Honeywell International Inc. (NYSE: HON) has agreed to purchase cybsecurity technology company Nextnine. The deal comes as ransomware attacks have plagued companies.
"Each day, the number of attempted cyberattacks on industrial facilities and critical infrastructure around the world increases," says Vimal Kapur, the president of Honeywell process solutions. In 2016, Honeywell sold its cybersecurity division that serves government agencies.
New York-based Nextnine, founded in 1998, is known for its ICS Shield technology that protects companies and sites from cyberattacks, and remotely allows customers to monitor their systems. Some of Nextnine's previous customers include BAE Systems and Rockwell Automation (NYSE: ROK).
Cybersecurity M&A has been on the rise. Recent deals include: LLR Partners’ acquisition of cybersecurity software provider BluVector from Northrop Grumman Corp. (NYSE: NOC); Coalfire’s, backed by two private equity firms, purchase of Veris Group; CA Technologies’ (Nasdaq: CA) buying of Veracode for $614 million in cash; Tenable Network Security Inc.'s purchase of IT security company FlawCheck Private Registry; and Accenture’s (NYSE: CAN) buying of Redcore, an identity and access management provider for computer networks.