Cycurion, a Tech-Enabled Cybersecurity Options Supplier, to Turn into a Public Firm through Merger with Western Acquisition Ventures Corp.
Cycurion serves a large marketplace for cybersecurity options estimated at $174 billion with vital secular tailwinds for development given the speedy proliferation and severity of cyber threats;
Cycurion supplies Managed Safety, Managed IT and Consulting/Advisory companies and options. As well as, Cycurion provides the Cycurion ARx Safety platform which is a multilayer software program platform that consists of a Net Software Firewall, Bot Mitigation and Geo Gating;
Cycurion’s platform is constructed on a set of proprietary algorithms that present a number of layers of safety from assaults that gives the C-Suite with real-time data on the group’s cyber posture;
Established base of blue-chip purchasers and companions supported by a extremely expert group of engineers, many with high-level safety clearances;
Firm will probably be led by veteran know-how innovator, Emmit McHenry, CEO;
Mixed firm anticipated to have an implied preliminary enterprise worth of roughly $170.44 million, and the transaction is anticipated to ship money proceeds of round $113.31 million to Cycurion (assuming no redemptions) to advance Cycurion’s development technique fueling natural development initiatives, investments in applied sciences and workers and strategic acquisitions; and
The transaction is anticipated to be accomplished within the first quarter of 2023.
MCLEAN, VA & NEW YORK, NY / ACCESSWIRE / November 22, 2022 / Cycurion, Inc. (the “Firm” or “Cycurion”) a number one supplier of tech-enabled cybersecurity options, and Western Acquisition Ventures Corp.(Nasdaq: WAVS) (“Western”), a particular goal acquisition firm, right now introduced they’ve entered right into a definitive enterprise mixture settlement.
Emmit McHenry, Founder, Chairman and Chief Govt Officer, Cycurion stated, “Cybersecurity options have by no means been extra mission crucial for organizations of all sizes and kinds around the globe. With the proliferation of cyber breaches and ransomware assaults and their materials impression on organizations and reputations, Boards and C-Suite executives are being held accountable for oversight of cybersecurity threat. This begins with understanding that cybersecurity safety and monitoring options are actually desk stakes.”
“Since 2017, we’ve been singularly centered on offering cybersecurity options to federal, state and native governments, civilian, protection and judicial businesses, in addition to business purchasers throughout varied industries. We established our fame by offering mission-critical cybersecurity help to a number of Federal authorities businesses, which positions us nicely to develop our attain to the business market. We’ve got a proficient group of engineers, many with top-level safety clearances. Cycurion supplies purchasers with a singular built-in dashboard that enables C-Suite executives and administration to observe cyber threats in actual time.”
“We’re excited to turn out to be a publicly traded firm and anticipate that we’ll proceed to develop by way of each natural investments and strategic acquisitions. With regard to acquisitions, we are going to construct upon our profitable observe document of buying cybersecurity companies and know-how suppliers that improve our modern platform to guard our purchasers towards the systemic, existential menace of cyberattacks to their companies, prospects and reputations.”
Stephen Christoffersen, CEO and Director of Western Acquisition Ventures, stated, “We’re thrilled to accomplice with Emmit McHenry and the group at Cycurion to advance their necessary imaginative and prescient. Cycurion is well-positioned for business success with an infinite market alternative and secular tailwinds to help development. Demand for cybersecurity services and products is quickly accelerating and the market is anticipated to achieve $174 billion in 2024, whereas the full prices of cybercrime assaults may attain $10.5 trillion by 2025. The Firm has distinguished itself as a multi-layered SaaS resolution supplier that protects purchasers’ digital belongings, whereas minimizing false positives and has established partnerships and blue-chip purchasers within the authorities and business sectors. Importantly, the Firm is led by an skilled administration group with a observe document of efficiently scaling know-how corporations and a Board of Administrators with broad enterprise expertise and company governance experience.”
Cycurion
Headquartered in McLean, Virginia, Cycurion is addressing the rising threat of cyber-piracy with its distinctive options that shield delicate information and stop privateness breaches for purchasers, companions and organizations. With a deeply expert workers of 80 know-how veterans, a lot of whom have high-level safety clearances, Cycurion has developed a multi-layered SaaS resolution to guard digital belongings whereas minimizing false positives and lowering threats to information breaches. Cycurion has served prospects throughout federal, state and native authorities businesses in addition to business companions. Key purchasers and companions have included the US Division of Protection, the Protection Intelligence Company, the Division of Homeland Safety, the US Navy, KPMG, Verizon, AT&T, Basic Dynamics and Northrop Grumman.
Since its founding in 2017, Cycurion has constructed an end-to-end providing of cybersecurity safety that serves a number of Federal Authorities and business organizations. The Firm has three wholly owned subsidiaries, Axxum Applied sciences LLC, Cloudburst Safety LLC and Cycurion Innovation, Inc. Axxum Applied sciences is a cybersecurity supplier that has carried out work inside a number of sub-agencies of the Division of Homeland Safety, United States Administrative Courts and a number of state and native organizations. Cloudburst Safety supplies revolutionary cybersecurity companies to each authorities and business organizations, defending their integral information and data belongings. Cycurion Innovation has a line of merchandise that permit prospects to enhance their cyber posture with its Multi-Dimensional Safety (“MDP”) SaaS platform.
Following completion of the enterprise mixture, Cycurion will proceed to be led by its skilled management group, together with Founder & CEO Emmit McHenry and the present administration, Alvin McCoy, CFO, Kurt McHenry, COO and Ami Ahnine, CTO.
Founder Emmit McHenry brings greater than 43 years of innovation, entrepreneurship and management to Cycurion. Mr. McHenry additionally based Community Options, Inc., the world’s first web area supplier that oversaw the creation of “.com”, “.web”, “.edu” and “.gov” domains, which was in the end bought to VeriSign for $21 billion.
Transaction Overview
The enterprise mixture values Cycurion at an implied enterprise worth of roughly $170.44 million. Upon the transaction’s closing, and assuming no redemptions by Western’s stockholders, Cycurion may have roughly $115.91 million in money, leading to a complete professional forma fairness worth of roughly $271.63 million. Money proceeds raised within the transaction will probably be used to fund operations, help development, strategic acquisitions and for basic company functions. The proceeds will probably be funded by way of a mix of Western’s roughly $116.77 million money in belief, assuming no redemptions by its stockholders, and as much as $5.00 million within the type of a PIPE funding from institutional traders.
Upon the transaction’s closing, the mixed firm will probably be named Cycurion, Inc. and will probably be listed on NASDAQ.
The boards of administrators of each Western and Cycurion have unanimously permitted the proposed transaction. The closing is topic to the approval of Cycurion’s stockholders and Western’s stockholders and different customary closing circumstances, together with Western’s registration assertion (the “Kind S-4”) being declared efficient by the Securities and Trade Fee (the “SEC”) and NASDAQ’s approval of the continued itemizing of the mixed firm’s shares. It’s presently anticipated that the transaction will shut, assuming satisfaction of such closing circumstances, by the tip of the primary quarter of 2023.
Advisors
A.G.P./Alliance International Companions is serving because the unique monetary advisor to Western. Clark Hill LLP is serving because the authorized advisor to Cycurion and J.P. Galda & Co. is serving because the authorized advisor to Western. Monetary Profiles, Inc. is serving as investor relations advisor to Cycurion and Western.
About Cycurion
Cycurion is a McLean, Virginia-based know-how enabled cybersecurity firm, offering proprietary revolutionary options to Federal, State and Native authorities businesses and business companions. The Firm’s software-based know-how supplies a number of layers of protection to cease penetrations on the entrance finish, in addition to displays and detections on the again finish. Leveraging its group of deeply expert know-how veterans with high-level safety clearances, Cycurion combines its distinctive platform with a collection of companies for Authorities businesses, C-Suite executives and Boards of Administrators to entry and course of data permitting them to observe the safety profile of their community. For extra data, go to Cycurion’s website.
About Western Acquisition Ventures Corp.
Western Acquisition Ventures Corp. is a clean examine firm sponsored by Western Acquisition Ventures Sponsor LLC, a Delaware restricted legal responsibility firm, whose enterprise goal is to impact a merger, share change, asset acquisition, inventory buy, reorganization or comparable enterprise mixture with a number of companies. The corporate is led by Board Member and CEO Stephen Christoffersen, and Board Member and CFO William Lischak. Western intends to concentrate on corporations within the monetary companies, healthcare, actual property companies, know-how, leisure, hospitality, and software program industries. The corporate plans to focus on companies with compelling long-term development prospects, secular tailwinds, and extremely fragmented markets ripe for consolidation. For extra data, go to Western’s website.
Ahead Wanting Statements
The knowledge on this press launch contains “forward-looking statements” inside the which means of “secure harbor” provisions of the Non-public Securities Litigation Reform Act of 1995. Ahead-looking statements might be recognized by phrases resembling: “goal,” “consider,” “anticipate,” “will,” “shall,” “might,” “anticipate,” “estimate,” “would,” “positioned,” “future,” “forecast,” “intend,” “plan,” “venture” and different comparable expressions that predict or point out future occasions or tendencies or that aren’t statements of historic issues. Examples of forward-looking statements embrace, amongst others, statements made on this Press Launch relating to the proposed transactions contemplated by the enterprise mixture settlement, together with the potential advantages of the transaction, integration plans, anticipated synergies and income alternatives; anticipated future monetary and working efficiency and outcomes, together with estimates for development; the anticipated administration and governance of the mixed enterprise; and the anticipated timing of the closing of the transaction. Ahead-looking statements are neither historic info nor assurances of future efficiency. As a substitute, they’re based mostly solely on Western’s and Cycurion’s managements’ present beliefs, expectations and assumptions. As a result of forward-looking statements relate to the longer term, they’re topic to inherent uncertainties, dangers and modifications in circumstances which might be troublesome to foretell and lots of of that are exterior of the events’ management. Precise outcomes and outcomes might differ materially from these indicated within the forward-looking statements. Subsequently, you shouldn’t depend on any of those forward-looking statements. Vital elements that might trigger precise outcomes and outcomes to vary materially from these indicated within the forward-looking statements embrace, amongst others, the next: (1) the prevalence of any occasion, change, or different circumstances that might give rise to the termination of the enterprise mixture settlement; (2) the end result of any authorized proceedings that could be instituted towards Western and Cycurion following the announcement of the enterprise mixture settlement and the transactions contemplated therein; (3) the lack to finish the proposed enterprise mixture for causes that might embrace failure to acquire approval of the stockholders of Western and Cycurion, sure regulatory approvals, or satisfaction of different circumstances to closing within the enterprise mixture settlement; (4) the prevalence of any occasion, change, or different circumstance that might give rise to the termination of the transactions contemplated by the enterprise mixture settlement or may in any other case trigger the transaction to fail to shut; (5) the impression of COVID-19 pandemic on Cycurion’s enterprise and/or the power of the events to finish the proposed enterprise mixture; (6) the lack to acquire or preserve the itemizing of Western’s shares of Widespread Inventory on Nasdaq following the closing of the transactions contemplated by the enterprise mixture settlement; (7) the chance that the proposed enterprise mixture disrupts present plans and operations because of the announcement and its consummation; (8) the power to acknowledge the anticipated advantages of the proposed enterprise mixture, which can be affected by, amongst different issues, competitors, the power of Cycurion to develop and to handle its development profitably, and retain its key workers; (9) prices associated to the proposed enterprise mixture; (10) modifications in relevant legal guidelines or laws; (11) the likelihood that Western or Cycurion could also be adversely affected by different financial, enterprise, and/or aggressive elements; (12) dangers referring to the uncertainty of the projected monetary data with respect to Cycurion; (13) dangers associated to the natural and inorganic development of Cycurion’s enterprise; (14) the quantity of redemption requests made by Western’s stockholders; and (15) different dangers and uncertainties indicated once in a while set forth within the ultimate prospectus of Western for its preliminary public providing dated January 11, 2022 filed with the SEC below “Threat Elements” therein, and in Western’s different filings with the SEC. Western cautions that the foregoing checklist of things isn’t unique. Western and Cycurion warning readers to not place undue reliance upon any forward-looking statements, which communicate solely as of the date made. Western and Cycurion don’t undertake or settle for any obligation or endeavor to launch publicly any updates or revisions to any forward-looking statements to replicate any change in its their expectations or any change in occasions, circumstances, or circumstances on which any such assertion is predicated.
Vital Data and The place to Discover it
In reference to the proposed enterprise mixture, Western will file a registration assertion on Kind S-4 with the SEC. The Kind S-4 will embrace a proxy assertion/prospectus of Western. Moreover, Western will file different related supplies with the SEC in reference to the enterprise mixture. Copies could also be obtained freed from cost on the SEC’s website online at www.sec.gov. Securities holders of Western are urged to learn the Kind S-4 and the opposite related supplies after they turn out to be obtainable earlier than making any voting determination with respect to the proposed enterprise mixture as a result of they may include necessary details about the enterprise mixture and the events to the enterprise mixture. The knowledge contained on, or that could be accessed by way of, the web sites referenced on this press launch isn’t included by reference into, and isn’t part of, this press launch.
An investor presentation will probably be obtainable on Western’s and Cycurion’s web sites and filed with the SEC as an exhibit to Western’s Present Report on Kind 8-Okay and also will be obtainable on the SEC web site at www.sec.gov.
Individuals within the Solicitation
Western and its administrators and government officers could also be deemed contributors within the solicitation of proxies from Western’s stockholders with respect to the proposed enterprise mixture. An inventory of the names of these administrators and government officers and an outline of their pursuits in Western will probably be included within the Kind S-4 for the proposed enterprise mixture and be obtainable at www.sec.gov. Further data relating to the pursuits of such contributors will probably be contained within the Kind S-4 for the proposed enterprise mixture when obtainable. Details about Western’s administrators and government officers and their possession of Western widespread inventory is ready forth in Western’s prospectus, dated January 11, 2022, as modified or supplemented by any Kind 3s or Kind 4s filed with the SEC because the date of the prospectus. Different data relating to the pursuits of the contributors within the proxy solicitation will probably be included within the Kind S-4 pertaining to the proposed enterprise mixture when it turns into obtainable. These paperwork might be obtained freed from cost from the sources indicated above.
Cycurion and its administrators and government officers might also be deemed to be contributors within the solicitation of proxies from the stockholders of Western in reference to the proposed enterprise mixture. An inventory of the names of such administrators and government officers and data relating to their pursuits within the proposed enterprise mixture will probably be included within the Kind S-4 for the proposed enterprise mixture.
No Supply or Solicitation
This press launch shall not represent a proposal to promote or the solicitation of a proposal to purchase any securities, nor shall there be any sale of securities in any states or jurisdictions wherein such supply, solicitation, or sale can be illegal previous to registration or qualification below the securities legal guidelines of any such jurisdiction. No providing of securities shall be made besides via a prospectus assembly the necessities of Part 10 of the Securities Act, or an exemption therefrom.
Traders Relations
Monetary Profiles, Inc.
Jack Drapacz
310-622-8230
John Brownell
310-622-8249
cycurion@finprofiles.com
Media Relations for Cycurion
Monetary Profiles, Inc.
Kelly Hull
310-622-8252
SOURCE: Western Acquisition Ventures
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