Gryphon Technologies, Inc. on Tuesday said it has acquired PGFM Solutions, LLC, giving it new capabilities in cyber security for shipboard control systems.
Terms of the deal, which closed on July 1, were not disclosed.
Gryphon said that PGFM, which is based in New Jersey outside of Philadelphia, is focused on cyber security for Navy and Coast Guard shipbuilding and modernization programs. PGFM has a Maritime Cyber Risk Framework Tool (M-CRAFT) that uses artificial intelligence, machine learning and big data to do cyber risk assessments for ships and to reduce risks.
On its website, PGFM says that one-year of cyber risk modeling with a $300,000 investment in M-CRAFT results in a projecting savings of $2.4 million and saved about 20 percent of costs associated with cyber risk management on ship systems. PGFM also says the tool reduced labor hours by 17 percent for conducting cyber risk management on ship systems.
PGFM’s risk assessments are targeted at machinery control systems, electromagnetic compatibility, navigation, and integrated bridge systems, Gryphon said.
“With the addition of PGFM, Gryphon strengthens its position as a leader in engineering for national security and defense systems with a mature capability to develop innovative cyber security solutions focused on shipboard machinery control systems,” P.J. Braden, Gryphon’s CEO, said in a statement.
Pete Mauro, founder and CEO of PGFM, will become Gryphon’s Chief Technology Officer.
“Partnering with Gryphon will afford us the opportunity to pursue new technology and business opportunities, which we truly enjoy, based on our broader combined capabilities,” Mauro said in a statement.
Gryphon already provides cyber security services to its defense and national security customers. Gryphon is a portfolio company of the private equity firm AE Industrial Partners. Adding cyber-hardening capabilities for control systems “has been a critical focus for Gryphon customers, an area where we now believe the company will be able to provide unique solutions to solve customers’ most challenging issues,” Kirk Konert, a principal at AE Industrial Partners, said in a statement.
PGFM’s financial adviser on the deal was Haefele, Flanagan & Co. Gryphon’s financial adviser was Berkeley Research Group.