FishNet Security, a company founded in 1996 by Gary Fish in his Blue Springs basement, plans to join with Accuvant, a similar information security company, in the first quarter of 2015.
The financial terms of the deal, which will undergo an antitrust review, were not made public. The combined company’s name, brand and corporate headquarters are still to be determined.
FishNet has its headquarters in Kansas City. Accuvant, founded in 2002, has its headquarters in Denver. Each company has about 700 employees. Combined, the new venture will begin with 60 offices, training and security operations in the U.S. and Canada.
Fish, who most recently has been board chairman of FishNet, will not have an officer’s role in the combined company.
Accuvant chief executive officer Dan Burns will become CEO of the combined company. FishNet CEO Rich Fennessy will serve as an adviser during the integration process.
Blackstone, a private equity investor and Accuvant owner, will maintain majority ownership in the combined company. Minority stakes will be held by FishNet’s corporate owner, Investcorp, private equity firm Sverica International and members of existing management of both companies.
Dave Johnson, senior managing director in Blackstone’s Private Equity Group, said the group looks forward to “providing incremental investments” to allow the combine companies to continue to expand. Both Accuvant and FishNet have been recognized for rapid growth in recent years.
The companies’ business model involves providing cybersecurity products, representing and reselling security solutions from major manufacturers, providing security consulting services, and monitoring and managing large networks for security purposes.