Kaseya has acquired ID Agent, a provider of dark web monitoring, threat intelligence and identity monitoring provider, the companies announced today. The move signals continued M&A activity among MSP software companies backed by private equity dollars -- with intensified focus on cybersecurity opportunities.
Kaseya just last week announced $500 million in new private equity funding from TPG and existing investor Insight Venture Partners. CEO Fred Voccola vowed to use the funds for strategic acquisitions, R&D and continued business expansion. ChannelE2E will pursue more details at this week's Kaseya IT Connect conference in Las Vegas.
Kaseya Acquires ID Agent: Cybersecurity Software Synergies
ID Agent certainly fits the "strategic acquisition" description. The cybersecurity company develops Dark Web ID, which allows MSPs to identify, analyze and monitor for compromised or stolen employee and customer data. In March 2019, ID Agent launched BullPhish ID -- a phishing simulator and security awareness training platform for MSPs.
Those offerings align well with Kaseya's existing cybersecurity products for MSPs and IT departments -- which include:
- AuthAnvil Identity and Access Management - secures user access using multifactor authentication, password vaulting, and single sign-on, Kaseya says.
- Kaseya Security Manager - scans and secures networks, servers, and endpoints from unauthorized changes and cyberattacks, the company asserts.
- Kaseya Patch Management - patches critical vulnerabilities in OSes and third-party software solutions, the company adds.
Kaseya Acquires ID Agent: Company Background
ID Agent, led by CEO Kevin Lancaster, essentially spun out of Winvale -- a government-focused consulting firm. Sometime around July 2018, ID Agent changed its tagline to "the channel’s leading provider of Dark Web monitoring and identity theft protection solutions" -- essentially signaling an all-in bet on resellers, MSPs and MSSPs.
According to an April 2018 statement from the company:
- ID Agent had 10 employees in the Maryland area, with plans to double the workforce over the next year or so.
- 570 IT customers, up from two customers 10 months earlier.
Sources say the company has experienced exponential growth since that time, though revenues and profit figures are undisclosed.
ID Agent will continue to operate under its existing brand and as an independent business-unit based out of its headquarters in Bowie, Maryland. Lancaster will continue to lead the ID Agent team and will drive Kaseya’s continued security management strategy, the company said.
Kaseya Acquires ID Agent: Executive Perspectives
In a prepared statement, Kaseya CEO Fred Voccola asserted:
“We’re thrilled to add ID Agent, our fifth market-leading acquisition in the last 18 months, to the Kaseya family and integrate its visionary cybersecurity solutions into IT Complete, our platform to help IT organizations simplify their tech stack by providing everything an IT department could want - and more. What Kevin Lancaster and his team have built with ID Agent is truly outstanding and its offerings are a natural fit for Kaseya’s customers as we continue to innovate our IT Complete offering to help our customers meet the challenge of implementing secure, adaptive, and scalable cybersecurity solutions under one pane of glass.”
“We’re so excited to join Kaseya. The marriage of ID Agent with Kaseya’s existing security stack will give external and internal service providers greater opportunity to be leaders in cybersecurity protection by staying ahead of emerging threats with powerful, cost-effective services. This combination bolsters the IT Complete platform and adds to the tremendous momentum that has seen Kaseya grow to more than 40,000 customers worldwide.”
Kaseya Acquires ID Agent: Competition Looms
Of course, Kaseya isn't alone in the MSP-focused cybersecurity software and services market. Key rivals including ConnectWise, Continuum, Datto and SolarWinds MSP -- among many others -- are making strategic moves in the cybersecurity market.
Still, the Kaseya-ID Agent business combination looks very promising. Over the past year or two, ID Agent has been one of the fastest-rising stars in the MSP-centric cybersecurity market.