Wednesday , December 12, 2018

Payment-Security Firms ControlScan and EchoSat Announce Merger

Two prominent names in payment card security, ControlScan Inc. and EchoSat Inc., announced Thursday that they will merge. The combined companies, to operate under the ControlScan name, will service more than 775,000 card-accepting merchants across North America.

ControlScan works with merchant acquirers and payment processors to provide merchants with a range of services for validating compliance with the Payment Card Industry data-security standard, the main risk-control standard with which all merchants that accept general-purpose credit and debit cards must abide. Lexington, Ky.-based EchoSat is a PCI services provider and operates a payment gateway that allows businesses to transfer data securely on any broadband connection accessed via digital subscriber line (DSL), cable, wireless or satellite. The firm also offers PaySafe SPG, a managed firewall service.

Terms of the deal were not disclosed. EchoSat chief executive Mark Carl will be the CEO of the combined organization, which will be headquartered at ControlScan’s offices in Alpharetta, Ga.

The merger is occurring in the wake of Thompson Street Capital Partners, a St. Louis-based private-equity firm, acquiring the original ControlScan this week. Along with payments industry veteran Tom Wimsett, Thompson Street acquired EchoSat in 2014.

“We’ve worked with ControlScan for a number of years as a referral partner, and have found them to be highly respected by both merchants and acquirers in the marketplace,” Carl said in a news release. “We feel that the combined companies will provide a stronger set of products, backed by a deep team of security professionals, to our merchants and acquirers that need both managed security and managed compliance solutions.”

ControlScan CEO Joan Herbig will maintain a board-level position in the new company. “We’ve seen continued momentum in the market toward achieving authentic compliance by implementing quality managed security services,” Herbig said. “The combination of EchoSat and ControlScan brings together unparalleled skills, experience, and technology in protecting businesses everywhere.”

Wimsett, EchoSat’s executive chairman, will be executive chairman of the combined company.

Check Also

New Report Shows the Massive Scale of Bot Attacks

Large companies are getting bombarded by approximately 530 bot attacks per day, and the vast …