FishNet Security this week added a major East Coast component to its expanding footprint by acquiring the commercial sales and professional services business unit of Herndon, Va.-based True North Solutions.
Financial terms of the agreement weren't disclosed. The deal gives FishNet a major East Coast presence and fits into the Kansas City, Mo.-based integrator's plans for nationwide expansion, according to Gary Fish, president and CEO of FishNet Security.
FishNet acquired Livermore, Calif.-based solution provider SiegeWorks in March to build out its West Coast presence, and with True North is adding a key East Coast and southeast regional player in the security risk management space, said Fish. The deal will give FishNet more 200 associates, 25 offices and approximately $200 million in revenue.
"True North has a strong east coast presence and a great customer list that includes the southeastern US and Atlanta, which is an area we want to grow into," he said.
True North's commercial business unit handles product sales, training, support, and consulting services. Under terms of the deal, approximately 40 True North employees will join FishNet, and its back office operations will be moved to FishNet's headquarters in Kansas City, Fish said. True North's federal division wasn't included in the deal and will remain under the umbrella of its parent company, Chantilly, Va.-based American Systems, he said.
True North executives joining FishNet include Holly Thillet, vice president of sales, East region; and Jeff LoSapio, vice president of professional services, East region. Mike Volk, president and CEO of True North, will become COO of FishNet.
True North has developed intellectual property that will help FishNet address auditing and assessment service opportunities, which are mandatory under the Payment Card Industry (PCI) standard. Fishnet's own PCI auditing and assessment team is overworked at moment, and True North's team will take over some of the workload, Fish said.
The addition of True North's auditing and assessment team will enable FishNet to continue focusing on high-margin services, which also include support, training and consulting, Fish added.
Volk said the deal will bring employees with experience in the federal space to FishNet, which has little experience in that market sector.
*UPDATED July 21 with more details on executive team and the deal's benefits to FishNet.