- Leading provider of cybersecurity and compliance solutions Sysnet Global Solutions announced it raised a significant growth equity investment led by FTV Capital and True Wind Capital
Sysnet Global Solutions — the leading provider of cybersecurity and compliance solutions operating in over 60 countries worldwide — announced it raised a significant growth equity investment led by FTV Capital and True Wind Capital.
In connection with the funding, FTV Capital founding partner Richard Garman, partner Kyle Griswold, and principal Richard Liu are joining Sysnet’s board of directors. And from True Wind, founding partner Jamie Greene and partner Sean Giese will join Sysnet’s board of directors.
Sysnet provides merchant compliance and security management solutions to some of the world’s largest, global acquiring organizations, supporting more than 3 million merchants worldwide. And Sysnet clients favor Sysnet’s managed compliance and security services as an alternative to charging customers non-compliance fees for not complying with the PCI DSS (Payment Card Industry Data Security Standards). Any organization that handles payment card data must comply with PCI DSS.
And the investment will be used for supporting Sysnet’s rapid growth in North America and Europe as well as its expansion into new markets, including Latin America and Asia. And the investment will also accelerate the development of its security product offerings to SMBs via acquiring and payment processing organizations.
“Sysnet is delighted to align with world-class partners like FTV Capital and True Wind Capital to support growth plans in both existing and new markets,” said Gabriel Moynagh, CEO at Sysnet, “FTV is a perfect fit for Sysnet given its knowledge of security and payments, Global Partner Network and proven ability to scale high-growth companies. Further, True Wind is a seasoned technology, software and security investor, providing decades of operational, growth and scaling expertise to technology companies. Their combined investment will enable us to deepen our strategic relationship with our clients and their customers through the enhancement of our security product offering and customer support globally. We‘re incredibly confident that Sysnet will benefit from the experience and expertise that the FTV and True Wind teams bring to the table.”
According to the 2019 Global State of Cybersecurity in Small and Medium-Sized Businesses report, SMBs reported a significant increase in targeted cybersecurity breaches for the third consecutive year. And the report finds that attacks against U.S., U.K., and European businesses are growing in both frequency and sophistication.
“As the need for cybersecurity and compliance solutions continues to skyrocket, businesses of all sizes require best-in-class solutions to meet this critical need,” added FTV Capital partner Kyle Griswold. “Sysnet has proven to be a continuous innovator in the space and provides a compelling solution to both payments providers in the form of better compliance and merchant retention and merchants in the form of better security and data protection.” True Wind Capital partner Sean Giese continued, “the company is primed for tremendous growth as it looks to serve businesses ranging in size from small to large while expanding its global footprint and product set.”
Sysnet essentially helps SMBs protect against breaches by providing a managed service that assists such businesses in maintaining compliance with PCI DSS and by providing them with a range of security tools to protect their payment and business environment, all supported and monitored by a team of data security experts.
“Sysnet is revolutionizing the way merchants meet payments standards across the globe,” explained FTV Capital founding partner Richard Garman. “With this investment, FTV Capital will use its security market experience and network to accelerate Sysnet’s innovations for the global transaction service industry.”
Launched in 1989, Sysnet specializes in data security and PCI DSS compliance validation solutions. And Sysnet offers a range of services, including its Sysnet.air Proactive Data Security compliance and security management solution to a wide variety of businesses like acquirers, ISOs, international banks, payment service providers and merchants. Based in Dublin, Ireland, Sysnet has clients in more than 60 countries worldwide.
“We are at an exciting inflection point of Sysnet’s development. True Wind looks forward to partnering with both Sysnet’s management team and FTV to achieve this next stage of growth,” stated True Wind Capital founding partner Jamie Greene.
