Charlotte-based ThreatSwitch is taking the acquisition route as it looks to grow its Charlotte-based team.
The security compliance startup announced this week it was acquired by Sign In Solutions, a visitor management and risk mitigation software. Sign In’s US headquarters is in St. Petersburg, and it is a portfolio company of private equity firm PSG.
This is a big new chapter for the growing cybersecurity SaaS startup.
An a platform automating security compliance, Founder and Chief Executive Officer John Dillard told Hypepotamus that ThreatSwitch was “founded really focused on making people the center of compliance for highly regulated companies. Our software is designed to help those companies cope with those rapidly changing regulations and containing the cost of doing that.”
Dillard said that most compliance teams rely on endless spreadsheets or very manual tools. ThreatSwitch looks to streamline that process by automating industrial security needs for executives, employees, and HR teams.
The acquisition deal was actually inked back in July, but the public announcement was made last week.
As a growth investment will mean more opportunities for the ThreatSwitch team.
“We aren’t joining the company and then cutting staff. We’re actually investing significantly in the product and our people in Charlotte. So we expect to add folks and a permanent space in Charlotte in the near future,” added Dillard.
ThreatSwitch currently employs 20 people, according to LinkedIn.
“We are thrilled to provide added value to our customers and partners through this strategic acquisition,” said Dan Harding, Chief Operating Officer of Sign In Solutions, in a press statement. “We will continue to seek to shape and lead the visitor management space through our VM 2.0 vision, with an aim towards reducing risk for our customers and helping them adapt to the challenges of the ever-changing workplace.”
Understanding The Compliance Landscape
Cybersecurity and compliance startups are an important part of the Southeast tech ecosystem. The region is home to over 440 startups working in the sector, according to available Crunchbase data.
The biggest name is Atlanta-based OneTrust, a risk management platform designed to help companies navigate privacy, security, and governance requirements. The company reached unicorn status in 2019.
Since then, the compliance and cybersecurity startup JupiterOne out of Morrisville, North Carolina also crossed the $1 billion valuation.
Other growing names in the local compliance and cybersecurity space include Atlanta-based Apptega, Alpharetta-based DefenseStorm, Memphis-based Otto JS, and North Carolina companies Panther and Whip Around.