Victoria鈥檚 Echosec Systems has been snapped up by a 颅California company that hopes to be able to expand the 颅company鈥檚 reach.
The seven-year-old software company monitors social media feeds and messenger 颅applications to help spot security threats and potential problems. It is now part of the Tusker Fund, which 颅specializes in growing small software 颅companies.
Tusker founder Jeff 颅Oldenburg, who will replace founding chief executive Karl Swannie at Echosec, intends to boost growth and expand 颅product offerings at Echosec.
鈥淗aving spent months working with Karl and his team, I believe our people and product are truly best in class,鈥� said Oldenburg. 鈥淚鈥檓 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.鈥�
The investment will mean Echosec鈥檚 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.
