Channel investors, Content, Ransomware

Summit Hosting Acquires Ransomware Attack Victim’s Business Assets

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Summit Hosting has acquired the business assets of iNSYNQ, a desktop as a service and hosted applications provider that suffered a high-profile ransomware attack in July 2019.

Summit and iNSYNQ did not indicate whether the ransomware attack influenced or forced the iNSYNQ asset sale. Financial terms of the asset sale were note disclosed. And iNSYNQ executive leadership was not quoted in the assets sale announcement.

Summit Hosting Acquires iNSYNQ Assets: Details

In a prepared statement, Summit Hosting says the deal is a strategic step for the managed application hosting provider as it moves deeper into cloud and desktop as a service (DaaS) capabilities. The deal also means "increased security, flexibility and stability for iNSYNQ customers," Summit said, without referring to the iNSYNQ ransomware attack.

In a prepared statement, Summit Hosting CEO Stanley Kania:

“We are thrilled to welcome iNSYNQ customers to the Summit Hosting family. Over the past 20 years, iNSYNQ has built an incredible business empowering accounting professionals to do their jobs effectively. This transaction continues Summit’s rapid and strategic growth, and expands Summit’s unmatched offerings for accounting professionals and SMBs looking for secure and reliable cloud solutions.”

iNSYNQ customers will "have the option to move over to the Summit platform quickly, giving them the increased security, flexibility, and stability of their own dedicated server," Summit added in a statement.

Summit Hosting: Business Background

Summit Hosting was founded by Stanley Kania and Warren Patterson in 2016 through the merging of and The company is a cloud hosting provider for QuickBooks and Sage Programs in North America.

Joe Panettieri

Joe Panettieri is co-founder & editorial director of MSSP Alert and ChannelE2E, the two leading news & analysis sites for managed service providers in the cybersecurity market.