2024 has seen cybersecurity take some bold new steps. None more prominent in growth than in the last few months, where growth in standing, offerings, and private equity in the sector has made for a stronger and more resilient future for cybersecurity and identity management.
Among the many developments to come along, some deals and developments finalised between May to July provide a lot of positive imprints of the future of identity and access management worldwide.
Synopsis Sold
A private equity consortium led by Clearlake Capital and Francisco Partners has acquired Synopsys’s software integrity group (SIG), specializing in application security testing for software developers, for more than $2 billion. The definitive agreement also provides Synopsys with a $475 million cash payment upon the equity firms achieving their specified rate of return.
The deal will make the Software Integrity Group the newest independent application security testing software provider, one with its goal of being the best. The merger name reveal has not been announced, but it is expected to be presented by the end of 2024 when the deal is closed.
Akamai/Noname Security
Akamai Technologies, Inc. has confirmed a deal has been completed to acquire Noname Security, an API security specialist for $450 million. The deal has underscored the ongoing growth and need for more consolidation in cybersecurity and identity management.
Akamai has plans to integrate Noname into its API security business and deliver $20 million in revenue in its fiscal year 2024. With this purchase, Akamai will have a breadth of integrations and deployment choices required to deliver comprehensive API protection for customers across all environments.
ZeroFox/Haveli Investments
External cybersecurity solutions provider ZeroFox has agreed to an all-cash near-$350 million acquisition deal from private equity firm Haveli Investments. The deal will provide $1.14 per share in cash to stakeholders upon completion.
The deal has been classed by ZeroFox’s board of directors as the best path forward for the company – yet has no clause included which would prevent other offers to purchase the firm at a higher price from other parties. The lack of this clause has prompted an investigation by law firm Wohl & Fruchter into whether ZeroFox acted in the best interests of stakeholders in approving the sale.
Palo Alto/IBM
Global cybersecurity leader Palo Alto Networks and hybrid cloud and AI provider IBM announced their partnership to provide AI-powered security outcomes for customers. The innovative partnership is viewed as a boon for cybersecurity around cloud identity and access management.
To address increasingly sophisticated threats and evolving attack surfaces on identity management, Palo Alto Networks and IBM aim to help streamline and transform security operations, stop threats at scale, and accelerate incident remediation for customers. Palo Alto Networks agreed to acquire IBM’s QRadar SaaS assets as a part of the deal.
LogRhythm/Exabeam
Exabean and LogRhythm have completed a merger for unparalleled technological innovation with reliable data to create AI-driven security operations platforms. The company plans to retain the Exabeam name and refresh the visual brand in honour of the two presences.
The merger gained a fair amount of controversy in 30% job cuts and shareholder action to investigate the transaction. Aiming to set a new benchmark in cybersecurity, with robust and innovative solutions, the merger aims to not deliver an alternative, but a definite upgrade over convoluted offerings from larger tech companies.These mergers and acquisitions stand to have many implications around security identity and access management worldwide, and we will be sure to see many of them in effect before the end of 2024. For more information, look for events focusing on identity access management throughout the UK in 2024.
