TraceSecurity has merged into a limited liability company, a move the Baton Rouge-based cybersecurity firm said will benefit shareholders and set up future growth.
The company said Tuesday it folded Trace Security Inc. into the recently formed TraceSecurity LLC. There are some tax benefits for the move because the business income now passes through to the owners’ tax returns, but Pete Stewart, chairman and CEO of TraceSecurity, said that wasn’t the only reason for the change.
“We as a management team see opportunities for growth exploding,” he said.
That’s a huge opportunity for TraceSecurity and its small group of investors. “We can give them a return and a share of the profits we make,” Stewart said.
TraceSecurity released the news about the move to time with the RSA Conference, the world’s leading information security conference and expo. The event kicked off in San Francisco Monday.
TraceSecurity, which was founded in 2004 in the Louisiana Technology Park, now has more than 2,000 clients. The company is headquartered on Corporate Boulevard and has an executive office in Silicon Valley.