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CynergisTek Sells Managed Print Services to Vereco for $30M
The deal could help CynergisTek expand its services.
Cybersecurity company CynergisTek yesterday announced that it has closed a deal to sell the assets used in its managed print services business division for $30 million to Vereco, a provider of healthcare document services.
All operations and assets of CynergisTek’s managed print services division were transferred to Vereco under the asset sale agreement.
According to CynergisTek, this transaction could allow the company to strengthen its balance sheet by allowing it to focus on expanding its cybersecurity and privacy services and product offerings. CynergisTek also believes the deal could create opportunities for mergers and acquisitions.
CynergisTek will use the money from the agreement to pay down a majority of its existing debt, which the company hopes will allow it more flexibility to grow its business.
“We believe this sale will allow CynergisTek to more effectively drive towards our strategic focus of growth in our cybersecurity and privacy business, improve our financial condition through the reduction of debt and increase our agility as a company overall,” said Mac McMillan, CEO of CynergisTek.
In addition to the sales agreement, CynergisTek and Vereco formed a strategic relationship that will allow CynergisTek to provide cybersecurity assessments and managed services to Vereco’s current and future clients. Vereco will now provide managed print services to current and future clients of CynergisTek.
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