Herjavec Group, a Top 250 MSSP backed by private equity firm Apax Partners, has acquired CyberArk partner Segmentech of Toronto. The deal further strengthens Herjavec Group's Identity and Access Management (IAM) and Privileged Access Management (PAM) capabilities. Financial terms of the deal were not disclosed.
This is technology M&A deal number 640 that MSSP Alert and sister site ChannelE2E have covered so far in 2021.
Moreover, this is the second M&A deal involving a CyberArk partner to surface this week. The other deal involved PriceWaterhouseCoopers (PwC) buying WebSecure Technologies.
Herjavec Group Buys Segmentech: Security Company Backgrounds
Herjavec Group was founded by CEO Robert Herjavec in 2003. In addition to his focus on the cybersecurity market, Herjavec is well-known for his angel investing activities on the Shark Tank TV show.
Private equity firm Apax Partners acquired Herjavec Group in February 2021. Under terms of that deal, Herjavec remained CEO and a "significant stakeholder" in the business.
Today, the MSSP's service catalog spans Advisory Services, Technology Architecture & Implementation, Identity and Access Management Services, Managed Security Services, Threat Management, and Incident Response. Herjavec Group operates across the United States, United Kingdom, India and Canada.
Herjavec Group has acquisition experience. In mid-2020, the MSSP acquired Securience, which also had IAM kn0w-how.
The latest acquisition, Segmentech, was founded in 2015 by Roy Levy and Boris Zaidfeld. The Toronto-based company provides IAM and PAM services, and is an advisor in DevSecOps and how to secure CI/CD processes, Segmentech indicated.
Herjavec Group Buys Segmentech: Executive Perspectives
Both Herjavec Group and Segmentech had CyberArk expertise ahead of the deal.
In a prepared statement about the Segmentech acquisition, Herjavec said:
“As we have transitioned to a flexible workforce environment, businesses have been forced to accelerate and pivot their digital transformation. As a result, CIOS and CISOs are navigating a paradigm shift in cybersecurity, and the way their security environment needs to be set up. IAM and PAM have become foundational to all security programs, to ensure that the right people access the right data, at the right time, for the right reasons. As a result, we are experiencing a tremendous uptick in demand for services to implement comprehensive IAM and PAM programs.”
Added Chris Moore, VP of global channel at CyberArk:
“This acquisition strengthens Herjavec Group’s position as an Identity and Access Management leader and will benefit organizations seeking to fortify their cybersecurity defenses. CyberArk has strong relationships with both Herjavec and Segmentech. Their commitment to investing in highly trained cybersecurity professionals, especially in the area of privileged access management, combined with expanded access to CyberArk-based Identity Security solutions, will dramatically improve security for our joint customers.”
CyberArk has offered a multi-tenant MSSP platform since 2018, and the offering began to gain traction with MSSPs in 2019. Fast forward to present day, and Herjavec Group clearly is betting a major portion of its business on CyberArk-related IAM technologies.