Sysnet Global Solutions Acquires the Managed Compliance Solutions (MCS) Division of ControlScan, Inc. to Boost SMB Security Worldwide

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DUBLIN & ATLANTA–(BUSINESS WIRE)–Sysnet Global Solutions, the leading provider of cyber security and compliance solutions for SMBs, today announced that it has acquired the Managed Compliance Solutions (MCS) division of ControlScan, Inc., a U.S. leader in managed security services specialising in compliance, detection and response.

Terms of the deal were not disclosed.

The acquisition establishes Sysnet as the largest provider of compliance and security management services to almost 4 million small- and medium-sized businesses (SMBs) and payment processing organizations worldwide.

The acquisition comes at a time when SMBs find themselves more vulnerable than ever before to online security attacks. Security issues were already on the rise last year according to the latest research from Ponemon Institute, with regions such as the U.S. seeing instances increasing by as much as 21% year-over-year. Challenges have since intensified with the emergence of COVID-19, as SMBs became more reliant on online channels in order to survive the pandemic and lockdown measures imposed internationally.

“Sysnet and ControlScan have worked alongside each other for a number of years. The acquisition of ControlScan MCS is part of Sysnet’s strategic growth plan, but more importantly, is the perfect fit at the right time for the industry,” Gabe Moynagh, CEO of Sysnet, commented. “We share a similar culture and an uncompromising demand for excellence. We believe bringing ControlScan MCS under the Sysnet umbrella means we will be able to help more merchants than ever at a time they need it most.”

“Sysnet and ControlScan MCS have consistently demonstrated market leadership and innovation in helping SMBs protect their business with strong payment security,” Matt Loos, executive vice president, ControlScan said. “Incorporating ControlScan MCS into Sysnet will deliver high-impact results to merchant service providers and their SMBs, as well as to the payments industry as a whole. Our team is excited to join forces with Sysnet and maximise our innovative spirit. Together, we will be well-positioned to drive growth as the global leader in compliance and security.”

Sysnet’s exceptional growth in recent years has been fuelled by the introduction of its Proactive Data Security Service, which has been adopted by thousands of small- and medium-sized businesses throughout Europe and North America.

The Sysnet team was assisted in the transaction by Alvarez & Marsal and Willkie Farr & Gallagher.

Raymond James served as financial advisor, and Sidley Austin LLP served as legal advisor to Controlscan.

Earlier this year, Sysnet received a significant growth equity funding from FTV Capital and True Wind Capital, which has been used to support Sysnet’s rapid growth in North America.