On Friday, North Carolina’s SilverSky, a developer of managed detection and response (MDR) cybersecurity services for small- and medium-sized companies, announced that it has received a major strategic investment from one of Japan‘s largest and most esteemed sōgō shōsha (industrial trading companies). ITOCHU International, the Japanese corporation’s North American subsidiary, will invest $31.5 million in the company, in a transaction that is expected to close by year-end 2021, subject to approval by the Committee of Foreign Investment in the United States (CFIUS).
In a statement announcing the deal, SilverSky said ITOCHU’s investment would broaden its access to the Japanese market, and all of APAC. ITOCHU intends to use SilverSky’s technology to improve the cybersecurity standards of its 290-plus global subsidiaries, which include IT and communications firms, as well as textiles, machinery, metals, minerals, energy, chemicals, food, realty and finance. In 2020, Berkshire Hathaway disclosed a 5 percent stake in ITOCHU.
“ITOCHU International’s investment in SilverSky underscores the power of our state-of the-art MDR services and arms us with notable channels and resources for significant growth,” SilverSky CEO Richard Dobrow said in an official comment. “We’re looking forward to working with ITOCHU to vastly expand not only in Japan, but also throughout the Asia-Pacific market.”
“For ITOCHU, SilverSky represents a great investment opportunity in the market, as its MDR solutions are well positioned to scale quickly around the world,” said Mitsuru Claire Chino, President and CEO of ITOCHU International Inc. “This investment also allows ITOCHU subsidiary companies and customers access to an MDR solution that is simple, affordable and accessible – helping them combat an ever increasing cybersecurity threat landscape. We look forward to working closely with the SilverSky team to continue to grow the business and reinforce its stance as a go-to expert for easily improving an organization’s security posture.”
Last week, SilverSky announced a partnership with Nebraska telecommunications infrastructure and services firm Prime Communications to extend its MDR services across a broader U.S. client base. In August, SilverSky announced the acquisition of New Jersey’s Advanced Computer Solutions Group (ACSG), a firm specialized in protecting K-12 and higher learning institutions from cyberattacks. The deal marked the first in a series of planned acquisitions by SilverSky to grow its cybersecurity footprint in key, critical industries.
