Technology Capital Investors (TCI), a New York investment firm, has acquired Savid Technologies, a Tinley Park, Ill.-based cloud security provider.
Savid will join TCI's growing cadre of MSP and cloud companies, a list that also includes External IT, OS33, Avazpour Networking Services, D&D Consulting, ETCI and Hostnet, and most recently Bravura Networks.
Savid Technologies will keep its company name, employees and leadership, including CEO Michael Davis, who will continue to run day-to-day operations for the MSP, according to TCI. Davis, a speaker on cloud security and author of "Hacking Exposed," will also develop and offer a new suite of managed security and compliance services across all TCI's companies in the first quarter, said Sam Attias, managing partner at TCI.
"Savid is solely focused on security and compliance and assessments for Fortune 500 companies. It was clear to us that he was very strong in that area. Today in our portfolio we provide traditional security and compliance that most other providers have, but the number one topic on clients' minds is security of the cloud and it needs to be addressed," Attias said.
In particular, Savvid adds expertise around PCI, HIPAA, Sarbanes-Oxley and other compliance requirements, Attias said.
"It's something we had to do and we're very excited about it. The industry is also moving in the direction of vertically focused service providers. Those are the guys that will win at end of the day and be able to scale their businesses," Attias said.
The TCI companies informally work together but this is the first formal offering across the group, Attias added. The combination of Savid and traditional services will create a powerful combination, he said.
"The key to our model going forward, our big 2012 strategy, is to have to have the hybrid model. You need cloud and hosted solutions, but you have to do on-premise work too to keep the relationship with the client," Attias said. "The client relationship is the asset, everything everybody wants to pay for."
Moving forward, TCI said it plans more acquisitions to fill out some geographic holes, such as Toronto, and other regions across the U.S. "We'll get the cloud offering [with Savvid] and use [new acquisitions] as the on-premise rep in the regional for us," Attias said. "We're in talks with three or four companies today, north of $10 million. At the end of the day, the main question with potential customers is security in the cloud."