Compliance technology provider Smarsh has snapped up Entreda, which offers cybersecurity risk and compliance software provider for wealth managers.
The deal value was not revealed.
Entreda will however, retain its brand, and operate as an independent subsidiary of Smarsh.
The firm’s existing co-founder and CEO Sid Yenamandra will continue to spearhead the business.
Yenamandra noted: “Our transaction with Smarsh provides us with growth resources and investment capital to accelerate our product innovation, while reinforcing the capabilities that have enabled us to deliver an exceptional service experience to clients across the wealth management space.
“Our customers should be confident that it remains business as usual in how they interact and engage with Entreda and look forward to the many exciting product enhancements and new solutions that we can roll out, more expeditiously than ever, in partnership with Smarsh.”
Entreda offers the Unify cyber risk platform to enable regulated industries to monitor client information and assets while addressing security concerns.
The firm has a client base of around 300 clients.
Through the takeover, Smarsh looks to address the growing need for cyber risk mitigation by offering enterprise cybersecurity risk and compliance capabilities to broker-dealers, RIAs and banks.
Smarsh CEO Brian Cramer said: “With the acquisition, Smarsh can now offer our customers cutting-edge device, network and user level cybersecurity risk and compliance management capabilities.”