Malta-based phishing simulation provider PhishDeck has taken the plunge on the “big stage”, having been acquired by growing UK security awareness company ThreatAssure.
PhishDeck is a platform that sends fake phishing emails to its own employees to assess whether or not they fall for them, serving as an effective means to teach them what emails look like and how to avoid them. The platform takes care of the entire phishing simulation process, providing automated and continuous simulations with actionable and clear insights.
The move, which was made official earlier this week, will see ThreatAssure gain a “significant equity stake” in PhishDeck as part of the deal, the terms of which were left undisclosed. The acquisition serves as a means through which ThreatAssure can strive to become a leader in the cybersecurity market, “bringing a diversified set of services” that will benefit both existing and new clients.
Following the news, PhishDeck Co-Founder Juxhin Dyrmishi Brigjaj took to social media on Thursday to express his excitement, highlighting that the acquisition came after “months of conversations”, and signals the “beginning of a new chapter” for the company.
WhosWho.mt reached out to Mr Dyrmishi Brigjaj to learn more about the company’s origins, and to have a better understanding of what went on behind the scenes as the deal took place.
He revealed that PhishDeck was first born out of an elevator conversation in 2015 between him and Ian Muscat, another Co-Founder, during lunchbreak.
“At the time, we were frustrated with the phishing simulation market. Tools were exceptionally expensive, clunky, and did not enable us to launch sophisticated attack simulations the way we expected them to,” he said.
Having kept “close contact” with the international cybersecurity community, they saw the research and development related to real-time phishing as a means of “bypassing two-factor and multi-factor authentication” interested them.
“Our idea was to grab the latest research in the field and reinvent it for the software as a service (SaaS) market at scale,” Mr Dyrmishi Brigjaj added.
PhishDeck Co-Founder Juxhin Dyrmishi Brigjaj / LinkedIn
Afterwards, they were joined by fellow Co-Founders Jean Pierre Camenzuli and Nicholas Galea to drive product design and interface. “We focused heavily on product and engineering as we aren’t sales or market folks and pushed the envelope for what it meant to be a simple and valuable cybersecurity product,” Mr Dyrmishi Brigjaj continued.
He said that the company was “entirely bootstrapped”, with the Co-Founders having to pay costs “out of pocket each month” to sustain the early days. The product was launched to the public in December 2020, and it continued to grow from there, reaching small businesses of around 20 employees, all the way to international enterprises comprising of over 1,500 workers.
A few months ago, the team at PhishDeck was approached by ThreatAssure in an “organic and outbound” way, in a bid to work together. Mr Dyrmishi Brigjaj noted that the approach came from “admiration” for PhishDeck’s “simplicity and effectiveness”.
“The conversations quickly escalated from possible partnerships to an outright acquisition, as we realised how complementary our missions were,” he explained.
PhishDeck's Co-Founders (from left: Jean Pierre Camenzuli, Nicholas Galea, Juxhin Dyrmishi Brigjaj, and Ian Muscat) celebrating the acquisition / LinkedIn
Through the deal, PhishDeck will operate under ThreatAssure’s banner, yet it will still “retain its unique brand elements and continue to serve its existing client base”, Mr Dyrmishi Brigjaj confirmed, before adding that the team is committed to ensuring the transition is “seamless” for clients and partners.
The acquisition has also meant a change in leadership.
Following the move, all of the Co-Founders, except Mr Dyrmishi Brigjaj, “stepped down” and will “no longer be part of PhishDeck”.
The remaining Co-Founder will now take on a new advisory role, being tasked with ensuring the “smooth integration of PhishDeck’s technology into ThreatAssure’s existing platforms”. He will also act as a strategic advisor to drive business development and sales into the new venture.
Turning to what the future has in store for the company, Mr Dyrmishi Brigjaj said that he is “extremely optimistic” about what lies ahead for PhishDeck.
“With expanded resources and reach, we can accelerate our product development, ultimately delivering a more comprehensive and effective cybersecurity solution to a broader audience,” he added.
“I really look forward to seeing the company reach its true potential on the big stage,” he concluded.
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