New partnership creates opportunity for innovation in the cybersecurity space
CyberMaxx announced its partnership with Periscope Equity, a Chicago-based private equity firm with a depth of experience growing and scaling healthcare technology, software, and security businesses. This investment will drive significant value for CyberMaxx customers and healthcare organizations by enabling new research and development, developing cutting-edge technologies, and driving innovation to create additional services to prevent, detect and respond to cyberattacks against our nation’s largest healthcare organizations.
CyberMaxx provides the healthcare industry with a full suite of services to prevent, detect, and respond to cyberattacks. Founded in 2009 and headquartered in Nashville, CyberMaxx’s proprietary software, along with its extensive healthcare expertise, protects highly-regulated industries that require cloud-based and on-premise security solutions.
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“This investment will advance our innovation to remain ahead of cyber criminals,” said CyberMaxx Co-Founder Thomas Lewis. “As our growth continues to accelerate, we remain steadfast in our goal of being the healthcare industry’s leading trusted cybersecurity partner.”
This partnership comes during a crucial time of rampant cyberattacks targeting the healthcare industry and personal healthcare information. Federal agencies have warned healthcare organizations to adopt a heightened state of awareness against ransomware attacks. Cybersecurity Ventures predicts healthcare companies suffer two to three times more cyberattacks than companies in other industries. According to Health IT Security, between 2017 and 2020, ransomware attacks on healthcare organizations quadrupled and are expected to increase five-fold by the end of 2025.
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“We are very excited to partner with Periscope on this next phase of growth,” said CyberMaxx CEO Jason Riddle. “Their extensive experience with high-growth healthcare and technology companies and their relentless focus on creating value aligns perfectly with our efforts to drive innovation in healthcare cybersecurity.”
The relationship with Periscope Equity will allow for geographical expansion, increasing CyberMaxx’s bandwidth to serve and protect healthcare entities across the country. CyberMaxx will continue to have a strong relationship with LBMC and their family of companies serving those shared customers as they have for over a decade.
Stephens Inc. served as the exclusive financial advisor to CyberMaxx in this transaction.
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