The Herjavec Group

What The Herjavec Group does

The Herjavec Group, founded in 2003 and headquartered in Toronto, Canada, is a managed security service provider (MSSP) backed by private equity firm Apax Partners and operating under the Cyderes brand. It serves enterprise clients across North America, the United Kingdom, and India, deploying 800+ dedicated security professionals, 250+ security engineers, 100+ unique cyber certifications, and five global 24/7 security operations centers. Named reference customers span healthcare (Sunnybrook, Renown Health), financial services (MOGO), and mining (Newmont Goldcorp), and the company sells advisory, fully managed, and co-managed engagement models directly to enterprise security buyers.

The company's core technology is Meridian, a proprietary entity fabric that connects identities, assets, access relationships, and exposures across customer environments into a single environmental context. This context feeds three service lines: Identity and Access Management (IGA, PAM, ITDR), Managed Detection and Response, and Exposure Management. Agentic AI is positioned on top of Meridian so that detection, response, and prioritization decisions reflect the full risk surface rather than fragmented tool signals.

The business model is anchored on recurring managed security subscriptions supplemented by advisory and professional services, with distribution through direct enterprise field sales and technology partner channels including Microsoft, Google Cloud, SailPoint, CyberArk, Splunk, and CrowdStrike. Herjavec Group has pursued an active roll-up strategy, completing at least six acquisitions since 2014 with a cluster in 2021 (Segmentech for IAM/PAM depth and Fishtech Labs for SOC scale) that coincided with Apax's investment and the operational transition to the Cyderes brand.

Name

The Herjavec Group

Legal name

The Herjavec Group

Website

https://herjavecgroup.com

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

501–1,000 employees

Short description

The Herjavec Group (operating as Cyderes) is a private, Apax Partners-backed managed security service provider delivering managed detection and response, identity and access management, and exposure management to enterprise clients across North America, the UK, and India.

Ownership category

akta.pro rank

Product category

Managed Cybersecurity Services

NAICS

Computer Systems Design and Related Services (54151), Security Systems Services (56162), Computer Systems Design Services (541512)

SIC

Services-Computer Integrated Systems Design (7373), Services-Management Services (8741)

akta.pro primary industry

Identity & Access Security Services (IAM, PAM, Zero Trust) (BPAKAHAI)

akta.pro secondary industries

Privileged Access Management (PAM) (HDADAAAC), Identity Threat Detection & Response (ITDR) (HDAEAJAH), Endpoint Security Managed Services (EDR/XDR) (BPAEADAH), IT Operations, Event & Incident Management (NOC/SOC-to-ITSM) (BPAEAJAH)

Keywords

• Managed security services
• Managed detection response
• Identity access management
• Exposure management
• Cybersecurity services

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Managed Security Services: Recurring managed security services revenue model providing continuous monitoring, detection, response, and identity/access management services to enterprise clients on subscription basis.
2. Professional Security Services: Advisory guidance and consulting services for security programs, potentially including implementation and co-managed partnership arrangements.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

The Herjavec Group (operating as Cyderes) is a managed security service provider that sells subscription-based 24/7 cybersecurity services to enterprise customers. Its three core offerings are Identity & Access Management (IGA, PAM, ITDR), Managed Detection & Response (continuous monitoring, threat detection, incident response), and Exposure Management (attack surface discovery, vulnerability prioritization, remediation guidance), all delivered through five global security operations centers and powered by its proprietary Meridian entity fabric and Agentic AI.

Product overview

The Herjavec Group is a managed security service provider backed by private equity firm Apax Partners. The company provides cybersecurity services with particular expertise in Identity and Access Management (IAM) and Privileged Access Management (PAM). In October 2021, Herjavec Group acquired Toronto-based Segmentech, a partner of CyberArk, to enhance its cybersecurity capabilities in IAM and PAM. The company operates across multiple countries including the United States, United Kingdom, India, and Canada.

Differentiator

Problem solved

Functional benefit

Products and services

• Identity & Access Management (IAM) Managed service securing identity systems and access pathways that attackers use to move through customer environments. Includes Identity Governance and Access (IGA), Privileged Access Management (PAM), and Identity Threat Detection and Response (ITDR). Delivered to enterprise customers seeking outsourced identity security operations.
• Managed Detection & Response (MDR) 24/7 managed detection, investigation, and incident response service that detects, investigates, and contains threats using full environmental context from the Meridian platform. Provides continuous monitoring and threat detection and response for enterprise customers.
• Exposure Management Managed service that identifies and reduces exposures across identities, assets, and attack paths before attackers exploit them. Includes attack surface discovery, vulnerability and risk prioritization, and exposure validation with remediation guidance. Targets enterprise security programs needing proactive exposure reduction.
• Meridian Proprietary entity-fabric platform that connects identities, assets, access relationships, and exposures across customer environments to create a shared understanding of how risk actually exists. The context is fused into MDR and Agentic AI for risk-aware decision-making. Sold as part of the managed security services stack for enterprise customers.

Named customers4 records

Segments1 record

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Seven partnerships are on record, tiered flagship, core and strategic acquisition.

• MicrosoftflagshipTechnology or IntegrationTechnology partnership with Microsoft for integrated security solutions. Partner logo displayed on Cyderes website indicating co-marketing and integration relationship.
• Google CloudcoreTechnology or IntegrationCloud platform partnership with Google Cloud for security services delivery. Partner logo displayed on website.
• SailPointcoreTechnology or IntegrationIdentity governance partnership with SailPoint. Dedicated partner page on Cyderes website indicates deep integration and co-selling relationship.
• CyberArkcoreTechnology or IntegrationPrivileged Access Management partnership with CyberArk. Partner logo displayed on website. Segmentech, acquired by Herjavec Group, was noted as a CyberArk partner.
• SplunkcoreTechnology or IntegrationSecurity analytics and SIEM partnership with Splunk for data analysis and threat detection capabilities. Partner logo displayed.
• CrowdStrikecoreTechnology or IntegrationEndpoint protection partnership with CrowdStrike for threat detection and response capabilities. Partner logo displayed.
• Segmentechstrategic acquisitionStrategic or Co-development PartnerToronto-based partner of CyberArk acquired by Herjavec Group in October 2021 to enhance cybersecurity capabilities in Identity and Access Management (IAM) and Privileged Access Management (PAM).

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Emerging players

• Expel: Expel is a cloud-native MDR provider offering transparent, 24/7 managed detection and response with a SaaS-style delivery model. Comparable as an MDR-focused competitor with a tech-forward, partner-integrated approach.

Broad incumbents

• Palo Alto Networks Unit 42: Unit 42 is Palo Alto Networks' managed detection and response and incident response service, competing across enterprise MDR. Comparable as an incumbent vendor-backed managed security service with platform leverage.
• IBM Security Services: IBM Security Services is a global MSSP within IBM offering managed detection and response, identity, and security operations at massive scale. Comparable as a broader incumbent in MSSP/MDR with overlapping identity and SOC services.
• Accenture Security: Accenture Security is the managed security and cyber defense arm of Accenture, offering MSSP services globally. Comparable as a large incumbent MSSP competing for enterprise managed security engagements.

Direct peers

• Secureworks: Secureworks is a global MSSP and MDR provider offering managed security services, threat intelligence, and detection/response across enterprise customers. Closely comparable in MSSP business model and enterprise customer focus.
• eSentire: eSentire is a Canadian-based MDR/MSSP with a similar enterprise-focused managed detection and response model. Closely comparable in geography (Canadian HQ), customer base, and 24/7 SOC-led delivery.
• Optiv Security: Optiv is a large security solutions integrator and MSSP offering managed security, advisory, and integration services. Comparable as a large-scale North American MSSP targeting enterprise security programs.
• Trustwave: Trustwave is a global MSSP offering managed detection and response, database security, and advisory services to enterprise clients. Highly comparable MSSP/MDR business model with global SOC footprint.
• Arctic Wolf Networks: Arctic Wolf is a leading pure-play MDR/MSSP offering 24/7 monitoring, managed detection and response, and security operations platform. Highly comparable to Cyderes in target customer (mid-market to enterprise), delivery model (SOC-based MDR), and recurring revenue motion.
• ReliaQuest: ReliaQuest provides enterprise MDR and security operations platform (GreyMatter) with integrated threat detection, investigation, and response. Comparable in enterprise target market, SOC-led delivery, and proprietary platform approach analogous to Meridian.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

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• LinkedInlinkedin.com/company/the-herjavec-group

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A6 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Herjavec Group