NEW YORK--(BUSINESS WIRE)--Oxford Solutions, a leading global cyber security company, announced today the completion of its acquisition by Stephen M. Ross’ RSE Ventures. The acquisition expands the reach of RSE Ventures, as Skout Secure Intelligence provides cyber-security monitoring and unparalleled customer service for companies around the world.
Skout focuses on helping companies in the midmarket that are facing the increasing risks of cyber attacks. These companies are often vulnerable, because of the complexity, cost and resources needed for today’s security solutions. Skout combines a proprietary blend of cloud-based technologies and data analytics with great customer service, to offer easy to use, and economical cyber-security for small to midsize businesses. Most importantly, Skout focuses on personal, human communication to make security technology accessible to non-experts.
Co-Founder and CEO, Aidan Kehoe underscored the need for companies to adapt to the changing cyber landscape to better protect themselves. “Cyber security is like healthcare. We all need access to it. With 1.5 million job openings in the industry, a shortage in expertise, and the increasing cost of technology, many small to midsize firms understand they are at risk, but don’t know how to protect themselves. That is where Skout comes in.”
Cyber attacks are becoming more sophisticated, more targeted, and costlier to small and medium sized businesses. According to the 2017 State of Cybersecurity in SMBs Report conducted by Ponemon Institute, in the past 12 months, 54 percent of respondents report they had a breach involving sensitive information about customers, target customers or employees. This is an increase from 50 percent in last year’s study. In regards to financial impact, the average cost due to damage or theft of IT assets and infrastructure increased from $879,582 to $1,027,053.
“A CEO’s biggest nightmare is having their company experience a security breach and not having the resources to solve the problem. Not only are there huge financial repercussions, but also damage to their reputation and the loss of consumer confidence in them,” Kehoe said. “The team at Skout understands how to partner proprietary technology with the highest level of customer service to help companies protect themselves.”
RSE Ventures co-founder and CEO Matt Higgins, and RSE co-founder Stephen M. Ross, Chairman of Related Companies, were drawn to cyber security by conversations with their portfolio companies. “We are hearing a consistent message from our portfolio; there is a gap in the marketplace for a company that serves the needs of small to mid-sized businesses, makes cyber security understandable, reassures business leaders about their security, and addresses the severe lack of human engagement in the industry. That’s what led us to Skout,” said Higgins. Skout will make investments to advance their technological platform to enable an ecosystem that makes cyber security for SMBs accessible and easy to use. They will do so through automation and orchestration, machine learning, voice recognition, and other capabilities to provide the highest level of protection.
“Our relationship with Skout will also help position them to expand their offerings and insights globally. We are putting our full support behind this brand and believe there is unlimited potential for growth in this untapped space,” Higgins said. With over 800 clients, additional office expansions are planned throughout the US and EMEA. Aidan Kehoe will be joined on the Board by Stephen M. Ross and Matt Higgins. In addition, Michael Pascucci and the Pascucci family, founders of successful ventures including Oxford Resources, WLNY TV 10/55 and Sebonack Golf Club, shall remain on as investors. Visit www.getskout.com for more information.
About Skout-Secure Intelligence
Skout Secure Intelligence was founded in 2013 to provide cyber security monitoring and unparalleled customer service to organizations around the globe. With over 800 clients globally, Skout utilizes a nimble team of security experts to deploy the industry’s most cutting edge tools at affordable prices, providing the adaptive technology and incisive protection to make security accessible for all.
About RSE Ventures
Founded in 2012 by Stephen M. Ross and Matt Higgins, RSE is a venture firm that operates and partners with highly successful, world-renowned brands in sports, entertainment, media, hospitality, and technology. RSE seeks out exceptional founders who have a bold vision for their business, and provides them with access to the vast, unmatched resources of the RSE network. Since its inception, RSE has built, incubated and invested in companies including Relevent Sports, Vayner Media, Momofuku and &Pizza.