American cybersecurity companies Netwrix and Stealthbits Technologies, Inc. announced today that they will be merging.
The combined entity will operate as Netwrix, with Steve Dickson continuing to serve as its chief executive officer and on the company’s Board of Directors. Steve Cochran, founder and chairman of Stealthbits, will be an investor in Netwrix and will also serve on the new entity's Board.
Terms of the transaction were not disclosed.
Netwrix has scooped up over 150 industry awards since it was founded in 2006. The new incarnation of the company will employ over 500 people and serve customers in more than 50 countries.
“We couldn’t be more thrilled to be merging with the people and products of Stealthbits," said Dickson.
"Our combined organization can now offer data security solutions for any organization anywhere in the world."
The combined entity will continue to offer Netwrix's complete portfolio of over half a dozen security solutions aimed at identifying and detecting data security risk as well as protecting against, responding to, and recovering from cybersecurity attacks.
Cochran said that the merger will give Stealthbits' customers access to a one-stop shop for all their data protection and cybersecurity needs.
“Stealthbits has always been driven to work with our customers to solve their most challenging credential and data security requirements," said Cochran.
"Combining our breadth of products and depth of expertise with that of Netwrix means our customers can quickly strengthen their security posture and address multiple projects and requirements through a single provider."
A press release announcing the merger said that it would speak to the problem of fragmented solutions in the data security market preventing organizations from building comprehensive security strategies to protect sensitive and regulated data.
"To address this challenge, Netwrix and Stealthbits are joining forces to leverage each other’s expertise to broaden product capabilities and improve user experience," stated the release.
Stealthbits was founded by Cochran in 2001. The cybersecurity software company's focus is on protecting an organization’s sensitive data and the credentials attackers use to steal that data.
Last year the company won the Best Cybersecurity Company and Best Privileged Access Management Product categories in the Cybersecurity Excellence Gold Awards.