Tyler Technologies acquires Portland cybersecurity firm
Photo / Tim Greenway
Rick Simonds, president for Sage Data Security in Portland, near a screen with real-time cyber threats in the world. The 45-employee company has been purchased by Tyler Technologies Inc. and will become a separate department of Tyler's Enterprise Resource Planning and School Division.
Tyler Technologies Inc. (NYSE: TYL) announced Tuesday it acquired Sage Data Security LLC, a Portland company that specializes in cybersecurity.
Financial details of the acquisition were not provided, but Tyler stated in a news release it was funded through its existing cash balances.
Founded in 2002 and headquartered in Portland, Sage has 45 employees. It offers a suite of cybersecurity services, including program development, education and training, threat detection, technology testing, advisory services and digital
Its management and staff will become part of Tyler’s Enterprise Resource Planning and School Division and a new independent department for client data security will be created. Sage’s current employees are expected to remain in its current office space in Portland. Sage President Rick Simonds will continue to lead that new department within Tyler.
“The acquisition of Sage enables Tyler to be as proactive as possible in offering data security expertise and services, as risks to data are becoming more prevalent across all industries, including the public sector,” said Lynn Moore, president of Tyler, which is based in Plano, Texas, but has three offices in Maine with 700 employees.
“We are very excited at the opportunity to join Tyler Technologies,” Simonds said of Sage’s acquisition by Tyler. “Our mission has been to protect the nation’s critical digital infrastructure Until now, we have focused primarily on financial and healthcare verticals. Becoming part of Tyler allows Sage the opportunity to offer our expertise more broadly to the public sector.”
Sage currently delivers three primary offerings to approximately 240 clients in the health care, financial, retail, education and government sectors:
Advisory services, which include developing risk assurance policies and consulting to clients when their data may have been compromised.
Assurance services, often referred to as white hats or ethical hackers, which assess systems for vulnerabilities and conduct simulated attacks. The results are used to develop a remediation plan.
Threat detection, which is the software used in conjunction with experts who review daily logs for new threats in the network environment.
Tyler, which has 4,000 employees nationwide, has three offices (Yarmouth, Falmouth, and Bangor) and 700 employees in Maine, also announced it completed the previously announced acquisition of Socrata Inc., a Seattle-based venture-backed technology company focused exclusively on accelerating the shift to digital government, for $150 million cash.
Both the Socrata and Sage acquisitions were effective April 30.
Most Recent
Most Recent
Comments