Acquiring the US firm, which is a leader in managed security services specialising in compliance, detection and response, Sysnet becomes established as the largest provider of compliance and security management services to almost four million small and medium-sized businesses (SMBs) and payment groups.
“Sysnet and ControlScan have worked alongside each other for a number of years. The acquisition of ControlScan MCS is part of Sysnet’s strategic growth plan, but more importantly, is the perfect fit at the right time for the industry,” Gabe Moynagh, CEO of Sysnet, commented. “We share a similar culture and an uncompromising demand for excellence. We believe bringing ControlScan MCS under the Sysnet umbrella means we will be able to help more merchants than ever at a time they need it most.”
The acquisition comes at a time when SMBs find themselves more vulnerable than ever before to online security attacks. Security issues were already on the rise last year according to the latest research from Ponemon Institute, with regions such as the US seeing instances increasing by as much as 21% year-over-year. Challenges have since intensified with the emergence of COVID-19, as SMBs became more reliant on online channels in order to survive the pandemic and lockdown measures imposed internationally.
“Sysnet and ControlScan MCS have consistently demonstrated market leadership and innovation in helping SMBs protect their business with strong payment security,” Matt Loos, executive vice president of ControlScan said. “Incorporating ControlScan MCS into Sysnet will deliver high-impact results to merchant service providers and their SMBs, as well as to the payments industry as a whole. Our team is excited to join forces with Sysnet and maximise our innovative spirit. Together, we will be well-positioned to drive growth as the global leader in compliance and security.”
Expert Analysis: The continued adoption of the Proactive Data Security Service, which is immensely popular amongst thousands of small and medium-sized businesses throughout Europe and North America, has proven key in the significant growth of Sysnet.