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Sysnet acquires Viking Cloud to accelerate market expansion

By Sunniva Kolostyak

December 08, 2020

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Sysnet Global Solutions, a cybersecurity and compliance solutions provider, has acquired Viking Cloud, a cloud security platform, to enhance its technology and drive expansion.

SysnetSysnet, which recently announced the acquisition of the MCS division of ControlScan, is hoping to reaffirm its commitment to enterprise-level merchants. The combination also comes at a time when businesses are more vulnerable to serious online security attacks than ever before because of COVID-19.

Viking Cloud provides next-generation cyber defence, powered and delivered through a hyper-effective, continuous predictive platform and consulting services delivered by some of the industry’s leading experts – combating security threats and assisting with compliance mandates.

By combining Viking Cloud with ControlScan and Sysnet’s own solutions, the provider is aiming to create a technically dynamic entity that will continue to provide security and compliance services to organisations of all sizes across the world.

“The acquisition of Viking Cloud into Sysnet is part of Sysnet’s growth strategy and helps ensure that Sysnet continues to be at the forefront of security from the smallest businesses to the largest organisations around the world,” Gabe Moynagh, CEO of Sysnet, commented.

“Despite larger, and often more stringent internal operations, bigger organisations can be just as vulnerable to online security threats. The Viking Cloud team has proven expertise, experience and technical capability, this combined with our skillset will create the best payment security offering available on the market today.”

The acquisition will also see Robert McCullen, formerly CEO at Viking Cloud, become Executive Chairman of Sysnet. McCullen commented “For Viking Cloud, joining Sysnet and creating the market leader is a great move. Sysnet is already a world-renowned leader in the payment security compliance industry, and with Viking Cloud as part of the business, we will bolster their position even further.”

Sysnet’s exceptional growth in recent years has been fuelled by the introduction of its Proactive Data Security Service, which has been adopted by thousands of small- and medium-sized businesses throughout Europe and North America.

Earlier this year, Sysnet received growth equity funding from FTV Capital and True Wind Capital, which has been used to support Sysnet’s rapid growth in North America.

Recent estimates suggest that cybercrime will cost the world in excess of $6 trillion annually by 2021, combined with the impact of COVID and businesses’ increased reliance on online channels this figure could be even higher.

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