LOUISVILLE, Colo.--(BUSINESS WIRE)--Colorado-based Coalfire announced that it has acquired privately held Digital Resources Group (DRG) of Redwood City, Calif.
The DRG acquisition is another milestone for Coalfire as it consolidates its leadership position in the IT Governance Risk and Compliance (IT GRC) services industry. Since closing a Series A round with Baird Venture Partners in 2011, Coalfire has doubled its staff and opened new offices in New York, Dallas and Los Angeles. By acquiring DRG, Coalfire gains staff, skills and additional geographic presence in the northeast and western United States and in Latin American and the Caribbean (LAC).
“We are acquiring DRG to meet increasing demand and fuel our growth,” said Coalfire CEO, Rick Dakin. “That growth is due to three converging factors: more sophisticated cyber threats, client desire for continuous compliance management, and governance policies that mandate truly independent IT audits. The lessons of Enron apply in cyber security as well; you can’t audit your own controls.”
Jim Cowing, DRG’s owner, and his team have joined Coalfire as a part of the transaction, and Cowing will serve as Coalfire’s West Region managing director. He will continue to serve existing clients as well as support Coalfire’s interests in California, Nevada, Arizona and Hawaii.
“Our clients will continue to get outstanding service and we will be able to help them in new ways now that we are on the Coalfire team,” said Cowing. “In addition, our clients will gain access to Coalfire’s NavisTM platform, which will help them manage PCI, HIPAA and GLBA compliance in a consistent and continuous manner. I also look forward to introducing our clients to the Coalfire Labs team and the additional depth provided for application security, penetration testing and forensic analysis.”
Financial terms of the transaction are undisclosed.
Click here to view a short video on the transaction from Coalfire’s board of directors.