Bringing Two Industry Leaders Together
TORONTO, June 6, 2022 /PRNewswire/ — Robert Herjavec, star of ABC’s Emmy award-winning show Shark Tank and former CEO of #1 ranked MSSP Herjavec Group, announces Cyderes, the newly formed rebrand of Herjavec Group and Fishtech Group. Cyderes brings together two industry-leading managed service providers and creates a new category leader in the MSSP, MDR, XDR, and co-managed SIEM markets.
Funds advised by Apax partners, a $60 billion global private equity advisory firm, who in 2021 made a majority investment in Herjavec Group, later doubled down on that investment with the previously announced merger of Fishtech Group. Rohan Haldea, Partner, Apax commented “It’s a rare opportunity to bring together two industry leaders into one market-defining company. The cybersecurity market continues to grow at unprecedented rates – and Cyderes will quickly become the industry standard for enterprises looking for greater assurance with their risk and cyber requirements.” The Apax Funds continues as the majority investor along with Gary Fish (former CEO of Fishtech), now Cyderes board member together with Robert Herjavec, Cyderes CEO (and continued board member).
Cyderes, which stands for “cyber defense and response,” uses its proprietary, cloud-first technology platform called CNAP (Cloud Native Analytics Platform) to help enterprises tackle the world’s biggest cyberattacks with more than 800 security professionals operating out of six state-of-the-art global security operations centers. As enterprises acquire ever-increasing security platforms (ex. Google, Microsoft, Splunk, Crowdstrike, CyberArk, SailPoint, Okta), the need for focused companies, such as Cyderes, to manage those disparate technologies and provide assurance becomes even greater. Security as a Service (SaaS) is quickly becoming the desired outcome as cyber threats grow at unprecedented rates. Cyderes is in fact a market leader when it comes to the rapidly growing identity & access management (IAM) space, combining managed services around SIEM and identity platforms in addition to a full suite of IAM solutions.
In its first quarter (Q1/22) operating as a combined entity, Cyderes saw an incredible 340% ARR growth and added over 125 new hires to what is already one of the world’s largest managed security engineering teams. The combined entity won several multi-million dollar deals across its solution set.
“Across the current geopolitical landscape, we are seeing an acceleration of cyber threats like never before, and enterprises are struggling to keep up. Our customers trust us to focus on their threats, so that they can focus on their business,” said Herjavec, CEO of Cyderes. “This is a big moment for us and for our clients – I couldn’t be more thrilled to launch the Cyderes brand. We are building a global market leader, with a world-class team in the highly fragmented managed security sector.”
The combined company’s new brand will be effective June 13th, 2022, with the launch of Cyderes.com.
As the #1 MSSP in the world (Cyber Defense Magazine’s 2021 Top MSSPs List), Cyderes is a global cybersecurity powerhouse offering comprehensive solutions in managed security, identity and access management, and professional services for the modern enterprise. Cyderes provides the people, processes, and technology to manage risk, and detect and respond to any threats – in ways that are better, faster, more cost-effective, and more scalable than traditional in-house solutions. Cyderes has six security operations centers across the United States, Canada, the United Kingdom, and India.
Apax Partners LLP (“Apax”) is a leading global private equity advisory firm. For nearly 50 years, Apax has worked to inspire growth and ideas that transform businesses. The firm has raised and advised funds with aggregate commitments of more than $60 billion. The Apax Funds invest in companies across four global sectors of Tech, Services, Healthcare and Internet/Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For further information about Apax, please visit www.apax.com.
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