Stone-Goff Partners Portfolio Company, Adar, Completes Acquisition of Rigid Bits
Lincolnwood, IL – July 22, 2022
Stone-Goff Partners (“SGP”) today announced the acquisition of Rigid Bits (“RB”) by SGP portfolio company Adar, a leading provider of IT managed services for compliance-based businesses and the independent insurance agency ecosystem.
Rigid Bits is a specialized cybersecurity services firm that partners with IT executives of leading independent insurance agencies, including agencies in the Top 100, to proactively secure their IT infrastructure and establish policies and procedures to meet everchanging compliance requirements.
The addition of Rigid Bits further specializes Adar's cybersecurity capabilities and adds penetration testing, vulnerability assessments, and program development as new services for current and future customers. The combined company expands Adar's reach in the insurance agency ecosystem and rounds out Adar's vision to provide the most comprehensive, accessible, and secure cloud based VDI platform.
“With the ever-evolving complexity of cyberattacks, expanding compliance requirements, and the need to support remote work, cybersecurity is more relevant now than ever,” said John Mario, President of Adar. “Many businesses struggle to find a trusted partner to meet their needs. Together with Rigid Bits, we continue to enhance and differentiate our value proposition for customers.”
“I am thrilled at the unique opportunities for both Adar and Rigid Bits as well as for our clients,” said Jeff Oden, founder, and CEO of Rigid Bits. “Our combined forces enable us to address the common technology gaps we frequently encounter. At the same time, our operational independence ensures we can offer cybersecurity services ethically to Adar's current and future clients.”
Jeff Oden will join Adar's leadership team as VP of Information Security, taking responsibility for the company's vision for products and services relating to cybersecurity and compliance. Ryan Smith, an insurance industry veteran, and Vertafore alumnus, will join as Adar's VP of Sales and Marketing, heading Adar's new business development and continuing to grow relationships within the agency brokerage space.
About Stone-Goff Partners
Stone-Goff Partners is a private equity firm that invests in lower middle market Technology-Driven Service businesses. The companies we invest in combine service offerings with technology and focus on attractive, defined end-markets. Core verticals include business services, human capital and training, marketing services, consulting services, IT services, consumer services and outsourcing. Stone-Goff invests in founder-owned businesses and corporate carve-outs.
Founded in 2010 by Hannah Stone Craven and Laurens Goff, Stone-Goff leverages the extensive investment, operational and sector-specific experience of its partners and Talent Network to drive value creation within its portfolio companies.
Adar is an IT managed services provider with deep roots in compliance-based businesses. Adar reduces the burden of deployment, management, optimization, and budgeting for IT needs. Adar pairs cutting-edge cloud-based infrastructure, user desktops, and tools with security and support to maximize operational efficiency while keeping people happy and productive.
About Rigid Bits
Rigid Bits is a cybersecurity firm that helps identify and reduce cybersecurity risks through services, technology, and consulting. Rigid Bits works with Leadership and IT teams to help test and re-enforce existing controls and meet compliance requirements. Rigid Bits’ unique experience across diverse industries enables them to help customers proactively plan for cyber-attacks, respond in times of need, and remain compliant.