Sysnet Global Solutions, an Ireland-based managed services provider helping fintech clients outsource and ensure cybersecurity compliance, is expanding its reach throughout the U.S. with an Atlanta acquisition.
The Dublin-based company made a splash in Atlanta in 2017 when it committed to hiring 500 people at a new headquarters and services center in Brookhaven.
Now, the company is acquiring the managed compliance solutions business of Controlscan Inc., shoring up its role as the largest provider of compliance and security management services, with more than 4 million small-business and payment-processing customers across 60 countries.
Atlanta made sense as a base for the company’s U.S. expansion, given that 70 percent of U.S. payment transactions run through companies with a presence in the city. Among the case studies on its website are WorldPay, EVO Payments and Elavon, all of which are either headquartered in Atlanta or operate here.
But demand for Sysnet’s services, which help banks, merchant acquirers, sales organizations and other customers ensure compliance with cybersecurity regulations throughout their value chain, have seen increased demand amid the drastic work-from-home shift during the pandemic. One study cited by the company pegged at 21 percent the rise in security-related incidents affecting small and medium-sized businesses since COVID-19 emerged.
“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,” said Gabe Moynagh, CEO of Sysnet, in a statement.
The companies did not disclose the terms of the deal, nor did Sysnet outline the specific figure for the funding it raised in February to support its expansion plans.
The company has recently seen a revenue boost from its Proactive Data Security offering, which allows helps Sysnet clients increase sales by offering outsourced, white-labeled security and compliance services to their merchants using the Sysnet platform.
