News

VendorSafe names new CEO with new private equity partnership

November 19, 2014

VendorSafe Technologies announced this week that Providence Equity Partners has become the company's majority shareholder. Details of the transaction were not disclosed.

Also, the VendorSafe board of directors has named Kevin Watson as the company's new CEO.

VendorSafe is a provider of cloud-managed IT security services that protect small- and medium-sized business' information, payment systems, and on-premise public and private Wi-Fi networks from data breaches and other risks posed by hackers.

According to a news release, VendorSafe's patented remote installation technology simplifies the implementation process and makes it easier to protect businesses against cyber threats, maintain compliance with credit card industry regulations, and virtually eliminate the burden of managing their network and on-premise Wi-Fi security. VendorSafe's solutions enable merchants to more readily comply with the new PCI 3.0 standards.

Providence's objective is to strengthen VendorSafe's presence among retailers and QSRs, as well as to expand into other markets such as hospitality and healthcare. The company also plans to invest in its technological infrastructure, allowing it to expand its product offerings within cloud-managed network and wireless security.

Previously, Watson was chairman and CEO of Verid Inc., a provider of remote identity verification technology, and a portfolio company of a fund managed by the Providence Strategic Growth team at a prior firm. As the founder and managing partner of C/max Capital Corporation, Watson led a series of investment rounds for a number of companies including: About.com, now part of IAC/InterActiveCorp; Adjoined Consulting, now part of Capgemini; Verid, now part of LexisNexis; and others.