Worcester IT firm announces 71% revenue increase following July merger
Photo | Courtesy SideChannel, Inc.
SideChannel CEO Brian Haugli
Worcester cybersecurity firm SideChannel, Inc. reported a 71% year-over-year revenue increase in fiscal 2022, in its first report since combining with Austin encryption company Cipherloc Corp.
“Our 2022 performance demonstrates our continued strength and position in the market across both product and service delivery,” SideChannel CEO Brian Haugli said in a Tuesday press release. “Our investments in sales and marketing, coupled with our expanding cybersecurity, privacy, and risk management capabilities, has proven to be effective at acquiring new clients and retaining existing relationships.”
Cipherloc announced the acquisition of SideChannel on July 5, saying the combined company would take the name of the Worcester firm. In a Tuesday press release, the company called the merger a business combination and determined that SideChannel was the acquiring entity for accounting purposes.
SideChannel trades in the over-the-counter market with a market cap of $13.7 million, as of Wednesday. In May, it opened its Worcester headquarters at 146 Main St. and has offices across the United States, England, and Canada.
WBJ Web Partners
Most Recent
Most Recent
0 Comments