC Consult Group's management team remain significant shareholders in the business.
At the time, the business employed 300 consultants and generated about US$57 million in revenue in 2019.