Cyberscout, a provider of cyber risk analytics for insurers and reinsurers via a proprietary platform, is set to be acquired.
The new owner-to-be: Sontiq, an identity security company with a number of identity and cyber monitoring products and services. Sontiq is a portfolio company of The Wicks Group of Companies, and it signed a definitive agreement to buy Cyberscout.
Neither side is disclosing financial terms.
Sontiq’s acquisition of Cyberscout is designed to help build its product offerings and expand into the insurance industry with cyber products and services, as well as forensic investigation products and services, the company said.
“This is a powerful acquisition for Sontiq,” Brian Longe, president and CEO of Sontiq, said in prepared remarks.” By adding Cyberscout into our product portfolio we are further strengthening our financial services market position with insurance industry expertise.”
Sontiq plans to add Cyberscout to its cloud-based platform of products and services, with a mutual focus on delivering high-touch services and support. Cyberscout’s product roster revolves around personal and commercial cyber coverage, as well as complementary programs that are included in employee benefits packages.
The idea is that through Sontiq’s comprehensive product portfolio, major insurance carriers, mutual insurers and reinsurers will benefit from increased cybersecurity education, protection, forensics, incident response and resolution services.
Jen Leuer, Cyberscout’s CEO, said the acquisition will continue the company’s intent to “take seriously our responsibility to work as a team, problem-solve, and help others.”
Cyberscout, which launched initially in 2003, will be joining Sontiq’s other major brands IdentityForce and EZ Shield.
Sontiq’s parent – The Wicks Group – is a private investment firm based in New York City that invests in lower middle market information businesses that create and deliver niche content and services to the business, consumer and education markets, the company said.