'Shark Tank' investor Robert Herjavec quits as Cyderes CEO — he made most of his billions from it

Shark Tank star, Robert Herjavec stepped from his role as the CEO of Cyderes earlier this year, to begin a new chapter in life. Best known for his mild and dashing demeanor on the business reality show, "Shark Tank." Herjavec who laid the foundation of the cybersecurity company handed over the firm to Chris Schueler, a familiar face in the identity and access management space. 

A new chapter

Cyderes was formed in 2022 through the merger of Herjavec Group and Fishtech Group. The founder of the former, Herjavec, orchestrated the merger with the private equity firm Apax Partners.

The angel investor who founded the Herjavec Group with just two employees in 2003, said in the video that he is leaving the company with more than 1,000 who have helped create “over a $1 billion in value.”

The "Shark Tank" star said that the change in leadership was prompted by a dynamic shift in the cybersecurity and identity management space. Thus, after interviewing dozens of candidates, he and other executives of the company chose Schueler, who has led identity and access management MSSP Simeio since 2020, as per Bank Info Security. 

Meanwhile, Hervajec will continue to contribute with his expertise to enhance Cyderes' market presence as a significant investor and board member. With several more ventures and a plethora of investments on Shark Tank, it is safe to say that Herjavec's fortune is secured.

The renowned businessman, investor, television personality, host, and actor Robert Herjavec's net worth has reached $600 million. Widely recognized as one of the judges on the ABC series "Shark Tank" and the CBC television series "Dragons' Den," Herjavec has won several awards and secured numerous nominations for his contributions to the entertainment industry. A successful businessman, he received the Ernst & Young Ontario Entrepreneur of the Year Award for Technology in 2012.

In the mid-1980s, Herjavec ventured into the entertainment industry, working as an assistant director on various productions such as "Cain and Abel" and "The Return of Billy Jack." His involvement extended to being a field producer for Global TV during the 1984 Winter Olympics in Sarajevo. During this period, he gained experience and exposure in the field of production.

Stepping into the business sector, Herjavec sought employment between productions and secured a position at Logiquest, selling IBM mainframe emulation boards. Despite being initially unqualified for the role, he persuaded the company to give him a chance by offering to work for free for six months. To support himself during this "free" period, he worked as a waiter. Rapidly progressing through the ranks, he eventually became the General Manager of Logiquest.

After leaving Logiquest in 1990, Herjavec founded BRAK Systems, a Canadian integrator of Internet security software, operating from the basement of his home. BRAK Systems achieved significant success and was eventually sold to AT&T Canada (now Allstream Inc.) in March 2000 for $30.2 million. Subsequently, he assumed the role of Vice President of Sales at Ramp Network, a company later acquired by Nokia for $225 million.

The Herjavec Group, founded by Herjavec in 2003, stands as a successful venture in the field of security solutions integration, reselling, and managed services. Over the years, the company has grown to become one of Canada's fastest-growing technology firms and the largest information technology security provider in the country. Starting with just three employees and $400,000 in sales in the founding year, The Herjavec Group now boasts an annual revenue of $200 million. Later, in 2021, Apax Partners acquired the majority stake in The Herjavec Group, however, Herjavec retained his position of CEO.

Beyond business, Herjavec has made a name for himself in the television industry. He has been a regular on the Canadian CBC Television series "Dragons' Den" and ABC's "Shark Tank." In both shows, aspiring entrepreneurs present their business pitches to a panel of potential investors, with Herjavec participating as one of the investors.

On the show, his most successful investment from "Shark Tank" was $100,000 for a 10% stake in the sweater company Tipsy Elves. He has also invested in the herbal sparkling water company Aura Bora. Moreover, he participated in the 2015 season of the American edition of "Dancing with the Stars," partnered with Australian dancer Kym Johnson, whom he later married.

Herjavec is also an accomplished author. He has authored three books: "Driven: How to Succeed in Business and Life," "The Will to Win: Leading, Competing, Succeeding," and "You Don't Have to Be a Shark: Creating Your Own Success." Each book imparts valuable life and business lessons based on Herjavec's personal experiences.