Coalfire Acquires Digital Resources Group
Purchase of Silicon Valley firm expands Coalfire’s footprint and leadership in IT Governance, Risk and Compliance
Louisville, Colo. – (May 10, 2012) – Colorado-based Coalfire announced that it has acquired privately held Digital Resources Group (DRG) of Redwood City, Calif.
The DRG acquisition is another milestone for Coalfire as it consolidates its leadership position in the IT Governance Risk and Compliance (IT GRC) services industry. Since closing a Series A round with Baird Venture Partners in 2011, Coalfire has doubled its staff and opened new offices in New York, Dallas and Los Angeles. By acquiring DRG, Coalfire gains staff, skills and additional geographic presence in the northeast and western United States and also in Latin American and the Caribbean (LAC).
“We are acquiring DRG to meet increasing demand and fuel our growth,” said Coalfire CEO, Rick Dakin. “That growth is due to three converging factors: more sophisticated cyber threats, client desire for continuous compliance management, and governance policies that mandate truly independent IT audits. The lessons of Enron apply in cyber security as well; you can’t audit your own controls.”
Jim Cowing and his team have joined Coalfire as a part of the transaction, and Cowing will serve as Regional Vice President and Managing Director of Coalfire’s West Region. He will continue to serve existing clients as well as support Coalfire’s interests in California, Nevada, Arizona and Hawaii.
“Our clients will continue to get outstanding service and we will be able to help them in new ways now that we are on the Coalfire team,” said Cowing. “In addition, our clients will gain access to Coalfire’s SaaS platform, which will help them manage PCI, HIPAA and GLBA compliance in a consistent and continuous manner. I also look forward to introducing our clients to the Coalfire Labs team and the additional depth provided for application security, penetration testing and forensic analysis.”
Financial terms of the transaction are undisclosed.
Coalfire is a leading, independent information technology Governance, Risk and Compliance (IT GRC) firm that provides IT audit, risk assessment and compliance management solutions. Founded in 2001, Coalfire has offices in Dallas, Denver, Los Angeles, New York, San Francisco, Seattle and Washington, D.C., and completes thousands of projects annually in retail, financial services, healthcare, government and utilities. Coalfire has developed a new generation of cloud-based IT GRC tools that Coalfire clients use to efficiently manage IT controls and keep pace with rapidly changing regulations and best practices. Coalfire’s solutions are adapted to requirements under emerging data privacy legislation, the PCI DSS, GLBA, FFIEC, HIPAA/HITECH, NERC CIP, Sarbanes-Oxley and FISMA. For more information, visit www.coalfire.com.
About Digital Resources Group
Digital Resources Group (DRG) is a global information security assessment and data protection organization with over 14 years of experience delivering security, audit, risk and controls services to market leading companies through offices in the U.S. and Latin America. DRG is a Payment Card Industry (PCI) Qualified Security Assessor (QSA), Approved Scanning Vendor and Payment Application QSA.
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