IoT security business ForeScout Technologies has acquired SecurityMatters, the global specialist in operational technology (OT) network protection, for circa $113m in cash.
The acquisition bolsters ForeScout’s position in agentless device visibility and control across the extended enterprise.
“ForeScout’s acquisition of SecurityMatters is a natural fit as it takes us deeper into a market where we have an established foothold and are seeing explosive customer demand,” said Michael DeCesare, CEO and president, ForeScout Technologies.
“SecurityMatters’ technology and talent will accelerate our success in securing OT, expand our total addressable market and reinforce our solution.”
DeCesare also noted that the convergence of IT and OT is driving a rapid rise of interconnectivity and introducing new risks for enterprises as OT networks may no longer be physically segregated from the IT network.
"Recent cyberattacks, such as WannaCry, NotPetya and Triton, demonstrated how vulnerable OT networks can result in significant business disruption and financial loss," he added.
"According to Forrester research, 79% of organisations with a SCADA/ICS network have suffered a breach in the past 24 months."
Damiano Bolzoni, founder and CEO, SecurityMatters, added: “Virtually every company with OT needs to rethink its cybersecurity strategy.
“After partnering with ForeScout for the last year it became clear that we shared the same vision. Now as a single company, we will be able to accelerate our momentum and create the capability to truly segment IT and OT environments.”