Divestiture of Digital Boundary Group
Location: London, ON
Industry: IT Security Assurance Services, Cyber Security
Digital Boundary Group (DBG), a wholly owned subsidiary of DRT Cyber Inc., is one of North America’s premier information technology (IT) security services firms providing corporate and government clients with a suite of IT security assurance services ranging from external network, web and mobile app penetration testing through to physical social engineering engagements along with supervisory control and data acquisition (SCADA) system assessments.
VersaBank, the parent company of DRT Cyber Inc., is a Canadian Schedule I chartered bank and became the world’s first fully digital financial institution utilizing their proprietary state-of-the-art financial platform to deliver their business-to-business model. VersaBank’s Common Shares trade on the Toronto Stock Exchange under the symbol VB.
DRT Cyber Inc., Washington, D.C. based, wholly owned subsidiary of VersaBank, provides a comprehensive suite of high demand and innovative cyber security solutions including addressing cyber threats for financial institutions, multi-national corporations and government entities. DRT Cyber’s first offering, VersaVault, was the world’s first digital bank vault built for cryptocurrency funds and exchanges.
The acquisition of DBG will significantly advance DRT Cyber Inc.’s strategy, adding a well-established, trusted, reliable, profitable and rapidly growing security assessment business to their portfolio of solutions. It also provides VersaBank’s shareholders with additional upside to the significant growth opportunity they see in their core banking operations.
Davis Martindale Corporate Finance advised Digital Boundary Group (the seller) in this transaction.