North Carolina industrial cybersecurity firm SilverSky secures ITOCHU funding
Friday, North Carolina SilverSky, a developer of managed detection and response (MDR) cybersecurity services for small and medium enterprises, announced to have received a major strategic investment from one of the largest and most esteemed in Japan sÅgÅ shÅsha (industrial trading companies). ITOCHU International, the North American subsidiary of the Japanese group, will invest $ 31.5 million in the company, in a transaction expected to be finalized by the end of 2021, subject to the approval of the Foreign Investment Committee in United States (CFIUS).
In a statement announcing the deal, SilverSky said ITOCHU’s investment will expand its access to the Japanese market and to all of APAC. ITOCHU intends to use SilverSky’s technology to improve the cybersecurity standards of its more than 290 global subsidiaries, which include IT and communications companies, as good as textiles, machinery, metals, minerals, energy, chemicals, food, real estate and finance. In 2020, Berkshire Hathaway disclosed a 5 percent stake in ITOCHU.
âITOCHU International’s investment in SilverSky underscores the power of our industry-leading MDR services and provides us with remarkable channels and resources for significant growth,â said the CEO of SilverSky. Richard dobrow said in an official comment. âWe are looking forward to working with ITOCHU to grow significantly not only in Japan, but also throughout the Asia Pacific Marlet.”
âFor ITOCHU, SilverSky represents an excellent investment opportunity in the market, as its MDR solutions are well positioned to scale rapidly around the world,â said Mitsuru Claire Chino, President and CEO of ITOCHU International Inc. âThis investment also provides ITOCHU subsidiaries and customers with access to a simple, affordable and accessible MDR solution – helping them combat a landscape of cybersecurity threats ever growing. We look forward to working closely with the SilverSky team to continue to grow the business and strengthen its position as a go-to expert to easily improve an organization’s security posture.
Last week, SilverSky announced a partnership with the Nebraska telecommunications infrastructure and services company Main communications to extend its MDR services to a wider American clientele. In August, SilverSky announced the acquisition of New Jersey’s Advanced IT Solutions Group (ACSG), a company specializing in the protection of primary and higher education establishments against cyber attacks. The deal marked the first in a series of acquisitions planned by SilverSky to expand its cybersecurity footprint in key and critical industries.