VersaBank's Wholly Owned Subsidiary DRT Cyber Inc. To Acquire Leading IT Security Testing Firm, Digital Boundary Group - Complements DRT Cyber Inc.'s Comprehensive Suite of Cyber Security Solutions

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VersaBank's Wholly Owned Subsidiary DRT Cyber Inc. To Acquire Leading IT Security Testing Firm, Digital Boundary Group - Complements DRT Cyber Inc.'s Comprehensive Suite of Cyber Security Solutions

Canada NewsWire

LONDON, ON, Nov. 25, 2020 /CNW/ - VersaBank ("VersaBank" or the "Bank") (TSX: VB) today announced that its wholly owned, Washington, DC-based subsidiary, DRT Cyber Inc. ("DRT Cyber"), has signed a definitive agreement to acquire all of the outstanding shares of privately-owned Digital Boundary Group ("DBG"), one of North America's premier information technology (IT) security assurance services firms.

DBG provides corporate and government clients with a suite of IT security assurance services, that range from external network, web and mobile app penetration testing through to physical social engineering engagements along with supervisory control and data acquisition (SCADA) system assessments, as well as various aspects of training. DBG's clients range from some of Canada's largest retailers and financial service providers to Canadian and U.S. police service organizations and SCADA system reliant energy, public utilities and infrastructure firms.

"We have always viewed DRT Cyber as a platform from which to provide a comprehensive suite of innovative cyber security solutions that address high-demand, underserved segments of this rapidly growing market," said David Taylor, President and CEO of both VersaBank and DRT Cyber.  "The acquisition of DBG significantly advances our strategy for DRT Cyber, adding a well-established, trusted, reliable, profitable and rapidly growing security assessment business alongside our protection offering, VersaVault®, the world's first digital bank vault.  With this acquisition, now more than ever, DRT Cyber, provides VersaBank's shareholders with additional upside to the already significant growth opportunity inherent in our core banking operations."

"There is no greater security threat to organizations today than the vulnerability of its IT systems," said Governor Tom Ridge, Chairman of DRT Cyber, and the first US Secretary of Homeland Security. "I look forward to working with the leadership team at DBG to leverage their expertise and foresight."

VersaBank's IT security aspirations and capabilities were borne out of our own internal need as a Schedule I Canadian chartered bank to have the highest levels of security to protect our day-to-day digital banking operations.  Canadian banks are leaders in cyber security and VersaBank is a cyber security leader amongst Canadian banks. 

ABOUT VERSABANK

VersaBank is a Canadian Schedule I chartered bank with a difference. VersaBank became the world's first fully digital financial institution when it adopted its highly efficient business-to-business model using its proprietary state-of-the art financial technology to profitably address underserved segments of the Canadian banking market in the pursuit of superior net interest margins while mitigating risk. VersaBank obtains all of its deposits and provides the majority of its loans and leases electronically, with innovative deposit and lending solutions for financial intermediaries that allow them to excel in their core businesses.  In addition, leveraging its internally developed IT security software and capabilities, VersaBank established wholly owned, Washington, DC-based subsidiary, DRT Cyber Inc. to pursue significant large-market opportunities in cyber security and develop innovative solutions to address the rapidly growing volume of cyber threats challenging financial institutions, multi-national corporations and government entities on a daily basis.

VersaBank's Common Shares trade on the Toronto Stock Exchange under the symbol VB and its Series 1 Preferred Shares and Series 3 Preferred Shares trade under the symbols VB.PR.A and VB.PR.B respectively. 

ABOUT DRT CYBER INC.

DRT Cyber Inc., a wholly owned subsidiary of VersaBank, was formed to identify significant large-market opportunities in cyber security and develop innovative solutions to address the rapidly growing volume of cyber threats challenging financial institutions, multi-national corporations and government entities on a daily basis. DRT Cyber operates from Washington D.C. and services clients globally.  DRT Cyber's first offering, VersaVault®, is the world's first digital bank vault built for clients holding blockchain-based assets, providing impenetrable world class security, privacy of secured keys and client-centric access flexibility.  DRT Cyber is led by a seasoned team of business, technology and cyber security experts, including the Honorable Tom Ridge (Chairman) the First US Secretary of Homeland Security, Gurpreet Sahota (Chief Operating Officer), Former Principal Cyber Security Architect at Blackberry, and Avery Pennarun (Director) and Former Senior Software Engineer at X Inc., Google Fiber, and Google Inc.

Visit our website at:    
www.versabank.com
www.drtcyber.com

SOURCE VersaBank

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2020/25/c6280.html

Copyright CNW Group 2020

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