A Chicago-based firm that specializes in working with tech-powered business service firms has led the recapitalization of a cybersecurity company founded under the umbrella of regional accounting and advisory firm LBMC.
Members of the management team at CyberMaxx — which began life in 2009 as LBMC Information Security but rebranded in 2018 — joined Periscope Equity in the funding, which bought out LBMC’s remaining stake. Based at the 5th & Main building in East Nashville, CyberMaxx helps more than 1,000 health care facilities and 40 percent of the major hospital systems in the U.S. — including locally based LifePoint Health — prevent, detect and repel cyberattacks. Also on its client roster are AmSurg, the Metropolitan Nashville Airport Authority and Change Healthcare.
“It is exciting to see an LBMC company valued for their innovative offerings,” said LBMC CEO Jeff Drummonds, whose team will continue to partner with CyberMaxx and refer work to the firm. “And we know that LBMC clients gain from those additional investments and this new partnership with Periscope.”
CyberMaxx Co-Founder Thomas Lewis said the team led by CEO Jason Riddle will be able to use the recap to better respond to cyberattacks in the health care space, which trade publication Health IT Security says have quadrupled from 2017 and 2020 and are expected to increase fivefold by the end of 2025.
“CyberMaxx’s expertise positions them on the forefront of keeping our nation’s health care providers and their patients safe and secure,” Periscope Managing Partner Steve Jarmel said. “Through product expansion, team development, and strategic acquisitions, we expect CyberMaxx to entrench further its position as the go-to provider for managed cybersecurity for the U.S. health care industry.”