Security News > 2020 > January > New Public Company SCVX Formed to Acquire Cybersecurity Firms
It is worth noting, for example, that SCV's existing portfolio of companies are all too early stage or Series A investments to be considered for purchase by the new SVCX. The ability of the SPAC's Board to find a new company or companies and recognize evolving trends is vital to the future of the company - and the SCVX line-up includes a recent director of national intelligence, the current CISO from the Bank of New York, a former Goldman Sachs managing director, and a former chief security scientist from the Bank of America.
SecurityWeek talked to Mike Doniger and Hank Thomas about the direction and purpose of the new SPAC. "Some SPACs," Doniger explained, "Are broad in nature, saying they will buy an industrial company or an energy company. We've taken a different approach, with the targeted purpose of buying a cybersecurity firm."
The need, suggests Doniger and Thomas, is for a new platform to absorb new ideas and cover a wider area of cybersecurity to reduce enterprise reliance on too many point products.
The best security solution is not to bolt new technology on to old, but to build a new integrated platform entirely using new technology.
The SCVX SPAC is a vehicle for bringing new finance to the marketplace so that a new solution can be found and developed.