The Toronto-based MSSP company first surfaced in 2003, under the guidance of IT entrepreneur and CEO, Robert Herjavec, and currently rakes in $200 million annually. Now, a new announcement made this month will even further aid in the expansion of its services, as the company agreed to the acquisition of a majority stake in the company by private equity firm, Apax Partners.

Robert Herjavec will remain the active head of the company once this deal is complete and sees this acquisition as a pay-off for the contributed efforts of him and his partners. Though the terms of this new acquisition have yet to be disclosed, with access to expanded financial resources, the company is seeking to upgrade its HG Identity and HG SOAR platforms which it currently operates. From a threat detection standpoint, HG also plans to add more threat analysts to its team to bolster its threat hunting, threat modeling, and SOAR practices.

“I am excited for this next phase in our growth trajectory as we continue to earn [customer] trust by expanding our localized support models, deepening our Managed Security Services offerings and furthering our platform development to drive incremental automation, efficiency and security ROI,” he said in the press release.

Apax has a history of involvement in the industry, previously investing in cybersecurity industry-figurehead Sophos, and acquired the cybersecurity advisory service Coalfire back in 2019. “HG has grown into an impressive business, providing critical cybersecurity solutions with a special focus on customer service… we are excited to partner with Robert and team as we look to drive the business forward,” said Rohan Haldea, Partner at Apax Partners.

As it stands, HG currently provides services across the United States, Canada, and the United Kingdom. Apax hopes that this acquisition will help the company grow on an international level and begin offering services to new countries.

An extended clientele base will be a key step in ensuring return investments and further beefing up the company’s yearly revenue outcome, particularly as security becomes an increasingly global issue. HG also aims to complete four to five acquisitions this year, in addition to the two it already has in the works. With expansion efforts, Herjavec Group hopes to lead the way in cybersecurity innovation and create a safer space for businesses and consumers to thrive.