Under the deal, Ontario-based N-Dimension will merge into the IPKeys platform while continuing to serve its more than 100 utility customers.
“The integration of N-Dimension into our CLaaS platform enables IPKeys to provide customers with a more robust and comprehensive cybersecurity solution,” IPKeys CEO Robert Nawy said. “The investment by EnerTech is especially advantageous because of their proven ability to also provide strategic support and exposure to their influential network of strategic partners.”
IPKeys will add N-Dimensions cyber threat detection and remediation capabilities to its Cyber Lab as a Service, which provides cybersecurity services to utilities and large municipal and public safety organizations throughout North America.
“I am very excited for N-Dimension and IPKeys Power Partners,” Mark Munday, interim CEO and board member of N-Dimension, said. “IPKeys Power Partners has an excellent reputation, organization, offerings, and strategy. As part of a much larger, better resourced company N-Dimension’s unrivaled cybersecurity solutions continue and will be integrated into a much broader solution to our combined client base. This deal is a win for all concerned.”
The transaction also included an equity investment in IPKeys by EnerTech Capital, a venture capital firm focused on energy and technology.
“We are excited about the acquisition of N-Dimension by IPKeys Power Partners. The combined platform will present significant potential opportunities to expand the N-Dimension product offering and continue to enhance and build upon their leading position in the OT/IT/Critical Infrastructure Cyber Security market,” Wally Hunter, managing director, Enertech Capital, said. “We are also pleased to be a new investor in the IPKeys Power Partners platform. IPKeys Power Partners has built a very strong management team and we have been very impressed with their vision on how N-Dimension can add to their platform, as well as their strategic path forward for supporting intelligent utilities and smart cities.”
England & Company provided advisory services to IPKeys. Financial terms were not disclosed.