IT company HelpSystems agreed on Wednesday to acquire US-based data protection provider Digital Guardian for an undisclosed sum, providing exits for insurance provider Massachusetts Mutual Life and industrial product manufacturer Siemens.
Founded in 2003 as Verdasys, Digital Guardian provides a software platform that helps businesses protect data to comply with regulatory frameworks such as the European Union’s General Data Protection Regulation.
The company will be folded into HelpSystems’ data security portfolio following the deal. It most recently raised money in April 2019, securing $30m round from undisclosed existing investors to take its total funding to $173m.
Digital Guardian had raised $66m in a 2015 round featuring Massachusetts Mutual unit MassMutual Ventures and Siemens subsidiary Siemens Financial Services.
Industrial technology producer General Electric’s GE Pension Trust, LLR Partners, FairhavenCapital Partners, Special Situation Fund, Brookline Venture Partners and Loring Wolcott & Coolidge filled out the 2015 round.
GE Pension Trust had previously led a $12m round for Digital Guardian in 2014 that included Brookline Venture Partners.
Kate Bosleth, HelpSystems’ chief executive, said: “Our global customers look to us to provide them with powerful solutions and services to support all of their cybersecurity needs, and the data protection expertise the Digital Guardian team brings to HelpSystems is second to none.
“As the threat landscape grows and organisations struggle to keep up, the ability for teams to offload deployments as well as the ongoing risk and responsibility to experts is invaluable. We are thrilled to welcome the Digital Guardian team into the HelpSystems family.”
