CHICAGO–(BUSINESS WIRE) – Periscope Equity, a lower middle class private equity firm focused on investing in technology-enabled business services, announced today that it has invested in CyberMaxx, LLC through a recapitalization in partnership with management.
CyberMaxx provides the healthcare industry with a full suite of cyber attack prevention, detection and response services. Founded in 2009 and headquartered in Nashville, CyberMaxx’s proprietary software, along with its extensive healthcare expertise, protects highly regulated industries that require cloud-based and on-premise security solutions.
CyberMaxx Co-Founder Thomas Lewis commented: “This investment will drive our innovation to stay one step ahead of cybercriminals. As our growth continues to accelerate, we remain true to our goal of being the healthcare industry’s leading trusted cybersecurity partner. ”
As the health industry is responsible for storing personal health information, it is becoming more and more common for cyber attackers to target it. Cybersecurity company predicts that healthcare companies will suffer two to three times more cyberattacks than companies in other industries. Accordingly IT security in health care, Between 2017 and 2020, ransomware attacks on health organizations quadrupled and are expected to quintuple by the end of 2025.
“We are very excited to partner with Periscope in this next phase of growth. Her extensive experience with high-growth healthcare and technology companies and her relentless focus on creating value fit perfectly with our efforts to drive innovation in healthcare cybersecurity, “said Jason Riddle, CEO of CyberMaxx.
The company’s software and services provide full coverage from the core of the network to endpoint threat detection, reassurance that a customer’s systems, infrastructure, and data are secure. CyberMaxx’s Security Operations Center, through its proprietary Security Information and Event Management product, is able to provide 24/7 threat detection and response for a fully outsourced security offering. In addition to its core Managed Detection and Response offering, CyberMaxx provides incident response and risk assessment services for customers who want to better understand their security profile.
“CyberMaxx’s expertise positions them at the forefront of keeping our nation’s healthcare providers and their patients safe and secure, ”said Steve Jarmel, Managing Partner of Periscope. “We expect CyberMaxx to further consolidate its position as the leading provider of managed cybersecurity for the US healthcare industry through product expansions, team development and strategic acquisitions. ”
Periscope Vice President Mo Wilkie added: “CyberMaxx offers the gold standard for customer service and from our research it was clear that customers see the CyberMaxx team as an extension of their own. We look forward to working with Jason and the management team during the company’s next phase of growth. ”
Founded in 2009 as part of the LBMC family of companies based in Nashville, Tennessee, CyberMaxx is a leading provider of MSSP and MDR solutions, primarily serving the healthcare and financial services industries. CyberMaxx uses proprietary software and institutionalized healthcare expertise to target healthcare and other highly regulated industries that require specific security solutions. With a customer-centric culture, CyberMaxx experts provide customers around the clock protection through a full suite of services, including endpoint threat detection and response (MAXX EDR), network-based threat detection and prevention (MAXX NETWORK), and security intelligence and event management (MAXX SIEM ). The company also offers Vulnerability Risk Management (MAXX VRM), Incident Response and Risk Assessment Services. CyberMaxx solutions are designed to give customers the confidence that their systems, infrastructure and data are secure. Learn more at http://www.cybermaxx.com/.
About Periscope Equity
Periscope Equity is a Chicago-based private equity firm focused on investing in technology-enabled service and software companies in the security solutions, digital marketing, healthcare technology and business process automation sectors. Periscope is specifically aimed at founder-owned companies with business-critical products and services, a history of sustainable profitability, and known ways to accelerate growth. Working with proven management teams, Periscope provides strategic, operational and commercial expertise to deliver superior investment returns. Learn more at www.periscopeequity.com.