Sollensys, a company that offers a blockchain-based ransomware recovery solution, has completed its acquisition of banking IT services provider Celerit for $22 million in cash and stocks. The news comes after announced plans to buy Celerit in October 2021.
This is technology M&A deal number 341 that MSSP Alert and sister site ChannelE2E have covered so far in 2022.
Celerit will operate as a wholly owned subsidiary, and its management and employees will remain in place, Sollensys said. It also will support Sollensys' mission to create a safe and immutable environment for financial data.
A Closer Look at Celerit and Sollensys
Celerit provides a network management service that allows financial services organizations to scan their network infrastructure and protect against cyber threats, the company said. It also delivers outsourcing and operations and resource management offerings.
Furthermore, Celerit has a team of approximately 80 employees. It also reports annual revenues over $11 million, according to Sollensys.
Sollensys provides a ransomware recovery solution that uses a double blockchain to help organizations safeguard their data, the company indicated. The solution encrypts and stores blockchain data and ensures it can be recovered immediately after a ransomware attack.
In addition, Sollensys offers a disaster recovery system. Organizations can use this system to guard against cyberattacks 24/7, the company stated.
What Does the Celerit Acquisition Mean for Sollensys?
Celerit will help Sollensys "put an end to cybercrime," Sollensys SEO Don Beavers said. It allows Sollensys to bolster its ransomware recovery solution and ensure financial services organizations can use it to protect against ransomware and other cyber threats.
Meanwhile, Celerit does not offer a partner program, while Sollensys offers its ransomware recovery solution to MSSPs and MSPs. As such, Sollensys may integrate Celerit's offerings into its portfolio to further extend its channel market reach.