Prosegur to Acquire Majority Stake In Cipher

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Prosegur to Acquire Majority Stake In Cipher

Image Attribute: Prosegur armored car in Barcelona, Spain / Source: Wikipedia

Image Attribute: Prosegur armored car in Barcelona, Spain / Source: Wikipedia

On December 11, 2018, Madrid-based Prosegur Compañía de Seguridad, S.A ("Prosegur") has reached an agreement to acquire a majority stake in Cipher, a leading cybersecurity player with operational presence in North America, Latin America and Europe. Transaction value of the deal ​​have not been disclosed, however, the acquisition is being considered to be a milestone by the industry experts - strengthening Prosegur's capabilities in cybersecurity domain and transforming its physical security business into a technology one. This acquisition deal is still subject to approval by the corresponding administrative authorities.

Founded in 2000, Cipher delivers a wide range of Managed Security Services (MSS) and Security Consulting Services (SCS). These offers are supported by the best in class security intelligence lab - Cipher Intelligence, in addition, the company has developed an array of cybersecurity intelligence services that will be integrated with the current Prosegur capabilities to create a global intelligence practice with a more extensive and robust portfolio. Cipher is recognized by highly regarded global research firms as a leading player in MSS through its two 24/7 Security Operations Centers (SOCs).

Cipher and Prosegur present their cybersecurity service portfolio in the same way, so it is estimated that an intense transfer of knowledge and exchange of best practices can be generated very quickly. Likewise, the geographical complementary footprint of both businesses is significant since Cipher has operations in markets in which, until now, Prosegur did not have a relevant presence in the cybersecurity landscape especially in the United States, Brazil and United Kingdom.

Following the completion of the transaction, Alejandro Alonso, former Prosegur Cybersecurity Managing Director, will act as Executive Chairman and Eduardo Boucas, founder and CEO of Cipher, will remain in the company as a shareholder and the Global CEO of Prosegur Cybersecurity. According to the company's statement - "Their entrepreneurial spirit, experience, and knowledge will be critical to extend Prosegur's capabilities to new geographies and consolidate them in current markets, with special attention to the United States, the main cybersecurity market".

The Security and Technology business unit of Prosegur has been working for a long time in combining its capabilities in physical surveillance with the latest technological and analytical innovations. The company, which started its cybersecurity operations in 2014, consolidates now a cybersecurity global business with current footprint in 11 countries within North America, Latin America and Europe.Now, these cyber operations will be managed through six state-of-the-art SOCs, driving Prosegur to become one of the largest cybersecurity players in the world.