Well Health is beefing up its cybersecurity business unit, Cycura, with two new acquisitions. The firm announced it has acquired Seekintoo and Proack for an undisclosed amount.
Calgary-based Seekintoo provides managed detection services, aiming to ensure enterprise clients receive 24/7 threat protection. Proack is a Toronto-based security consulting firm that specializes in strategic and tactical cybersecurity services.
Well Health’s CEO Hamed Shahbazi said the company expects to achieve over $750 million in revenue in 2023.
As part of the deal, Well has appointed Paul Morgan, who previously served as Seekintoo’s CEO, as Cycura’s new CEO.
Well claims that Cycura now supports over 200,000 users, many of whom support mission-critical healthcare functions. The company also claimed Cycura extends protection to more than 10,000 servers, and serves approximately 190 corporate and government entities in North America.
Seekintoo provides cybersecurity services to enterprise clients, equipping them with a managed detection responder service that assures 24/7 vigilant protection against threats, Well claims. The acquisition closed in August, and Seekintoo is currently being integrated into Cycura.
Proack is a provider of offensive security assessments, specializing in penetration testing, red teaming, social engineering, and infrastructure testing. Well said its acquisition of Proack is aimed to enhance Cycura’s cybersecurity capabilities significantly, while also reinforcing its commitment to maintaining patient trust and operational integrity across all of Well’’s businesses.
Proack is set to be integrated into the Cycura platform, with principals Craig Barretto and Yuk Fai Chan anticipated to play a key role in advancing the company’s offensive security initiatives. Both Barretto and Chan bring decades of experience in cybersecurity consulting, threat identification, and penetration testing to the team, per a statement from Well.
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Well Health has made a significant number of acquisitions in recent years, with one of its largest being of CRH Medical, which was previously listed on the New York Stock Exchange. Well Health acquired the company in 2021 for $373 million CAD ($292.7 million USD).
Following its July acquisition of Atlanta, Ga.-based CarePlus Management, Well Health has also revised and increased its annual revenue guidance. Commenting on its second quarterly results in early August, Hamed Shahbazi, CEO and founder of Well, projected that the recent acquisitions of CarePlus and the clinical assets of MCI OneHealth (which recently rebranded to Healwell AI) enabled them to confidently increase its 2023 revenue projections.
Shahbazi said Well expects to achieve over $750 million in revenue in 2023, which could “pave the way for our push to surpass $1 billion in revenues within a couple of years.”
Feature image courtesy of Well Health.
