FTV Capital along with True Wind Capital has provided significant growth equity to Sysnet Global Solutions, a Dublin, Ireland-based provider of cyber security and compliance solutions operating in more than 60 countries worldwide.
FTV Capital founding partner Richard Garman, partner Kyle Griswold and principal Richard Liu will join Sysntet’s board of directors after taking a lead investor role. The firm, founded in 1998, has raised more than $2.7 billion to invest in high-growth companies offering a range of innovative solutions in three sectors: enterprise technology and services, financial services, and payments and transaction processing.
Last month, the $30 billion Texas Municipal Retirement System chose to top off its investment with the San Francisco firm.
Trustees approved an additional $25 million commitment to FTV VI for a total commitment of $75 million to the firm. Staffers have a $44 million allocation to FTV V already under its venture/growth component of the private equity program.
FTV is targeting $1 billion for FTV VI.
FTV Capital has deep domain expertise in the security and payments industries, having previously invested in other companies such as A-LIGN, Egress, ID.me, and ReliaQuest.
“As the need for cybersecurity and compliance solutions continues to skyrocket, businesses of all sizes require best-in-class solutions to meet this critical need,” said FTV Capital partner Kyle Griswold. “Sysnet has proven to be a continuous innovator in the space and provides a compelling solution to both payments providers in the form of better compliance and merchant retention and merchants in the form of better security and data protection.”
Also based in San Francisco, True Wind has invested more than $15 billion of equity in transactions with over $75 billion of value across a variety of industries, geographies, economic cycles and transaction types.
True Wind Capital’s investment professionals have significant experience leading successful transactions in security software and managed IT services, including Crowdstrike, Datto, Zscaler, GoDaddy and Zix. True Wind founding partner Jamie Greene and partner Sean Giese will join Sysnet’s board of directors with this investment.
The size of the equity investment of both private equity firms was not disclosed.
Sysnet provides merchant compliance and security management solutions to some of the world’s largest, global acquiring organizations, supporting more than 3 million merchants worldwide. Sysnet clients favor Sysnet’s managed compliance and security services as an alternative to charging customers non-compliance fees for not complying with the PCI DSS (Payment Card Industry Data Security Standards). Any organizations that handles payment card data must comply with PCI DSS.
The investment will be used to support Sysnet’s rapid growth in North America and Europe, as well as its expansion into new markets including Latin America and Asia. The investment will also accelerate the development of its security product offerings to SMBs via acquiring and payment processing organizations.