In a move to further bolster its data security offerings, Boston-based Cryptzone announced today that it has acquired HiSoftware Inc., which specializes in governance, compliance and security solutions.
By joining the two companies, Cryptzone, a global provider of data security and identity and access management (IAM) solutions, boasts that it will not only boost its data-protection capabilities, but expand its customer base to 700. Clients includes companies such as JPMorgan Chase, AIG, California State Universities and the Department of Treasury, specifically the IRS.
Company officials noted that the acquisition allows the firms to meld two complementary portfolios and increase Cryptzone’s data-security capabilities, particularly when it comes to cloud data, mobile devices and customer data centers. Cryptzone will look to incorporate HiSoftware's Compliance Sheriff Web, Security Sheriff and Site Sheriff products into its existing line of solutions.
Kurt Mueffelmann, HiSoftware’s CEO, will take the helm of the newly combined organization. In a statement, he said he looks forward to “shepherding the union" of the two companies "to create an unrivaled product offering to dynamically mitigate data security risk and ensure compliance."
The acquisition offers significant market advantages for Cryptzone, according to Barry Field, a partner at Medina Capital. It will "create a highly differentiated offering in a fast-growing market,” he added in a statement.
Cryptzone was acquired by Medina Capital, an equity investment firm focused on the IT infrastructure sector, in April.
In addition to its Boston headquarters, Cryptzone will also have an office in Gothenburg, Sweden, where the company originated.
The news of the acquisition got some good reaction this morning on Twitter.