Smarsh to Expand Product Offerings to Encompass Award-Winning Cybersecurity Risk and Compliance Solutions
Smarsh, helping customers get ahead – and stay ahead – of the risk within their electronic communications, today announced the acquisition of Entreda, the award-winning developer of integrated cybersecurity risk and compliance management software and services for the wealth management market. Entreda will continue to operate under its own brand and under the leadership of Co-Founder and CEO Sid Yenamandra, as a stand-alone, wholly owned subsidiary of Smarsh. The acquisition enables Smarsh to provide industry-leading enterprise cybersecurity risk and compliance capabilities to broker-dealers, registered investment advisors (RIAs) and banks, at a time when cyber risk mitigation is becoming a key ingredient of a company’s overall risk management strategy.
“In the past few months, more and more companies have asked for our help in addressing the regulatory, compliance and cybersecurity risks associated with the move to long-term remote-work models and the expanded use of mobile and collaborative communications technology, such as Microsoft Teams, Slack and Zoom,” said Brian Cramer, CEO at Smarsh. “They are seeking smarter integrations, highly responsive service and support, as well as enterprise-level solutions that assist in the capture and supervision of these additional platforms. With the acquisition, Smarsh can now offer our customers cutting-edge device, network and user level cybersecurity risk and compliance management capabilities.”
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Entreda’s nearly 300 clients comprise some of the top RIAs and broker-dealers in the industry, including Advisor Group, a wealth management firm with over 11,000 independent financial advisors.
“Both Entreda and Smarsh are considered leaders in their respective categories and are part of Advisor Group’s CyberGuard Program,” said Jason Lish, Chief Security, Privacy and Data Officer for Advisor Group. “This combination makes it easier for risk professionals to protect and supervise digital communications as well as advisor systems as the industry deals with escalating cyber threats.”
Mr. Yenamandra said, “Entreda is thrilled to join Smarsh, a proven technology leader and brand for the financial services industry. 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.”
Smarsh has been named as a leader in the Gartner Magic Quadrant for Enterprise Information Archiving in each of the past five years and was positioned furthest in vision and highest in execution in 2019. Entreda won the 2019 Wealth Management Industry Award for Cybersecurity and holds most market share in cybersecurity software solutions, according to the 2020 T3/Inside Information survey, which polled more than 5,000 financial advisors. The complementary offerings of Entreda and Smarsh are both featured within the Preferred Pricing Program from the Financial Industry Regulatory Authority (FINRA).