SilverSky announced that ITOCHU International, Inc., the North American company of Tokyo-based ITOCHU Corporation, has signed an agreement to invest $31.5 million in SilverSky.
Significantly bolstering SilverSky’s ability to scale its operations worldwide, the ITOCHU investment broadens the company’s access to the Japanese market as well as all of APAC. Additionally, ITOCHU is set to leverage SilverSky’s service capabilities to improve the cybersecurity programs of its around 290 subsidiary companies around the globe.
Founded in 1858, ITOCHU Corporation invests in a vast array of businesses and stands as one of Japan’s largest “sōgō shōsha” (general trading companies). It’s involved in information and communications technology as well as textiles, machinery, metals, minerals, energy, chemicals, food, realty and finance, among others. In 2020, Berkshire Hathaway announced a 5 percent stake in ITOCHU.
“ITOCHU International’s investment in SilverSky underscores the power of our state-of the-art MDR services and arms us with notable channels and resources for significant growth,” said Richard Dobrow, CEO at SilverSky. “We’re looking forward to working with ITOCHU to vastly expand not only in Japan, but also throughout the Asia-Pacific market.”
“For ITOCHU, SilverSky represents a great investment opportunity in the market, as its MDR solutions are well positioned to scale quickly around the world,” said Mitsuru Claire Chino, President and CEO at ITOCHU International Inc. “This investment also allows ITOCHU subsidiary companies and customers access to an MDR solution that is simple, affordable and accessible – helping them combat an ever increasing cybersecurity threat landscape. We look forward to working closely with the SilverSky team to continue to grow the business and reinforce its stance as a go-to expert for easily improving an organization’s security posture.”
The agreement is subject to clearance by the Committee of Foreign Investment in the United States (CFIUS). The transaction is expected to close by the end of 2021.