Monday, November 19, 2012

Irish company buys Utah’s Panoptic Security

Utah’s Panoptic Security Inc., a provider of services to ensure merchants comply with credit card security standards, has been purchased by an Irish company.

Sysnet Global Solutions of Dublin bought Panoptic Security to help accelerate its growth in the U.S. market, the companies said.

Panoptic has about 20 employees in Salt Lake City who will stay put for now, a spokesman said.

Much like Sysnet, Panoptic provides products that help small- and medium-sized businesses, banks, underwriters and credit card processors to comply with industry standards designed to protect the security of customer account information.

"With Sysnet and Panoptic joining forces, it allows the combined group the opportunity to offer a larger global footprint and a broader product and service offering," Panoptic CEO Matt Hoffman said. Salt Lake Tribune