Irish company buys Utah's Panoptic Security
Utah's Panoptic Security Inc., a provider of services to ensure merchants comply with credit card security standards, has been purchased by an Irish company.
Sysnet Global Solutions of Dublin bought Panoptic Security to help accelerate its growth in the U.S. market, the companies said.
"The combined strengths of Sysnet and Panoptic will help accelerate our plans in the United States and, importantly, will provide our U.S. and international clients with a more diverse and complementary range of client-focused products and services," Sysnet CEO Gabriel Moynagh said in a news release. "We also believe the acquisition will result in greater efficiencies and significantly increase our market share."
Panoptic has about 20 employees in Salt Lake City who will stay put for now, a spokesman said.
Much like Sysnet, Panoptic provides products that help small- and medium-sized businesses, banks, underwriters and credit card processors to comply with industry standards designed to protect the security of customer account information.
"With Sysnet and Panoptic joining forces, it allows the combined group the opportunity to offer a larger global footprint and a broader product and service offering," Panoptic CEO Matt Hoffman said.