CLOUD COMPUTING SERVICES company Strencom has acquired Baker Security & Networks, an IT security firm, in a bid to bolster its cybersecurity offering.
Tim Murphy, Stencom’s chief executive, said that the deal will help the company greatly expand on its security services in the cloud for its customers.
“The reasoning was the people and the capability, requiring a very high level of security expertise to bring to our customers because our customers had been asking us for it,” Murphy said.
He said that Strencom ensured its cloud services were secure but needed to provide more security tools for customers to further safeguard information on their end.
“You can put the best alarm system in your premises or house but if you don’t turn it on, it’s no good, or if they don’t know how to turn it on, it’s worse,” he said.
Baker counts a number of large companies among its clients including Kingspan, Genomics Medicine Ireland and government bodies. No terms for the acquisition have been disclosed.
The Baker brand will continue to operate as normal and Strencom will maintain its 12 staff – bringing Strencom’s total headcount to 40 – but some operations will be merged.
“We’re going to join up our support teams. It means that our support teams across all of our offices including Baker and Strencom will be all joined up so that we can easily support our customers jointly,” Murphy said.
“We’ll have customers that will probably be jointly managed from an account management point of view where it make sense,” he added.
Acquisitions and growth
Strencom is targeting annual recurring revenues of €20 million by the end of 2021 and €50 million by 2023. The company didn’t disclose its latest revenues.
Murphy said that Strencom is approaching its growth strategy through both acquisitions and organic growth.
“We have looked at a few companies and continue to look at companies that would be a good fit for us,” he said.
It previously acquired data recovery firm Storage Online in 2015.
He added that he has a preference for companies closer to home but “(Britain) our closest neighbour, even with Brexit, is still an attractive option for us”.