SysGroup, a managed services and cloud hosting provider and IT consultant, has acquired UK-based MSSP Truststream Security Solutions. The deal's value is roughly $63 million to $67 million, pending various earnout achievements.
This is technology M&A deal number 333 that MSSP Alert and sister site ChannelE2E have covered so far in 2022.
Truststream allows SysGroup to bolster its IT security offerings, the companies noted. It also strengthens SysGroup's UK presence.
A Closer Look at Truststream
Truststream helps organizations assess threats, identify security weaknesses and implement a sustainable cybersecurity program, the company said. It offers a variety of security services, including:
- Managed Vulnerability Scanning: Checks and reports on cyber threats across an organization.
- Managed Web Tier Security Service: Protects an organization's web-facing applications.
- Penetration Testing: Helps organizations evaluate their security controls and find ways to improve them.
Truststream has a partner program and maintains a technology-agnostic approach, the company indicated. To date, Truststream has partnered with FireEye, Trustwave (a Top 250 MSSP) and several other cybersecurity companies.
What Does the Truststream Acquisition Mean for SysGroup?
The Truststream acquisition supports SysGroup's strategy to become the leading provider of managed IT services to the UK mid-market, SysGroup CEO Adam Binks stated. It complements SysGroup's services portfolio and could help the company increase its annual recurring revenues.
Truststream also enables SysGroup to deliver an end-to-end cybersecurity offering equipped with security, monitoring and support capabilities, the companies indicated. In addition, SysGroup will continue to explore acquisition opportunities, which could help further extend its reach in the global cybersecurity services market.