Security service provider Herjavec Group, No. 4 on the 2020 MSSP Alert Top Global MSSP rankings and 14th on the 2020 Channel Daily News Top 100 Solution Providers, has signed a definitive agreement with funds advised by the U.K. private equity firm Apax Partners to sell Apax a majority stake in the company. Founder and chief executive officer Robert Herjavec will retain a significant stake and will continue as CEO.
Toronto-based Herjavec Group was born in 2003 and now employs more than 300 people in Canada, the U.S., the United Kingdom, and India, offering advisory services, architecture and implementation of best of breed technologies, identity and access management, 24/7 managed security services, threat management, and incident response in those and many more countries.
“With Herjavec Group being the rocket accelerating towards a future of hypergrowth, we needed to add some additional rocket fuel into the mix. I couldn’t be more thrilled to confirm our new relationship with Apax Partners,” CEO Herjavec said in a blog post. “This acquisition and the growth funding that results is a testament to our entire team, and to our loyal customer base who has entrusted us with their mission-critical assets. I am excited for this next phase in our growth trajectory as we continue to earn their trust by expanding our localized support models, deepening our Managed Security Services offerings and furthering our platform development to drive incremental automation, efficiency and security ROI.”
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Rohan Haldea, partner at Apax Partners, added in a Feb. 11 news release that the move is in direct response to the rise in more “sophisticated cyber-crime.”
“Under Robert’s leadership, HG has grown into an impressive business, providing critical cybersecurity solutions with a special focus on customer service,” he said. “We are excited to partner with Robert and the team as we look to drive the business forward, investing in continued product innovation and growth acceleration while maintaining the company’s number one priority: its customer-centricity.”
Herjavec said that the partnership with Apax will be prioritized in three areas: augmenting existing talent with additional threat and identity expertise, fuelling international expansion to bolster localized support models, and furthering platform development. He also hinted at upcoming additional leadership announcements, as well as new partnerships.
The agreement is subject to regulatory approval. Financial details were not disclosed.