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Infinite Group enters agreement to acquire information security company Pratum

February 10, 2022

Infinite Group, Inc., a cybersecurity company based out of New York, announced last week plans to acquire information security company, Pratum.

Based in Ankeny, Pratum is an information security services firm founded in 2008 that helps guide organizations to the right balance of information security, IT risk management, and compliance.

“Pratum becoming part of IGI not only helps the company accelerate its goals, but also enables Pratum to grow and broaden its customer and partner bases,” said David Nelson, Founder and CEO of Pratum in a news release. “Our clients will be able to manage their cybersecurity strategy with Pratum, as an IGI company, and have access to some of the best software and services available in today’s market.”

The acquisition of Pratum expands IGI’s company portfolio and increases its nationwide customer base. Pratum will keep its name and operate as a wholly owned subsidiary under the IGI umbrella, joining IGI’s services division.

“We are thrilled to enter in this agreement with Pratum and add their unique services, talent, and established brand name in cybersecurity to IGI,” said Andrew Hoyen, President and COO of IGI. “We are focused on the continued success of Pratum, along with our other divisions and subsidiaries, leveraging synergies across the corporation to drive revenue and profitability growth. Pratum adds more breadth of services and complements the overall offerings IGI brings to the market.”

The transaction is expected to close in the first half of 2022.

Tags: Infinite Group Pratum

Infinite Group enters agreement to acquire information security company Pratum | Clay & Milk

A central Iowa ag-tech accelerator has secured more backers and finally has a name. The Greater Des Moines Partnership first announced the accelerator last year, naming four initial investors. On Monday, the Partnership said the program will be called the "Iowa AgriTech Accelerator" and named three new investors. The new investors include Grinnell Mutual, Kent Corp. and Sukup Manufacturing, all Iowa companies. They join investors Deere & Co., Peoples Co., Farmers Mutual Hail Insurance Co. and DuPont Pioneer. Each investor has agreed to put up $100,000 for the first year of the accelerator. Startups entering the program will receive $40,000 in seed funding in exchange for 6 percent equity. Tej Dhawan, an angel investor and local startup mentor, is serving as interim director until the AgriTech Accelerator names a permanent leader. Dhawan held a similar role with the GIA before Brian Hemesath was named as managing director. As interim director, Dhawan said his main job includes hiring the accelerator's executive director, establishing a business structure and initial recruiting for the first cohort. The accelerator will place few filters, such as location and product, on the applicant pool, Dhawan said. "When you’re seeking innovation, innovation can come from every corner of the world so why restrict ourselves," he said. One area the the AgriTech Accelerator won't recruit from is biotech. For its first cohort, the AgriTech Accelerator will work out of the GIA's space in Des Moines' East Village, Dhawan said. A future, permanent home is still to be decided. The accelerator's program will host startups from mid-July through mid-October, ending with an event connected to the annual World Food Prize. The GIA, which the AgriTech Accelerator is based on, also ends with presentations at an industry event. The accelerator has also started lining up a mentor pool. The Iowa Corn Growers Association, Iowa Soybean Association and the Iowa Pork Producers Association have agreed to provide mentors, as has Iowa State University. While the AgriTech Accelerator is loosely based off of the GIA, it will differ in its business structure, Dhawan said. The GIA runs through a for-profit model for both operations and its investment fund. The AgriTech Accelerator will have a nonprofit model for its operations and a for-profit setup for its fund. Dhawan said the nonprofit model is being used so the accelerator can better work with other nonprofit partners, such as trade associations. "These are all organizations that are nonprofits and can be amazing stakeholders without ever having to be investors in the accelerator," he said. "It becomes easier to work with trade associations in their nonprofit role when we are also a nonprofit." When it's up and running, the AgriTech Accelerator would be one of a handful of ag-focused startup development programs in Iowa. Others include the Ag Startup Engine out of Iowa State University and the Rural Ventures Alliance from Iowa MicroLoan. Matthew Patane is the managing editor and co-founder of Clay & Milk. Send him an email at mpatane@clayandmilk.com.

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