norSEC, Inc. has been acquired by Breakaway Solutions
BOSTON, Aug. 14 2000 – Mirus Securities, Inc. announced today that the firm has assisted its client, norSEC, Inc. of Norwood, MA, in the sale of the Company to Breakaway Solutions, Inc. (Nasdaq: BWAY) of Boston, Massachusetts, for $10 million in cash and stock.
The norSEC transaction is the third managed service provider that the Mirus e-Services group has advised since June, and the firm’s 10th transaction this year.
As a result of the acquisition, norSEC will add its manageIT solution for 24 x 7 managed firewall security to Breakaway’s existing offerings of ASP and network security services. In a Company press release earlier today, Charles Kaplan, founder and President of norSEC commented, “Breakaway’s FSP model is exactly [the model] we followed in developing norSEC’s service offerings.”
In Breakaway Solutions’ press release, President and CEO Gordon Brooks commented, “With companies facing increased security concerns due to more complex and frequent attacks, having the most robust, cutting-edge security expertise to support mission-critical applications is a key component in maintaining and supporting our customers’ e-businesses.”
Mirus Securities, recently ranked among the top 10 most active investment banks in New England by Mass High Tech, assisted the management team of norSEC in negotiating the terms of the transaction. Jamie Grant, a partner at Mirus, said “the entire e-services industry is being influenced by the value proposition of full-service providers like Breakaway. As competition forces organizations to maximize efficiency and focus on core competencies, business leaders will continue to outsource critical technology functions, including application hosting and network security, to professional firms that offer these types of managed services.”
About Mirus Capital Advisors
Mirus Capital Advisors provides investment banking solutions to corporate clients in technology, business services, manufacturing, consumer products, health care, and the resort & hospitality industry. Since 1987, Mirus has provided corporate finance advisory services on engagements including mergers, acquisitions, divestitures, recapitalizations, and valuations. For additional information, visit www.merger.com.Back to Transactions