Accuvant Buys Ciphent

Accuvant, a portfolio company of Sverica International, has bought Ciphent, which provides cyber security services. Financial terms were not announced. Sverica is a PE shop with more than $425 million in assets under management.

PRESS RELEASE

Sverica International announced today that Accuvant, a Sverica portfolio company, has acquired Ciphent, a provider of world-class cyber security solutions headquartered near Baltimore, Maryland. Accuvant is a research-driven information security partner delivering alignment, clarity and confidence to enterprise clients.

With the acquisition, Accuvant gains several strategic, complementary service offerings that significantly enhance its ability to meet the information security needs of its enterprise customers while increasing exposure to federal clients and mid-market accounts. Added to Accuvant’s three current practice areas of information security research and assessment, risk and compliance management, and technology solutions, are Ciphent’s offerings in secure software development, managed services, training and support. The addition of Ciphent expands Accuvant’s presence to the mid-Atlantic United States, as well as to Europe and the Asia Pacific region. The combined company employs more than 300 personnel worldwide and is on target to exceed $250 million in revenue for 2010.

Frank Young, Managing Director at Sverica International, and Accuvant board member commented: “We are pleased to have supported Accuvant’s executive team in completing this transaction which will add highly complementary service offerings as well as exposure to federal and other customers to Accuvant’s existing practice. We look forward to continuing to support the combined company with strategic and analytical assistance.”

“We are delighted about this acquisition because of the wide range of innovative solutions Ciphent brings to the table,” said Scott Walker, co-founder and vice president of strategic planning for Accuvant. “Our clients and partners will benefit from the combined Accuvant and Ciphent teams’ expanded offerings and steadfast focus on information security. This transaction results in the largest security organization of its kind, a team of passionate experts who are committed to providing solutions tailored to their clients’ security needs.”

“Independently, Accuvant and Ciphent have been two of the fastest growing cyber security companies for years. Effective today, we will offer the industry’s most robust portfolio of cyber security solutions for both government and commercial clients while retaining our mission to protect the United States, her allies, corporations, and citizens,” said Ciphent Chief Executive Officer James C. Foster. “We are thrilled to become a part of the Accuvant family and believe the combined company will continue to challenge and reward our employees, enable our partners, benefit our clients, and further distance us from the competition.