Bulk acquisition spawns Avertium, a new nationwide managed security service force with deep bench
Growth equity firm Sunstone Partners on Thursday announced the acquisition and combination of three regional MSSPs in a move to establish a new national player in the burgeoning security service market.
The Lowdown: The new company, dubbed Avertium, is being created from Sunstone’s combination of Terra Verde Security of Phoenix, TruShield Security Solutions of Sterling, Virginia, and Sword and Shield Enterprise Security of Knoxville, Tennessee, according to company officials.
The Details: The move by the San Mateo, California-based equity firm results in a new MSSP with national reach, a combined base of more than 1,000 active SME customers, and a bench of more than 150 certified security experts.
In addition to managed security services, Avertium’s portfolio will include compliance assessments and other security advisory and training services. The company will support two SOCs with 24/7 monitoring and support, officials said.
Avertium will be led by security industry veteran Jeff Schmidt, who previously served in executive leadership roles at International Network Services, All Covered, BT Counterpane, SQS, and Authomate. At BT, Schmidt led the integration of the company’s security acquisitions and helped developed its cloud service portfolio.
The Buzz: “Avertium is the new cyber element, and we are uniquely positioned with our team to deliver superior business value leveraging a next-generation, cybersecurity-as-a-service framework,” said Schmidt. “People, process, and policies supported by technology and automation are the five basic elements for a pragmatic and disciplined approach to good cybersecurity hygiene. We will build on the success and pedigree of the distinguished organizations we have brought together.”
“Our willingness and ability to listen to our customers and respond to their needs resulted in programs that facilitated our success and gained Sunstone’s attention,” said Sword and Shield CEO John McNeely. “With the additional resources a growth equity firm provides, we can better serve the middle market and provide enhanced services for enterprise customers.”
“Over the last 10 years, we addressed the unique needs of our customers by evolving our offerings and delivering innovative and cost-effective cyber and compliance as-a-service solutions,” said Edward Vasko, co-founder of Terra Verde. “Our commitment to innovation and meeting the dynamic cybersecurity and compliance needs of our customers will continue to be the driving force of Avertium. The relationship with Sunstone Partners and the launch of Avertium provides us with more resources, capital, offerings, and industry expertise. We have an immediate opportunity to scale the business and significantly increase the impact we have on our customers, partners, and the industry.”
“We see tremendous opportunity for Avertium to be the market leader in what is today a highly fragmented managed cybersecurity services space,” said Mike Biggee, co-founder and managing director of Sunstone Partners. “And when you combine Jeff’s extensive cybersecurity experience and his track record of innovation and scaling organizations with the skilled capabilities we now possess from the three acquired companies, Avertium clearly has the edge.”