GardaWorld Security Corp., a Montreal-based security management firm, announced it had acquired WorldAware, the U.S.-based risk management firm founded by Bruce McIndoe and once known as iJet. The deal closed July 10, according to GardaWorld.
GardaWorld calls itself "the largest privately owned security services and cash services company in the world," and says it has "field operations and extensive security network in 45 countries." The company operates Crisis24, a security risk management business. The combined Crisis24 and WorldAware will "advise and serve" more than one-quarter of the Fortune 500, according to GardaWorld.
"WorldAware is a leader in this field, and coupled with Crisis24, no other player will be able to measure up to the expertise we can now offer, and the powerful blend of talent, experience, strength and international in-the-field security operations we bring to the table," GardaWorld founder, president and CEO Stephan Cretier said in a statement.
WorldAware predecessor iJet was founded by McIndoe in 1999. The company in 2016 acquired WorldAware and two years later renamed the company. Formed two years before the attacks of Sept. 11, 2001, led to an industrywide reconsideration of business travel risk and security management, iJet, then WorldAware, for decades has been a key player in offering those services to the marketplace.
"Over the last several years, the market has recognized a greater need for risk management services; this has fueled industry growth, new entrants and technological innovation," McIndoe wrote in an email to BTN. "WorldAware needed a way to keep pace, to accelerate innovation and drive more value. GardaWorld and WorldAware have a shared vision on the future of the market, the importance of forewarning and the value of an integrated risk management offering."
WorldAware and Crisis24 "at this time" will "continue to operate under their respective brands and technologies, ensuring a smooth service delivery throughout the integration process," according to GardaWorld. McIndoe, who before the deal served as president of WorldAware, said in the email, "I have a long-term consulting contract with WorldAware to support the transition and will continue to engage in the market providing education and thought leadership."
Financial terms of the deal were undisclosed; both companies are privately held.
Source: Business Travel News