Nymity, an accountability, risk and compliance privacy software company, announced last week its acquisition of SiteSystems, a software development company based in Canada. Terms of the deal were not released.
The news doesn’t represent a new relationship, however. McQuay said Nymity has had a relationship with SiteSystems for the last six years or so, using it to outsource software development. Over time, Nymity became SiteSystems’ biggest customer and it eventually made sense for Nymity to simply buy it outright.
“We needed to basically quadruple our development,” he said.
The move meant onboarding several new employees, expanding the Nymity's workforce by 17 percent as of January. It also meant onboarding a new chief technology officer—SiteSystem’s CEO and founder, Oleg Lemeshko. Previously, McQuay had himself played that role.
Expanding has been part of Nymity’s plan for some time now, growing from one solution three years ago to six at present. The Toronto-based company offers privacy management solutions that aim to help organizations build out a privacy program, PrivaWorks, and also to demonstrate accountability and compliance with Attestor, its privacy management solution. Despite its Canadian headquarters, the majority of its revenue—95 percent, in fact—comes from outside of Canada.
“Historically, most of our customers were in the United States but what’s happened over the last few years is we’ve had tons of European customers come on board,” McQuay said. “What we’re ramping up for is more customers in Latin America and Asia Pacific.”
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