Hyatt Brothers acquire majority stake in DataStealth to drive cybersecurity innovation

Company

Michael and Richard Hyatt (Hyatt Brothers)

Company

DataStealth Inc.

On October 13, 2023, Michael and Richard Hyatt acquired a majority stake in DataStealth, a Mississauga-based cybersecurity firm, marking their return to operations. The brothers, who previously sold Dyadem and BlueCat for over $1 billion, see potential for significant growth in DataStealth. The transaction value was undisclosed, but DataStealth co-founders Ed Leavens and Marc Carrafiello used a 'shotgun clause' to buy out previous majority shareholder Abe Schwartz for nearly $7 million. Legal advisors for the transaction included Leavens and Carrafiello's team, who enforced the sale through an Ontario Superior Court ruling. DataStealth, founded in 2014, helps large businesses protect sensitive data using patented technology. The company is profitable, generates over $10 million annually, and has no debt. The Hyatt brothers, now part of the board and executive leadership, plan to scale the business without additional outside capital.

Merger & Acquisition
Tech/Computer/IT
Undisclosed/Confidential
Active