CynergisTek announces multi-year renewal agreement worth $300,000 » 07:0507/0607/06/22
CynergisTek announced a…
CynergisTek announced a medical center with 390+ beds has signed two contracts totaling over $300,000 for a three-year managed service renewal and a Vendor Security Management renewal. CynergisTek will provide this client with its signature Compliance Assist Partner Program, or CAPP, service, which will include continuing cybersecurity services such as an enterprise risk assessment, advisory services, and an interoperability security controls assessment. CynergisTek will also provide its Vendor Security Management service which will include a risk assessment of the organization's vendors with included support to vendors and customizable reporting.
|Over a week ago|
CynergisTek announces expiration of excluded party 'go-shop' period » 07:1806/2906/29/22
CynergisTek announces the…
CynergisTek announces the expiration of the Excluded Party "go-shop" period set forth in the previously announced merger agreement with Clearwater Compliance in an all cash transaction that values CynergisTek at approximately $17.7M. All capitalized but undefined terms used herein have the meanings given in the Merger Agreement. As previously announced, prior to the expiration of the initial "go-shop" period under the Merger Agreement, CynergisTek received an Acquisition Proposal from a potential strategic buyer who had been contacted by CynergisTek's financial advisors , and thereafter CynergisTek has been engaged in negotiations with the potential strategic buyer regarding the terms and conditions of the Go-Shop Proposal. As previously announced, on June 22 , the CynergisTek Board of Directors determined, in good faith after consultation with its outside financial advisor and legal counsel, that the Go-Shop Proposal would reasonably be expected to lead to a Superior Proposal, thereby making the potential strategic buyer an Excluded Party under the terms of the Merger Agreement. After continued negotiation with the potential strategic buyer prior to the expiration of the Excluded Party "go-shop" period under the Merger Agreement, at this time the Board has not determined that the Go-Shop Proposal constitutes a Superior Proposal, and there can be no assurances that a transaction will result from the Go-Shop Proposal or that any alternative transaction will be entered into or consummated.
CynergisTek announces 'go-shop' period expiration for Clearwater Compliance deal » 16:0706/2306/23/22
CynergisTek announced the…
CynergisTek announced the expiration of the initial "go-shop" period set forth in the previously announced merger agreement with Clearwater Compliance LLC, a healthcare focused cybersecurity, compliance, and risk management solutions firm, in an all cash transaction that values CynergisTek at approximately $17.7M. All capitalized but undefined terms used herein have the meanings given in the Merger Agreement. Consistent with the terms of the Merger Agreement, during the "go-shop" period, CynergisTek and its financial advisors contacted 88 potentially interested parties, including 63 strategic buyers and 25 financial sponsors. Eight of the contacted parties executed confidentiality agreements, all of whom received a management one page overview of CynergisTek and four of whom requested and received a virtual meeting with members of senior management. As a result of the process, CynergisTek received an Acquisition Proposal from one of the potential strategic buyers. On June 22, 2022, the CynergisTek Board of Directors determined, in good faith after consultation with its outside counsel and financial advisor, that the Go-Shop Proposal would reasonably be expected to lead to a Superior Proposal, thereby making this strategic party an Excluded Party under the terms of the Merger Agreement. At this time, the Board has not determined that the Go-Shop Proposal constitutes a Superior Proposal, and there can be no assurances that a transaction will result from the Go-Shop Proposal or that any alternative transaction will be entered into or consummated. At this time, CynergisTek remains subject to the Merger Agreement and is complying with the terms and conditions thereof, which remain in effect unless and until the Merger Agreement is terminated. Accordingly, subject to and as required by the Merger Agreement, the Board has not made a Company Board Recommendation Change, reaffirms its recommendation of the Merger Agreement and rejects all Alternative Acquisition Agreements. CynergisTek does not intend to disclose developments with respect to this process unless and until it determines it is appropriate to do so, subject to the terms of the Merger Agreement.
CynergisTek announces six-figure extension contract with pediatric healthcare » 07:2206/0706/07/22
CynergisTek announces a…
CynergisTek announces a six-figure extension contract for a west coast pediatric healthcare system for risk assessment, promoting interoperability security controls assessment, vendor security management, and incident response readiness services. Healthcare organizations are becoming increasingly aware of the need to ensure greater due diligence in understanding their security posture and risks faced across the enterprise. This client continues to rely on CynergisTek's expertise and array of capabilities to assist in managing risk. "Understanding cybersecurity risk to an organization is a critical and a necessary part of ensuring the impacts of disruptive cyber-attacks are minimal," said Dave Bailey, Vice President of Security Services at CynergisTek. "Proactive risk assessment and risk management help build resilient and effective safeguards," he adds.
|Over a month ago|
CynergisTek wins $220K ransomware, 'dark web' deal with partner GroupSense » 07:0806/0106/01/22
CynergisTek announces its…
CynergisTek announces its first win with strategic partner GroupSense to provide ransomware readiness and dark web monitoring for a Midwest health system. CynergisTek will provide this client with greater visibility into the dark web by monitoring their public personas, domains, and services for malicious activity, as well as reviewing and monitoring their ransomware runbooks. The service will provide 24/7 on-call ransomware incident support and negotiation and will allow the client to proactively monitor their online reputation and prevent online threats. CynergisTek's strategic partnership with GroupSense has allowed for increased capabilities to serve the healthcare industry and protect organizations against the growing threat landscape. Customers can leverage these services as a part of our broader managed services.
CynergisTek downgraded to Hold from Buy at Craig-Hallum » 08:2805/2405/24/22
Craig-Hallum analyst Matt…
Craig-Hallum analyst Matt Hewitt downgraded CynergisTek to Hold from Buy with a price target of $1.25, down from $3, after the company announced that it has agreed to be acquired by Clearwater Compliance for $1.25 per share, all cash. To the analyst, CynergisTek's small size and its focus on the healthcare portion of the cybersecurity market make it easy to integrate into a larger company. While a potential takeout was not a core part of his thesis, Hewitt is "unsurprised by the outcome," given the increasing attention that has been given to cybersecurity in recent months, particularly as it relates to critical infrastructure.
CynergisTek to be acquired by Clearwater Compliance for $17.7M » 16:2005/2305/23/22
CynergisTek "announces it has entered into a definitive agreement to be acquired by Clearwater Compliance LLC, a healthcare focused cybersecurity, compliance, and risk management solutions firm, in an all cash transaction that values CynergisTek at approximately $17.7 million. Clearwater is a portfolio company of funds affiliated with Altaris Capital Partners, LLC, an investment firm focused exclusively on the healthcare industry. Under the terms of the merger agreement, CynergisTek stockholders will receive $1.25 per share in cash, representing a premium of approximately 112% over CynergisTek's closing share price on May 20, 2022, the last full trading day prior to the transaction announcement, and a premium of approximately 48% over CynergisTek's one-month volume-weighted average closing price through May 20, 2022. Upon completion of the transaction, CynergisTek will become a privately held subsidiary of Clearwater, and CynergisTek shares will no longer be listed on any public market. CynergisTek and Clearwater will partner together to further accelerate their shared missions of delivering best in class health cybersecurity, privacy and audit services."
CynergisTek signs two contracts totaling $416,000 » 11:3404/2704/27/22
CynergisTek increases its…
CynergisTek increases its IT Audit and Privacy professional services support for a global leader in medical device manufacturing and a Real Estate Investment Trust Firm located in the Midwest. CynergisTek has signed two contracts totaling $416k to support both clients with professional services. There was a 37% increase to the medical device manufacturer's contract for expanded, ongoing data protection and privacy risk advisory support services. CynergisTek's IT Audit Group has also signed a six-figure contract with a real estate investment firm to provide IT General Computer Control Audit services, which will provide the client with high-level assessments of their IT system operations and security controls, as well as recommendations for functional improvement.
|Over a quarter ago|
CynergisTek gets six-figure deal for Red Team, support from children's Hospital » 07:0804/0704/07/22
CynergisTek announces one…
CynergisTek announces one of the leading pediatric and obstetric hospitals in the pacific region has signed a six-figure contract for Red Team services and advisory support. The hospital adds one thousand hours of support throughout the next year. CynergisTek's Red Team performs external network penetration and web application testing to evaluate the security posture of clients. These security risk assessments provide valuable insight into the effectiveness of an organization's cybersecurity program by identifying any gaps or vulnerabilities that cybercriminals may exploit and recommending prioritized remediation steps. CynergisTek's Remediation Support Services provide clients with advisory and hands-on support for the development and implementation of these steps to strengthen their security program maturity.
CynergisTek signs six-figure agreement with pediatric hospital » 07:0903/3103/31/22
CynergisTek announced it…
CynergisTek announced it has signed another six-figure agreement with one of the largest pediatric hospitals in the United States. CynergisTek will provide professional consulting and advisory services to this client in order to bolster the security of their networks and systems for operations and patient care.