ShorePoint gets CM Equity Partners' backing
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By
Ross Wilkers
The Treasury Department is by far the largest customer for this eight-year-old cyber specialist, which is looking to do more across government.
ShorePoint, a federal cybersecurity company focused on resilience and risk management services, has received a growth capital investment from CM Equity Partners to support the next phase of the company’s strategy.
Founded in 2017, ShorePoint works with government agencies on cyber and related digital transformation efforts to help them adjust to the shifting tactics of adversaries. The company touts its core service lines as including data integration and analytics, adversary emulation, penetration testing, and Zero Trust strategy and implementation services.
Terms of the transaction announced Tuesday were not disclosed, while ShorePoint’s executive team members remain in place and are also investing in the company.
“We made this decision to ignite our growth and seize opportunities in this rapidly evolving market,” Matt Brown, co-founder and CEO of ShorePoint, said in a release.
ShorePoint has recorded approximately $21.5 million in unclassified prime contract revenue over the trailing 12 months. The Treasury Department represents 82% of that spend and Energy the rest, according to USASpending.gov data.
On an agency level, the IRS represents 52% of ShorePoint’s total unclassified prime sales with the Bureau of Engraving and Printing next at 30%.
In January, Treasury chose ShorePoint and nine other companies for a potential $20 billion blanket purchase agreement covering broad cybersecurity services. The PROTECTS BPA directly supports Treasury’s office of the chief information officer.
CM Equity Partners is the same private investment firm behind government contractors such as A-Tek, Dexis Interactive, Janus Research Group, Sabre Systems and Solerity.