Sysnet Global Solutions, a leading provider of cyber security and compliance solutions, today announces that it has acquired Viking Cloud to further enhance its technology platform and accelerate its market expansion plans. Viking Cloud delivers asset, event and compliance management through its industry-leading next-generation cloud security platform.
The acquisition reaffirms Sysnet’s commitment to enterprise-level merchants and elevates the company to the clear market leader in the industry that it serves. The combination also comes at a time when businesses of all sizes are being targeted by cyber criminals, especially the largest of enterprises. Businesses across the globe are more vulnerable to serious online security attacks than ever before because of COVID-19 which has propelled many businesses and organisations into becoming more reliant on online channels and working remotely to navigate through the pandemic.
Recent estimates suggest that cybercrime will cost the world in excess of $6 trillion annually by 2021, combined with the impact of COVID and businesses’ increased reliance on online channels this figure could be even higher.
Combating the ever-evolving security threats and assisting businesses with the related compliance mandates that are facing organisations, Viking Cloud provides next-generation cyber defence, powered and delivered through a hyper-effective, continuous predictive platform and consulting services delivered by some of the industry’s leading experts. The acquisition follows Sysnet’s recent acquisition of the MCS division of ControlScan earlier this month. The combination of the three security powerhouses – Sysnet, Viking Cloud, and ControlScan – creates a technically dynamic, entity that will continue to provide security and compliance services to organisations of all sizes across the world.
“The acquisition of Viking Cloud into Sysnet is part of Sysnet’s growth strategy and helps ensure that Sysnet continues to be at the forefront of security from the smallest businesses to the largest organisations around the world.” Gabe Moynagh, CEO of Sysnet, commented. “Despite larger, and often more stringent internal operations, bigger organisations can be just as vulnerable to online security threats. The Viking Cloud team has proven expertise, experience and technical capability, this combined with our skillset will create the best payment security offering available on the market today.”
The acquisition will also see Robert McCullen, formerly CEO at Viking Cloud, become Executive Chairman of Sysnet. Mr McCullen commented “For Viking Cloud, joining Sysnet and creating the market leader is a great move. Sysnet is already a world-renowned leader in the payment security compliance industry, and with Viking Cloud as part of the business, we will bolster their position even further.”
Sysnet’s exceptional growth in recent years has been fuelled by the introduction of its Proactive Data Security Service, which has been adopted by thousands of small- and medium-sized businesses throughout Europe and North America.
Earlier this year, Sysnet received a significant growth equity funding from FTV Capital and True Wind Capital, which has been used to support Sysnet’s rapid growth in North America.