New Cyber Defense Brand, DeepSeas, to Unite Newly Acquired Commercial Managed Threat Services Business From Booz Allen Hamilton With Security On-Demand
The new entity's mission is to create the world's most in-depth cyber defense services
SAN DIEGO, December 8, 2022 (Newswire.com) - With the backing of Nautic Partners, Security On-Demand announced today it has acquired Booz Allen Hamilton's (NYSE: BAH) commercial Managed Threat Services (MTS) business. MTS and Security On-Demand will operate as one unified organization and brand: DeepSeas (deepseas.com).
Leveraging deep expertise that combines world-class cyber threat detection with industry-leading analysts, tailored threat intelligence, and accredited incident responders, DeepSeas is always on, always watching. With a combined track record of nearly 30 years of experience in cybersecurity, DeepSeas will offer its 300+ clients and new mid-market and enterprise customers advanced, integrated cybersecurity solutions across the enterprise's attack surfaces.
The acquisition of MTS comes in an environment in which threat actors are continuously working to compromise organizations. Enterprise and mid-market clients struggle to attract and retain talent with the skills required to effectively deploy, integrate, and manage security solutions at scale to reduce risk of brand damage and/or intellectual property theft or destruction.
DeepSeas will offer clients industry-leading cyber threat detection, analytics, and data science, as well as expert workflow and intelligence across a variety of industries. Through Nautic Partners, the DeepSeas leadership team will have access to capital to enhance the DeepSeas platform and capabilities. Booz Allen and DeepSeas will maintain a strategic and close alignment that enables continued collaboration between the two companies in the commercial market.
In response to the forming of DeepSeas, Craig Robinson, Research Vice President, Security Services at IDC, said, "Especially for growing mid-market companies, there is a need for broad cyber security services that extend beyond managed detection & response. There is an opportunity for a vendor, like DeepSeas, to package right-sized advisory, on-going technical environment maturity, and advanced threat defense for the increasingly complex needs of mid-market businesses."
"I am excited about the unique capabilities this combined team of experts brings to the market, as well as our plans to scale in a measured and meaningful way. We have the ability to deliver a scalable cybersecurity platform in addition to the skills to help clients customize their security programs," said Chris Esemplare, Chief Executive Officer of DeepSeas.
Booz Allen Senior Vice President, Wade Alt, will join the DeepSeas leadership team as Chief Operating Officer.
"This acquisition is a testament to the talent and achievements of Booz Allen and our MTS team. It creates exciting opportunities to serve clients in new ways across a rapidly expanding and extremely dynamic cyber market," said Alt. "Together with Security On-Demand, we look forward to exposing our talent to new opportunities to deepen and expand their cyber skills. Our combined talent and offerings give DeepSeas customers a unique portfolio of solutions that enables us to protect their environments with industry-leading tradecraft, talent, and technology."
"We are delighted to join together with the MTS team," said Peter Bybee, Founder and CEO of Security On-Demand. "Leveraging our complementary skills, advanced technical capabilities, and highly skilled workforces, we will further expand our differentiated solutions for clients as they navigate an increasingly sophisticated threat landscape."
Named the most innovative global MDR service provider by Frost & Sullivan, MTS protects customers' digital assets by patrolling and removing harm from their environments. By combining threat intelligence with managed detection and response, MTS delivers actionable insights, 24/7 threat detection, investigation, and response enabled by a sophisticated, enterprise-ready security platform. This capability includes securing operational technology (OT) with the first-ever fully integrated IT/OT capability, while still ensuring OT threats are responded to according to the unique needs of the environment.
Booz Allen will continue to provide advanced threat intelligence, managed detection and response, and other robust cyber solutions for its federal clients, as well as cyber consulting solutions for commercial organizations.
AGC Partners is serving as exclusive financial advisor to Booz Allen, and King & Spalding LLP is acting as legal counsel. Locke Lord is acting as legal counsel to Advanced Threat Response Holdings Inc. (ATR) and Nautic Partners. Financial terms were not disclosed.
About Nautic Partners
Nautic Partners is a middle-market private equity firm that focuses on three industries: healthcare, industrials, and services. Nautic has completed over 145 platform transactions throughout its 35-plus-year history. Nautic's strategy is to partner with management teams to accelerate the growth trajectory of its portfolio companies via add-on acquisitions, targeted operating initiatives, and increased management team depth. Nautic generally makes equity investments of $50 to $400 million or more. For more information, please visit www.nautic.com.
About Security On-Demand
Security On-Demand (SOD) provides 24/7 advanced cyber-threat detection services for mid-market companies and state and local government agencies. SOD's patented, behavioral analytics technology platform, ThreatWatch®, enables the detection of advanced threats that help protect brand value and reduce the risk of a data breach. SOD is headquartered in San Diego, California with an office in Salt Lake City, Utah, and an international R&D office in Warsaw, Poland. All three locations house Security Operations Centers. SOD services and protects hundreds of brands globally and is the winner of multiple industry awards. For more information, visit www.securityondemand.com.
About Booz Allen Hamilton
For more than 100 years, military, government, and business leaders have turned to Booz Allen Hamilton to solve their most complex problems. As a consulting firm with experts in analytics, digital solutions, engineering, and cyber, Booz Allen helps organizations transform. Booz Allen is a key partner on some of the most innovative programs for governments worldwide and trusted by its most sensitive agencies. Booz Allen works shoulder-to-shoulder with clients, using a mission-first approach to choose the right strategy and technology to help them realize their vision.
With global headquarters in McLean, Virginia, the firm employs approximately 30,000 people globally as of September 30, 2022, and had revenue of $8.4 billion for the 12 months ended March 31, 2022. To learn more, visit www.boozallen.com. (NYSE: BAH)
Forward Looking Statements
Certain statements contained in this press release and in comments by Booz Allen management include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include information concerning the acquisition and related matters, prospective performance and opportunities, and any expected benefits, as well as any other statement that does not directly relate to any historical or current fact. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "could," "should," "forecasts," "expects," "intends," "plans," "anticipates," "projects," "outlook," "believes," "estimates," "predicts," "potential," "continue," "preliminary," or the negative of these terms or other comparable terminology. Booz Allen gives no assurance these expectations will prove to have been correct. Additional information concerning risks and uncertainties and other factors can be found in Booz Allen's filings with the Securities and Exchange Commission (the SEC), including in our Annual Report on Form 10-K filed with the SEC on May 20, 2022. All forward looking statements attributable to Booz Allen or persons acting on Booz Allen's behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made and, except as required by law, Booz Allen undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.
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Source: Security On-Demand