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February 21, 2023

Worcester tech firm names IBM executive to board chair, amid potential stock combination

Photo | Courtesy of SideChannel SideChannel Chairwoman Deborah MacConnel

Worcester cybersecurity firm SideChannel, Inc. elected former IBM executive Deborah MacConnel as its next board chairperson, in addition to two new board members amid a potential combination of the outstanding shares of the company’s stock.

MacConnel replaced Tom Wilkinson as board chair.

The announcements came during the company’s annual meeting of stockholders and investor day event, both on Feb. 15, according to a Tuesday press release from the company.

“SideChannel is doing something special,” MacConnel said in the press release. “They are focused on solving a significant challenge for mid-market companies, and I look forward to working with the other members of the board to support and monitor SideChannel’s progress.”

In addition to MacConnel, the company named to its board Anthony Ambrose, president and CEO of Data I/O Corp. of Washington; and Kevin Powers, founder, director, and professor of cybersecurity, data privacy & national security graduate programs at Boston College. 

SideChannel had 48% revenue growth year-over-year in 2022, said CEO Brian Haugli.

Stockholders granted the board authority to combine outstanding shares of SideChannel’s common stock into a lesser number of outstanding shares, with the exact ratio to be determined by the board of directors within a range of 1-for-2 to a maximum of 1-for-100.

SideChannel was acquired in July by Texas encryption company, Cipherloc Corp. 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 SideChannel was the acquiring entity for accounting purposes.

SideChannel trades in the over-the-counter market with a market cap of $18.8 million, as of Tuesday. In May, it opened its Worcester headquarters at 146 Main St. and has offices across the United States, England, and Canada.

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