HelpSystems, one of Minnesota's largest software developers, changes name to Fortra

HelpSystems, the fast-growing, Eden Prairie-based cybersecurity firm, said Wednesday it will change its name to Fortra after making a spree of acquisitions.

The company will have revenue of around $800 million this year, about 50% more than last year due to both organic growth and acquisitions. That makes it one of Minnesota's largest independent software firms.

"We have a definitive strategy as an organization and continue to expand for our customers," CEO Kate Bolseth said. "Everyone at HelpSystems is rallying behind this movement to tackle seemingly unmanageable security challenges and alleviate the constant worry many of our customers face.''

In an interview, Bolseth described the new name as "synchronous with security and defense."

Fortra has grown to more than 3,000 employees, offices in 18 countries and over 30,000 global customers, from IBM to Mayo Clinic, Coca-Cola and Shutterfly.

"The threats are growing exponentially," Bolseth said. "There are additional pressures because of digital transformation, including the journey to the cloud, and remote workforces.

"Organizations are attempting to stitch together and provide coverage ... and it takes them too much time and effort on their own," she added. "We have created suites of solutions and, in so doing, we lower operational overhead and improve security for clients."

Fortra is owned by private equity firms TA Associates, Charlesbank, HGGC and Harvest Partners.

Fortra has acquired 16 companies since 2019. Earlier his year, it bought Alert Logic, a Houston-based company that provides cybersecurity for cloud-based computer systems. It was the 10^th acquisition in 15 months and the largest since HelpSystems acquired GlobalScape for $217 million in July 2020.

The company is considered a candidate to eventually sell shares to the public or sell itself again. Bolseth said she's solely focused on her mandate to grow the business successfully.

Bolseth, 49, took over HelpSystems in 2019 from then-CEO Chris Heim, 58, who remains chairman. Heim retired in 2019 to spend more time on philanthropy and on several corporate boards. Heim hired Bolseth in 1995 as an intern at the former HighJump Software.

The Twin Cities has built a respectable presence in the cybersecurity industry.

Arctic Wolf, also based in Eden Prairie, has hired hundreds after relocating from its former headquarters in Sunnyvale, Calif. The firm last month secured $401 million in capital investment from existing and new investors.

The New York investment firm KKR recently invested $410 million in Minneapolis cybersecurity firm NetSPI. That's five times the amount NetSPI raised in May 2021 from investors, including KKR.