Nucleus Cyber announced that it has been acquired by archTIS. According to the terms of the agreement, archTIS will acquire a 100 percent stake in Nucleus Cyber in an all-stock deal for a total consideration of A$9.75 million (US $7.1 million).
In conjunction with this acquisition, archTIS also announced it has raised a funding placement of approximately $8.4 million via the ASX exchange and will use the new funds to accelerate the growth of the combined businesses.
As part of the deal, key senior executives from Nucleus Cyber have agreed to join the archTIS senior management team and archTIS will continue to maintain and operate Nucleus Cyber’s existing Boston headquarters. Additionally, Kurt Mueffelmann, former CEO of Nucleus Cyber, will lead Global operations for archTIS as its new Chief Operating Officer.
“The acquisition of Nucleus Cyber is transformative for archTIS as it instantly expands our global footprint and delivers access to the expansive and lucrative Microsoft partner ecosystem which has been diligently cultivated by the Nucleus team,” said Daniel Lai, CEO of archTIS.
“With the addition of the Nucleus Cyber product and team, we are now one step closer towards establishing archTIS as the world’s premier provider of policy enforced access control platforms for securing and sharing digital information. Having known and worked with the Nucleus Cyber team through our previous channel partnership, we are excited to welcome them to the archTIS family.”
Founded in 2018, Nucleus Cyber was started with a singular mission: to ensure that data-driven security is at the core of the modern workplace.
The company’s flagship solution, NC Protect, utilizes dynamic, data-centric security that leverages both file and user attributes to automatically find, classify and secure unstructured data, enabling customers to better protect against insider threats from data loss, misuse, unauthorized access and simple human error.
The ability to secure sensitive information has become an urgent priority over the past year as the global pandemic has forced millions of employees to work from home. A recent survey shows data loss has also spiked in the wake of remote work, stemming from downloads of “classified” company information and increases in the number of files being shared in chats and messages.
With 74% of companies surveyed by Gartner planning to permanently shift some of their personnel to remote work, this new reality presents a long-term information security challenge for many organizations.
“The two teams at Nucleus Cyber and archTIS share a long and productive history as well as a common approach of applying Attribute Based Access Control (ABAC) technologies that ensure sensitive information is properly secured,” said Kurt Mueffelmann, Global COO of archTIS and former CEO of Nucleus Cyber.
“Secure information sharing across enterprise organizations and government agencies will continue to be a top priority for CIOs, especially as collaboration tools such as Microsoft Teams do not possess the granular security controls that the modern enterprise requires.
“Between our combined technology solutions and the talented individuals who support them, archTIS is well positioned to fortify its leadership role in the secure information market. I look forward to joining archTIS as its Chief Operating Officer and continuing to accelerate our future growth.”