Austin, Texas-based online banking company Q2 Holdings Inc. (NYSE: QTWO) is buying privately held financial services security provider Centrix Solutions Inc. in a $29 million cash deal.
Lincolin, Nebraska-based Centrix provides financial services firms with products that help manage risk, detect fraud and improve security.
The target will receive a $20 million cash payment at closing and is also entitled to get paid up to an additional $9 million based on future performance.
Q2 says the acquisition of Centrix makes sense because the two companies have been working together since 2007.
Cybersecurity deals are not new in the middle market this year as worldwide hacking threats continue to rise. For example, in May, Elbit Systems Ltd. said it will buy Nice Systems Ltd.’s cyber and intel businesses for $158 million.
Keyw Holding Corp. (Nasdaq: KEYW) said it is purchasing Ponte Technologies LLC and Milestone Intelligence Group Inc. for undisclosed terms.