Wellington cyber security company SSS - IT Security Specialists has been acquired by Acheron Capital.
Acheron Capital describes itself as New Zealand’s first "search fund", a vehicle used by an entrepreneir to raise funds from investors to acquire companies in which they take an active leadership role.
"I’m thrilled to announce the acquisition of SSS, and the completion of a long period of time working closely with Bill Tonkin, Ashton Jones and their wider team to bring our vision for the fund to reality here in Aotearoa,” said Acheron Capital founder Luke Taylor.
“SSS is a leading company, with an exceptional team of staff and clients in a dynamic and fast-growing industry. We bring a combination of entrepreneurial talent coupled with expertise and investment from around the world.”
Acheron said it was investing in the development of sovereign cyber security capability in New Zealand. SSS will therefore remain a New Zealand-operated company.
The financial terms of the acquisition were undisclosed.
In a LinkedIn post, SSS CEO Ashton Jones said that in his nearly 18 years with the company it had grown from four staff to almost 50, and from a largely government client base to around 300 clients in many industries across the country.
“In considering any possible sale of SSS, it was crucial that the buyer would be committed to, and capable of, retaining our culture, our people, and achieving growth in a way that aligned strongly to our vision and purpose,” Jones said.
“SSS is ready for its next phase of growth, and we look forward to seeing that through the leadership, skills, and experience Luke brings along with the backing and expertise of Acheron’s investors. SSS will remain committed to working closely with our clients in understanding their cyber security needs and to continue helping them solve their problems.”
Jones will be staying on for the next nine months for the handover period, he said on LinkedIn, and will stay connected long-term as a shareholder.