Enterprise Technology and Services






    Chicago, IL and Dublin, Ireland


VikingCloud (formerly Sysnet)

Provider of a unified cloud-native security platform and best-in-class managed security and compliance solutions to over five million merchants across small businesses, payment processors and large enterprises.

Investment Theme

Cybersecurity breaches are mounting, and frequency and awareness has spread to merchants of all sizes who increasingly are shifting their focus from being compliance-driven to being security-driven.

Partnering to shape the future of business information security


“Having had previous success working with the FTV team, I did not doubt their ability to provide the strategic advice and guidance needed to take the Sysnet business to the next level. Their in-depth knowledge of the payments and cybersecurity industries has enabled Sysnet to grow both organically and through acquisitions at an exceptional rate. We have benefited greatly from FTV’s extensive network providing introductions to strategic connections at both existing client and prospect organizations, in addition to strengthening our advisory board. FTV has been instrumental in our rise to cyber-security and compliance leader in the payments industry.”


A global leader in security technology and managed security and compliance solutions, Sysnet empowers businesses of any size to vastly improve their security environments and payments compliance. 

Through market-leading software, end-to-end services and best-in-class support, Sysnet has grown rapidly and offers a scalable platform for next-generation cyber defense. 

At a time when cyber-criminal activity is increasing drastically, threatening businesses of all sizes, organizations are urgently seeking ways to proactively manage and mitigate cyber risks. Recent reports show that COVID-19 has provided added opportunities for cyber criminals to expand activity and innovation, a secular trend that challenges the stability and business continuity of many organizations. 

With over five million merchants and payment processors, as well as hundreds of enterprises customers, Sysnet has taken the lead in delivering cybersecurity and compliance solutions to organizations worldwide. The company specializes in enhanced security visibility, threat detection, data security and PCI DSS compliance validation solutions, offering a range of services, including its award-winning Sysnet.air® Proactive Data Security compliance and security management solution, to a wide variety of businesses that encompasses acquirers, ISOs, international banks, payment service providers and merchants.

Founded in 1989 with headquarters in Chicago, Illinois and Dublin, Ireland, Sysnet today has over 1,000 employees and clients in more than 60 countries worldwide. FTV is proud to partner with Sysnet to empower a growing number of businesses to protect themselves and thrive amidst an ever-changing threat landscape.

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FTV Value Add

M&A Guidance

Within the first 20 months of FTV’s investment in Sysnet, our team led the negotiation, structuring and due diligence of four acquisitions to further cement Sysnet’s position as the global leader in cybersecurity and compliance for businesses. This included helping Sysnet raise significant capital to help finance the acquisitions, which include ControlScan MCS, Viking Cloud, NuArx and SecureTrust. These acquisitions have nearly tripled the size of the company, further diversified its business mix deeper into cybersecurity and new geographies, and meaningfully expanded the company’s product portfolio. 

C-level Talent Acquisition

FTV actively supports our portfolio companies in driving talent excellence, including building and enhancing leadership teams. As Sysnet embarked on a new phase of growth and efforts to significantly expand its platform, FTV helped enhance the company’s leadership team by bringing on a new CEO, a trusted and proven leader from a former FTV portfolio company, as well as several other key executives. 

Strategic Introductions

Leveraging our Global Partner Network®, FTV has made many introductions to senior executives at key prospects and customers resulting in new customer wins and existing customer expansions. 

Advisory Board Enhancements

Given FTV’s strong track record and vast set of relationships within the cybersecurity industry, we supported Sysnet in building its advisory board by delivering expertise and making introductions to value-add advisors, including successful operating executives in the payments and security landscape. Sysnet’s advisory board has been instrumental in deepening relationships with several key clients. 

Technology Guidance

Via FTV Propel, we provided Sysnet executives with advice on technology platform enhancements and oversight on architecture improvements particularly in relation to AWS deployments. As a result, Sysnet has made significant changes, including moving key business processes to AWS resulting in accelerated deployment of test environments by many orders of magnitude, which enabled far greater flexibility in approach and response to new features. In addition, the acquisition of Viking Cloud gave the combined company a state-of-the-art platform with a single pane of glass for all things compliance and security, driving an enhanced customer experience and improved customer retention.