ITOCHU Announces SilverSky Inc., a Major U.S. Security Solution Provider, to Become an Equity-Method Affiliate
October 29, 2021
ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Keita Ishii, President & COO; hereinafter “ITOCHU”) announced today that it has agreed to invest in SilverSky Inc. (Richard Dobrow, CEO; hereinafter "SilverSky"), a U.S.-based provider of security solutions through ITOCHU International Inc. (headquartered in New York; Mitsuru Claire Chino, President and CEO, hereinafter "III"), with SilverSky becoming an equity-method affiliate.*1
The evolution of information and communication technologies, the increase in the number of companies pursuing large-scale business transformation (digital transformation, "DX") that redefines their business models, and the spread of remote work triggered by COVID-19 have led to the diversification and increased complexity of corporate system environments. On the other hand, the amount of criminal damage caused by cybercrimes targeting system vulnerabilities is also increasing at a rapid pace. (Damages from cybercrime worldwide soared from around 520 billion U.S. dollars in 2018 to approximately 950 billion U.S. dollars in 2020*2.) As such, the importance of comprehensively monitoring the system environment and taking immediate response action after any damage occurs is growing.
Established in 1999, SilverSky is a major security solution provider in the United States. The company is able to accurately detect unknown threats through advanced analysis of diverse data based on the extensive experience and knowledge it has accumulated over more than 20 years. Its mainstay Managed Security Service*3 provides comprehensive monitoring and response to customers’ internal networks, cloud environments, mobile terminals and other devices on a 24/7 basis through Security Operation Centers located around the world. The company has expanded its business domain while keeping abreast of changes in the business environment and technology trends of its customers, and provides services to approximately 4,000 companies in the U.S., particularly in the financial and healthcare industries, which require a high level of regulatory compliance.
In making SilverSky an equity-method affiliate, ITOCHU will be able to access advanced threat information from around the world, and will support SilverSky’s expansion into Asia, including Japan, by utilizing the domestic and overseas networks of the ITOCHU Group. In collaboration with ITOCHU Techno-Solutions Corporation (headquarters in Minato-ku, Tokyo; Ichiro Tsuge, President and CEO), which owns extensive expertise in the development and operation of systems and applications, ITOCHU will minimize concerns about the business continuity of client companies and support their sustainable growth in the digital age.
ITOCHU's past DX-related initiatives include the reorganization of WingArc1st Inc., which operates a data management business, into an equity-method affiliate in December 2019, its partnership with AKQA Corp., which excels in digital consulting, commencing in March 2020, a capital and business alliance forged with BrainPad Inc., engaging in data utilization business, in November 2020, the establishment of GI Cloud, Inc. for cloud application development in March 2021, and the conclusion of a capital and business alliance agreement with SIGMAXYZ Inc., a leading professional consulting firm in Japan, in April 2021. Through the investment and business partnership in SilverSky, ITOCHU will contribute more broadly to the realization of a sustainable digital society.
- *1The agreement is subject to Committee of Foreign Investment in the United States (CFIUS).
- *2Source: Center for Strategic & International Studies (CSIS): The Hidden Costs of Cybercrime
- *3Managed Security Service is a service model or capability provided by security service providers to monitor and manage security devices and systems.
Outline of SilverSky
|Corporate name||SilverSky Inc.|
|Address||Morrisville, North Carolina, USA|
|Representative||CEO Richard Dobrow|
|Number of Employees||Approx. 300 (consolidated, as of March 31, 2021)|
|Business Activities||Managed Security Services
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