The deal is expected to bring an additional US$1.4 million in annual revenues and US$800,000 in cash flows for the newly combined entity.
LandStar (OTC Pink:LDSR), security software company has completed the acquisition of secure file transfer company, DataExpress as part of a US$2.8 million deal. DataExpress enables large file transfers from banks, insurance and utilities companies to be completed securely and compliantly. Projected to deliver an additional US$1.4 million in revenues annually, the acquisition is also anticipated to bring in over US$800,000 in cash flows.
As quoted in the press release:
The sensitive data and file transfer market continues to rapidly expand and is anticipated to grow to $2.3B by 2026 with a CAGR of 7.9% according to Transparency Market Research. Factors contributing to the tremendous market growth include global data security regulations and escalating sophistication of malicious attacks on vulnerable endpoints, devices and networks. This growth is supported by the entrance of major players in the file and data transfer space including Dropbox, Microsoft OneDrive, Google Drive and Box. Taking market share from incumbents like Barracuda, SolarWinds and Ipswitch will be accelerated by the addition of data privacy and governance capabilities within Data443’s combined product suite.
“We are excited to join the Data443 team at this critical time for data privacy, governance and security,” said Billy Whittington, co-founder and CEO of DataExpress. “Never has security for data in flight been more important – we feel our time has come and this is the perfect avenue for our team to leverage our knowledge, product and customer base. Our product is superbly engineered, right-sized for all types of cloud requirements and myriad privacy, encryption and data protection requirements – just the sort of capabilities that Data443 champions on a daily basis. This cadence, stance and methodology is exactly what we’ve been looking for as a group, and we are excited to engage on this new data security challenge we have in front of us.”