Integrity360, Ireland’s largest managed security services and cybersecurity provider, has acquired Metadigm, a $4 million, 20-year old U.K.-based IT security specialist, in a deal to expand its business in that region.
With the acquisition, the 12-year old Dublin-headquartered company adds 10 people, along with industry knowledge and expertise, to its U.K. workforce to complement the 175 employees at its Sandyford, Ireland main operation. Integrity’s 2016 sales totaled $44.3 million, climbing 53 percent year-over-year. Terms of the transaction were not disclosed by either party.
More acquisitions apparently are on the way. Eoin Goulding, Integrity’s CEO, told the Irish Times that the security provider’s expansion plans include another U.K. acquisition in Q2 2018 along with organic growth in its existing markets. The company, which additionally maintains a New York City office and U.K. operations in London and Birmingham, wants to fill 150 new jobs by the end of next year.
“I’m trying to use Brexit to my advantage,” he said. “Change creates opportunity in the market place.” Goulding said Integrity will pay for the current and future acquisitions out of its existing $12 million cash on hand.
“It’s fantastic to be integrating Metadigm’s expertise into our overall business, reinforcing our growth strategy and introducing a further skillset to our clients in Ireland,” Goulding said. “Metadigm has a strong reputation in the U.K. and we look forward to welcoming them to our team.” Goulding made no mention of how the Metadigm crew will be integrated into Integrity360’s processes and cyber security deliverables nor if they will interact with customers.
Metadigm director Jason Simper said the firm will help Integrity360’s U.K. team “offer enhanced IT security services with greater reach.”
Integrity360 opened its doors for business in 2005 as Integrity Solutions. It claims some 300 business customers in Ireland and its other sales regions, providing managed security services, incident handling, cyber risk and assurance, cybersecurity integration and penetration testing.
In a blog post on the General Data Protection Regulations (GDPR) set to go live on May 25, 2018, the MSSP sternly warned businesses not to miss the compliance deadline.
“Does your company have a sizeable budget for paying out fines, compensation and the cost of litigation? If you don’t then you really need to consider the impact of the . Companies have to be compliant with the new requirements set out in the GDPR by May 25th 2018 or else they risk attracting the attention of the data protection authorities as a result a breaches or complaints or via desktop and themed audits or even dawn raids. That’s not to mention the reputational damage that a company who is proven to be negligent with their customers’ data would suffer.”
Integrity360 is a well-decorated company. In May, it was awarded Managed Security Service Provider of the Year at the Tech Excellence Awards 2017 for technology solutions, marketing and business deployments. At the time, Integrity360 said that security-as-service “has found its niche as a cost effective way to maintain compliance and best practice.”
Earlier this month, Integrity360 received the Scale-Up Award in the Sandyford Business District Awards 2017 that recognizes growth, market strengthened position, innovative product and services, increased headcount and team development as well as a robust plan for sustainable financial stability and future growth.