Assured Information Security Inc. (AIS) has acquired majority control of GreyCastle Security LLL, and the two companies are seeking to buy additional IT consulting firms and MSPs that specialize in cybersecurity, according to published reports.
Financial terms of the AIS-GreyCastle deal were not disclosed. The deal aligns two cybersecurity IT consulting firms that have expertise across the government and commercial sectors.
AIS is based in Rome, N.Y. The 250-person company focuses mostly on research and development of classified cyberwar technologies for the United States military and federal agencies, according to BizJournals.
Who Is GreyCastle?
GreyCastle of Troy, N.Y., has about 25 employees focused on cybersecurity for commercial customers, the report added. The company provides risk assessment, awareness, vulnerability assessment, penetration testing, ISO, and incident response services to businesses throughout North America, the companies said.
GreyCastle won't "disappear" into the AIS business. Instead, the acquired company will retain its brand and leverage operating capital from the deal to make more hires. GreyCastle CEO Reg Harnish and the rest of his staff will remain in place and continue leading the firm's operations.
Still, AIS talent will assist with GreyCastle's business management. Specifically, AIS’ Mike Denz and Dan Kalil will serve as GreyCastle's CFO and chief strategy officer (CSO), respectively. The duo will work with Harnish to manage growth and increase the overall value of the organization, the companies said.
Additional Buyouts Coming?
This is AIS's second acquisition and/or investment in recent months. The company earlier acquired Ross Technologies in Maryland. More deals could be coming: GreyCastle is looking to acquire IT consulting firms and MSPs that specialize in cybersecurity. Typical revenue ranges for targets are $1 million to $2 million, along with headcounts of five to 10 employees, BizJournals reported.
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