BUSINESS

Canadian IT company headed by 'Shark Tank' co-star makes U.K. acquisition

02/03/2015 12:02 EST | Updated 04/05/2015 05:59 EDT
TORONTO - The Herjavec Group, headed by one of the stars of ABC's "Shark Tank," is expanding in the European IT security market with the purchase of U.K-based Sysec.

Financial terms of the deal weren't disclosed.

The Toronto-based tech company, founded by CEO Robert Herjavec, said Tuesday that Sysec's head office in Reading, England, will be its European headquarters.

The Herjavec Group is a private company with about $140 million of annual sales, mostly in North America.

Sysec is forecast to have $20 million in sales revenue this year from about 200 business clients.

Robert Herjavec is one of the six "sharks" on the hour-long TV show, which gives entrepreneurs a chance to pitch their business ideas and attempt to strike a deal with one or more of the investors who star in the show.

He was also one of the original "dragons" on a CBC's "Dragons' Den" program, which began in October 2006.