Landstar, Inc. Announces That Data443 Has Signed Letter of Intent to Acquire N8 Identity in Accretive Deal Valued at $3.2 Mil in Cash and Stock
10 December 2018
RALEIGH, North Carolina, November 8, 2018 /PRNewswire/ --
Accretive Acquisition of Identity and Access Governance Leader Expected to Close Before End of 2018
N8 Identity brings 12 month run rate of $2.6 mil in revenues and 700k+ EBIT Contributions; Facilitates Significant Ramp-Up of Data Security and Privacy acquisition strategy
LandStar, Inc. (OTCPK: LDSR) ("LandStar" or the "Company"), the parent company of Data443™ Risk Mitigation, Inc. ("Data443"), a leading data security and privacy company, announced today that the company has signed a letter of intent to acquire all technology, sales assets, and customers of N8 Identity ("N8"),a leader in agile, cloud-based identity governance solutions. N8 Identity had revenues of 2.6 mil in last 12 months and had EBIT of 700k+. Landstar subsidiary Data 443 acquired N8 for $3.2 Million in cash and restricted stock.
N8 Identity has been architecting, implementing, and managing large complex Identity and Access Management (IAM) ecosystems since 2000. N8 Identity's award-winning Identity-as-a-Service governance platform, TheAccessHub, is an industry game-changer. TheAccessHub features a Artificial Intelligence-driven risk engine, which represents a new and intelligent shift in identity governance by providing Access Advisory and Peer Access analytics, virtually eliminating the operation and security challenges associated with previous generation role discovery, engineering and management solutions.
Designed in the cloud and mobile-first, TheAccesHub runs on Microsoft's Azure platform, offering fast and simple implementation with no customization or coding required.
In addition to its suite of proprietary solutions, N8 currently manages more than one million employee and customer identities across its managed service customer base, leveraging the Azure platform and transitioning customers to the cloud. N8's customer base includes some of the world's largest organizations in the financial, insurance, telecommunications, government, retail, utilities, and manufacturing sectors.
N8 Identity has recently successfully delivered and packaged a data security offering for the medical marijuana space in Canada. In light of the recent data breach of Canada Post exposing 1000's of user's personal information reported on November 7 - we feel that our N8 Identity Personal Privacy offering will be the gold standard in the $8 billion Medical Marijuana space.
Jason Remillard, CEO of LandStar and founder of Data443, stated, "We believe that N8's technology and team will be a tremendous addition to Data443. Their presence in Toronto, Canada will allow us to rapidly scale the business and tap into new revenue streams and opportunities within their substantial and well-known customer base. The combination of N8 with Data443 presents an excellent strategic fit, as it enhances our capabilities in the IAG/Compliance/Privacy space and helps us expand our footprint in these domains. N8 brings a very strong and talented development and product management team, a highly customer-centric culture and strong capabilities that work seamlessly together to deliver great customer service. A growing managed services offering is also an exciting part of the business."
"The acquisition of N8 Identity, together with the recent close of our acquisition of ARALOC, demonstrates what Data443 is striving to become: a one-stop enterprise for data security and privacy solutions on a global basis. What we provide is of a critical nature, regardless of the market environment - data security and privacy will always be important. We also have two additional acquisition targets with which we remain in active negotiations. We believe transactions like today's will only make Data443 a more attractive acquisition partner," commented Mr. Remillard.
"We are thrilled to join Data443 at this stage, where the importance of information security and privacy has become essential and fundamental for companies," said Jay O'Donnell, founder and CEO of N8 Identity. "Being a part of Data443, we'll be able to expand our suite of products and services - while continuing to innovate and improve TheAccessHub and N8 Identity's suite of IAG services with new resources, their global distribution and reseller channel and continued acquisition plan."
"We have been working closely with Jay and the N8 Identity team for quite some time now, well before our announced partnership in February, and we are very excited to begin the integration process. Together, we will deliver unparalleled world-class technology and solutions for the data security and privacy space," concluded Mr. Remillard.
About N8 Identity
N8 Identity Inc. has re-imagined identity governance with an agile, cloud-based and mobile-first solution that brings security and value to organizations of all sizes. N8 Identity addresses the changing needs of modern businesses by intelligently managing access across all devices, in the cloud, and the data center through both its Managed Identity Services and TheAccessHub™, its award-winning Identity-as-a-Service (IDaaS) governance platform.
Founded in 2000, N8 Identity has always been focused exclusively on building scalable, agile identity governance solutions, and has deployed nearly one billion identities to date. Our goal is to help organizations realize the vision of Autonomous Identity Governance™ with AI-driven Identity solutions. Headquartered in Burlington, Ontario, N8 Identity holds partnerships with Microsoft, CA, IBM, Oracle, and others. Learn more at http://www.n8id.com
About LandStar, Inc.
LandStar, Inc. (OTCPK: LDSR), through its wholly owned subsidiary Data443™ Risk Mitigation, Inc., enables secure data - across local devices, network, cloud, and databases - at rest and in flight. ClassiDocs™, the company's award-winning data classification and governance technology, provides GDPR compliance and DSAR management coupled with DLP, CASB, SIEM, and cloud solutions to provide user-enabled, governance-enabled, up-to-date security for every data point, every time. The market leading ARALOC™ platform is a highly secure, cloud-based platform for the management, protection and distribution of digital content to the desktop and mobile devices, which protects an organization's confidential content and intellectual property assets from leakage - malicious or accidental - without impacting collaboration between all stakeholders. The WordPress-based GDPR Framework enables organizations of all sizes to comply with the GDPR and other privacy frameworks. ClassiDocs™ for Blockchain provides an active implementation for blockchain transactions from inadvertent disclosure and data leaks. For more information, please visit https://www.data443.com
The statements contained in this release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "could," "should," "expect," "plan," "project," "intend," "anticipate," "believe," "estimate," "predict," "potential," "pursuant," "target," "continue," and similar expressions are intended to identify such forward-looking statements. The statements in this press release that are not historical statements, including statements regarding LandStar's plans, objectives, future opportunities for LandStar's services, future financial performance and operating results and any other statements regarding LandStar's future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond LandStar's control, which could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to the operations of LandStar; results of litigation, settlements and investigations; actions by third parties, including governmental agencies; volatility in customer spending; global economic conditions; ability to hire and retain personnel; loss of, or reduction in business with, key customers; difficulty with growth and in integrating acquisitions; product liability; cybersecurity risk; and, anti-takeover measures in our charter documents.
Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained, from time-to-time, in LandStar's filings with the Securities and Exchange Commission and postings on the OTC Markets news and information website. LandStar undertakes no obligation to publicly update or revise any forward-looking statement.
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SOURCE LandStar, Inc.