Cyderes Announces First Half Growth Rate of Over 63%

TORONTO and KANSAS CITY, Mo., Sept. 7, 2022 /PRNewswire/ - Robert Herjavec, CEO of Cyderes and co-star of the hit Emmy award-winning show Shark Tank, today announced half year financial performance for the newly formed cyber defense and response powerhouse that resulted from the award-winning merger of managed services providers Herjavec Group and Fishtech Group.  

"Merging two great security companies was a big task unto itself, but I am thrilled to say we have met the challenge and then some," said Herjavec. "Not only is our merger well ahead of schedule but we have added an additional 270 people since we announced the deal. And most importantly, we have exceeded our financial performance and our technology integration for the benefit of our clients."

Key growth statistics for Cyderes for the first half of 2022:

• 63% growth in managed services, MDR and XDR revenues
• Continued profitability
• EBITDA results that exceeded target by over 100%

"I am also happy for the recognition given to us by SC Media in announcing our recent merger as the 'Deal of the Year,'" added Herjavec. "I truly believe this is one of those rare cases where the merged entity is greater than the sum of its pieces."

Never happy to rest on its results, and laurels, Cyderes is also announcing new executive leadership to continue its growth:

• Anthony Aurigemma, appointed Chief Revenue Officer, is a senior executive with more than 20 years' experience in technology sales, business development, strategic alliance, and services. As former Vice President of Security Sales at IBM, Anthony managed a large global sales organization, responsible for more than $2 billion in annual revenue.
• Sarah Redford, appointed Chief People Officer, is a human resources executive with 20+ years' experience across technology and consulting. Her areas of expertise include talent strategy, mergers & acquisitions, executive coaching, performance management and organizational effectiveness. Sarah oversees the company's People strategy.
• Carrie Kelly, appointed Chief Marketing Officer, brings 20+ years' experience building brands and developing category leadership for billion-dollar businesses and startups. Carrie was most recently CMO at Critical Start where she oversaw global marketing strategy and operations. Previously she has held leadership roles at Cisco Systems and CA Technologies.

The company has merged two world-class managed services organizations in over six locations across the globe – from Toronto to Kansas City, Bangalore and London. Cyderes, which stands for "cyber defense and response," uses its proprietary, cloud-first technology platform called CNAP (Cloud Native Analytics Platform) to help enterprises tackle complex cyber attacks, offering comprehensive solutions in managed security, identity and access management, and professional services.

"I am incredibly proud of our team and the work that has taken place in the past six months – from combining multiple ticket systems to one platform, to integrated dashboards, centralized threat reports that benefit our clients tremendously, and all our background work in automation and operations – built on our proprietary CNAP intelligence platform and industry leading SOAR platform (Siemplify)," said Herjavec. "Our team is now well over 800 people, serving our global client base and making it safer to do business online."

In order to continue this work and build out the company's future roadmap, Herjavec also announced the promotion of a new, senior leader for Cyderes' global Managed Services team:

• Tim MalcomVetter, promoted to Senior Vice President, Managed Services, ran the engineering teams that built the Cyderes CNAP platform into an industry-leading tool. He well understands complex, global environments from his many years at Walmart where he worked to assess the company's security across five continents with more than two million associates and 200 million unique weekly customers.

As enterprises acquire ever-increasing security platforms (ex. Google, Microsoft, Splunk, Crowdstrike, CyberArk, SailPoint, Okta), the need for focused companies, such as Cyderes, to manage those disparate technologies and provide assurance becomes even greater. Security as a Service (SECaaS) is quickly becoming the desired outcome as cyber threats grow at unprecedented rates. Cyderes is in fact a market leader when it comes to the rapidly growing identity & access management (IAM) space, combining managed services around SIEM and identity platforms in addition to a full suite of IAM solutions.

As the #1 MSSP in the world (Cyber Defense Magazine's 2021 Top MSSPs List), Cyderes is a global cybersecurity powerhouse offering comprehensive solutions in managed security, identity and access management, and professional services for the modern enterprise. Cyderes provides the people, processes, and technology to manage risk, and detect and respond to any threats – in ways that are better, faster, more cost-effective, and more scalable than traditional in-house solutions. Cyderes has six security operations centers across the United States, Canada, the United Kingdom, and India.

SOURCE Cyderes