Business

Manny Medina’s tech firm is spinning off a new cybersecurity company

Manny Medina’s Cyxtera tech group has announced its latest move: a spinoff of its cybersecurity unit.

The new firm, called AppGate Inc., will be composed of four cybersecurity units:

AppGate SDP, a secure-access system for software and apps

Total Fraud Protection, which detects and prevents system attacks from fraudulent users

Brainspace, a data analytics platform

Immunity, a threat assessment tool. The spinoff is expected to be completed next year.

Cyxtera says the move would allow each organization “to pursue the most appropriate business strategy to leverage its respective market opportunity.”

AppGate will remain majority-owned by Cyxtera’s lead investors, private equity group BC Partners and Medina’s own Medina Capital. Cyxtera says AppGate Inc.’s products and services already service “more than 1,000 organizations across 40 countries.

“Customers and partners are looking for a clear leader in the emerging ‘Zero Trust’ cybersecurity landscape, and we believe the time to accelerate mind and market share is right now,” Medina said in a statement. “The new company will intensify our efforts in this arena, bringing a dedicated focus to helping protect enterprise and government information systems from today’s emerging threats, and providing the ability to act with precision and agility in a rapidly changing market.”

Mike Aiello a former product management director for Google Cloud’s security platform and former chief information security officer for Goldman Sachs’ Consumer and Commercial Bank, will come on as CEO of AppGate Inc.

Cyxtera will continue to focus on data centers.

Rob Wile covers business, tech, and the economy in South Florida. He is a graduate of Northwestern’s Medill School of Journalism and Columbia University. He grew up in Chicago.
  Comments