Cybersecurity remains essential as KPMG buys identity security business
KMPG LLP has reached a deal to acquire the identity and access management business from Cyberinc. KPMG anticipates its resources will be enhanced in the rapidly growing sector of digital consumer identity and user management -- two key areas that are evolving new security-focused.
Ransomware attacks have plagued companies and individuals in 2017, and private equity firms have continued to double down on network and identity access security companies. Other deals in the cybersecurity and ransomware space includes: LLR Partners’ acquisition of cybersecurity software provider BluVector from Northrop Grumman Corp. (NYSE: NOC); Coalfire’s 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.
Cyberinc, headquartered in Mumbai, India, provides “high performance” security products that help to protect enterprise businesses from cyberattacks. Isla Malware Isolation, the target’s premiere product, helps to relieve access management systems affected by Internet-based malware attacks. The deal for Cyberinc is KPMG’s second acquisition in the cybersecurity space following the buyer’s acquisition of assets from Qubera Solutions in October 2014.
“As organizations innovate and transform their back, middle and front offices, identity and access management solutions that effectively bridge the gap between risk mitigation and customer experience are key to driving sustainable growth,” states Tony Buffomante, U.S. leader of KPMG's cyber security services practice. “The addition of the Cyberinc team and capabilities is yet another example of how KPMG is investing in cyber security and helping clients succeed on their digital journey.”
Founded in 1987, KMPG provides assurance, tax and financial advisory services. The Almsteveen, Netherlands-based firm offers accounting, auditing, internal audit, regulatory and compliance, corporate recovery, forensic accounting and risk management services.