OceanSound-backed Netrix buys BTB Security

Netrix, a portfolio company of OceanSound Partners, has acquired BTB Security, a cybersecurity and digital forensics solutions company. No financial terms were disclosed. Falcon Capital Partners served as financial advisor to BTB Security on the deal.

PRESS RELEASE

CHICAGO – January 18, 2022 – Netrix, LLC, a leading provider of managed and professional IT services, today announced the acquisition of BTB Security, a cybersecurity and digital forensics solutions company. The acquisition strategically expands Netrix’s managed security portfolio and its ability to deliver sophisticated cybersecurity consulting services to small and mid-sized enterprise clients. Financial terms of the transaction were not disclosed.

“CIOs and other business leaders are no longer seeing cybersecurity as an afterthought, but increasingly as a core component to ensuring continuity of business operations and risk management”

“Amidst a constantly evolving cybersecurity threat environment, businesses and other institutions are increasingly looking to outsourced experts to assist them in navigating a complex landscape of security best practices, regulatory requirements, and third-party tools. For over 15 years, BTB Security has demonstrated an unwavering commitment to helping clients understand and implement cybersecurity best practices and properly address their unique needs,” said Russell P. Reeder, CEO of Netrix, which has a core focus on cloud, security, collaboration, ITSM and application development solutions. “We are thrilled to welcome the BTB Security team to the Netrix family. With their expertise and support, we will be able to provide a more robust portfolio of security solutions to Netrix clients across the globe.”

Based in the Philadelphia area, BTB Security provides an extensive range of services for information security and digital forensics targeted at small and mid-sized enterprise customers. BTB Security’s offerings encompass all aspects of information security and computer forensics from recurring managed detection and response services to virtual CISO services, as well as project-based solutions ranging from penetration testing to digital forensic investigations.

“CIOs and other business leaders are no longer seeing cybersecurity as an afterthought, but increasingly as a core component to ensuring continuity of business operations and risk management,” said Don Penland, Senior Vice President of Corporate Development at Netrix. “We have experienced tremendous organic growth across our portfolio of security solutions over the last several years and view this strategic acquisition as the best path to significantly accelerate our ability to meet market demand. The combined talent pool and solution portfolio across BTB Security and Netrix will allow us to meet the needs of our combined client base, while also providing additional capacity to grow organically.”

BTB Security’s three Managing Partners, Ron Schlecht Jr., Brian Bailey and Chris McGinley, have taken key roles in the Netrix organization. Over the near term, they will be assisting with integration initiatives while continuing to drive value for key existing clients and supporting the growth of the cybersecurity solutions business.

“We could not be more pleased to start this next chapter in partnership with Netrix,” said Schlecht. “Supported by Netrix’s extensive go-to-market reach and brand reputation, our combined team will be able to serve clients with additional resources, as well as an expanded portfolio of mission-critical ITSM, cloud and collaboration offerings that complement our existing security solutions. We look forward to shared future success as part of the Netrix platform.”

Falcon Capital Partners, LLC served as financial advisor to BTB Security. Cozen O’Connor P.C. served as legal counsel to BTB Security. Womble Bond Dickinson (US) and Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to Netrix.

For more information on Netrix, please visit www.netrixllc.com.

ABOUT NETRIX, LLC
Netrix is a leading provider of cloud, security, collaboration, ITSM and application development solutions. Through both proprietary and managed solutions leveraging leading third-party tools, Netrix addresses the most mission-critical IT needs of midsize and enterprise businesses. For more information, please visit www.netrixllc.com or follow Netrix on LinkedIn, Facebook and Twitter.