Newly merged Cyderes boasts 63-percent growth rate, beating timeline, expectations

Editor’s note: Cyderes is a financial supporter of Startland News’ nonprofit newsroom.

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Merging two cybersecurity powerhouses was a monumental task unto itself, said Robert Herjavec, but the newly formed Cyderes has exceeded expectations and more than overcome the challenges associated with blending the strengths of Herjavec Group and Fishtech Group.

“Not only is our merger well ahead of schedule but we have added an additional 270 people since we announced the deal,” said Herjavec, CEO of Cyderes and co-star of the hit Emmy award-winning show “Shark Tank.” “And most importantly, we have exceeded our financial performance and our technology integration for the benefit of our clients.”

Herjavec and Fishtech Group founder Gary Fish broke news of the merger in the final days of 2021 and the company quickly began its rebranding as Cyderes this spring. (Martin City-based Fishtech was founded by Fish in 2016 after a series of successful business ventures and exits. Fish now serves as chairman of the Cyderes board.)

Key growth statistics for Cyderes for the first half of 2022:

• 63 percent growth in managed services, MDR and XDR revenues
• Continued profitability
• EBITDA results that exceeded target by more than 100 percent

“I am also happy for the recognition given to us by SC Media in announcing our recent merger as the ‘Deal of the Year,’” added Herjavec. “I truly believe this is one of those rare cases where the merged entity is greater than the sum of its pieces.”

Cyderes also announced this week a slate of new executive leadership to continue its growth:

• Anthony Aurigemma, appointed chief revenue officer, is a senior executive with more than 20 years’ experience in technology sales, business development, strategic alliance, and services. As former vice president of security sales at IBM, Anthony managed a large global sales organization, responsible for more than $2 billion in annual revenue.
• Sarah Redford, appointed chief people officer, is a human resources executive with 20-plus years’ experience across technology and consulting. Her areas of expertise include talent strategy, mergers and acquisitions, executive coaching, performance management and organizational effectiveness. Sarah oversees the company’s people strategy.
• Carrie Kelly, appointed chief marketing officer, brings 20-plus years’ experience building brands and developing category leadership for billion-dollar businesses and startups. Carrie was most recently CMO at Critical Start where she oversaw global marketing strategy and operations. Previously she has held leadership roles at Cisco Systems and CA Technologies.

The company has merged two world-class managed services organizations in over six locations across the globe — from Toronto to Kansas City, Bangalore and London. Cyderes, which stands for “cyber defense and response,” uses its proprietary, cloud-first technology platform called CNAP (Cloud Native Analytics Platform) to help enterprises tackle complex cyber attacks, offering comprehensive solutions in managed security, identity and access management, and professional services.

“CYDERES” is a familiar name to industry followers who’ve seen the branding previously associated with Fishtech Group’s cybersecurity services and its Martin City Cyber Defense Center and expanded operations in Northwest Arkansas.

“I am incredibly proud of our team and the work that has taken place in the past six months,” said Herjavec. “From combining multiple ticket systems to one platform, to integrated dashboards, centralized threat reports that benefit our clients tremendously, and all our background work in automation and operations — built on our proprietary CNAP intelligence platform and industry leading SOAR platform (Siemplify). Our team is now well over 800 people, serving our global client base and making it safer to do business online.”

In order to continue this work and build out the company’s future roadmap, Herjavec also announced the promotion of a new, senior leader for Cyderes’ global Managed Services team:

• Tim MalcomVetter, promoted to senior vice president, managed services, ran the engineering teams that built the Cyderes CNAP platform into an industry-leading tool. He well understands complex, global environments from his many years at Walmart where he worked to assess the company’s security across five continents with more than two million associates and 200 million unique weekly customers.

As enterprises acquire ever-increasing security platforms (ex. Google, Microsoft, Splunk, Crowdstrike, CyberArk, SailPoint, Okta), the need for focused companies, such as Cyderes, to manage those disparate technologies and provide assurance becomes even greater, the company said.