Victoria’s Echosec Systems has been snapped up by a California company that hopes to be able to expand the company’s reach.
The seven-year-old software company monitors social media feeds and messenger applications to help spot security threats and potential problems. It is now part of the Tusker Fund, which specializes in growing small software companies.
Tusker founder Jeff Oldenburg, who will replace founding chief executive Karl Swannie at Echosec, intends to boost growth and expand product offerings at Echosec.
“Having spent months working with Karl and his team, I believe our people and product are truly best in class,” said Oldenburg. “I’m excited to deliver even better capabilities to our customers who depend on us for critical threat intelligence and I look forward to leading our next phase of growth.”
The investment will mean Echosec’s focus will be on reinforcing operations in the U.S. and the U.K. by growing its team to enhance engineering capabilities and strengthen customer support.
Swannie, who will work for the company during a transition period, said the sale will push Echosec to the next level. The company has 30 employees, 24 of them working in Victoria.
Swannie would not disclose the purchase price, but said his investors are extremely happy.