VersaBank (“VersaBank” or the “Bank”) (TSX: VB) today announced that its wholly owned, Washington, DC-based subsidiary, DRT Cyber Inc. (“DRT Cyber”), has signed a definitive agreement to acquire all of the outstanding shares of privately-owned Digital Boundary Group (“DBG”), one of North America’s premier information technology (IT) security assurance services firms.
DBG provides corporate and government clients with a suite of IT security assurance services, that range 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, as well as various aspects of training. DBG’s clients range from some of Canada’s largest retailers and financial service providers to Canadian and U.S. police service organizations and SCADA system reliant energy, public utilities and infrastructure firms.
“We have always viewed DRT Cyber as a platform from which to provide a comprehensive suite of innovative cyber security solutions that address high-demand, underserved segments of this rapidly growing market,” said David Taylor, President and CEO of both VersaBank and DRT Cyber. “The acquisition of DBG significantly advances our strategy for DRT Cyber, adding a well-established, trusted, reliable, profitable and rapidly growing security assessment business alongside our protection offering, VersaVault®, the world’s first digital bank vault. With this acquisition, now more than ever, DRT Cyber, provides VersaBank’s shareholders with additional upside to the already significant growth opportunity inherent in our core banking operations.”
“There is no greater security threat to organizations today than the vulnerability of its IT systems,” said Governor Tom Ridge, Chairman of DRT Cyber, and the first US Secretary of Homeland Security. “I look forward to working with the leadership team at DBG to leverage their expertise and foresight.”
VersaBank’s IT security aspirations and capabilities were borne out of our own internal need as a Schedule I Canadian chartered bank to have the highest levels of security to protect our day-to-day digital banking operations. Canadian banks are leaders in cyber security and VersaBank is a cyber security leader amongst Canadian banks.