US technology company Honeywell has signed a deal to buy operational technology (OT) and Internet of Things cybersecurity solutions provider SCADAfence.
The financial terms of the transaction were not disclosed.
Based in Tel Aviv, Israel, SCADAfence is said to bring expertise in asset discovery, threat detection and compliance management.
Honeywell plans to integrate SCADAfence’s product offerings into Honeywell Connected Enterprise’s Forge Cybersecurity+ suite.
With a focus on digitalisation, sustainability, and OT cybersecurity SaaS offerings and solutions, Honeywell Connected Enterprise is the software division of Honeywell.
Honeywell noted that the acquisition expands its OT cybersecurity portfolio while enhancing current cybersecurity capabilities.
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In addition, the deal is anticipated to expand Honeywell’s Tel Aviv-based Cybersecurity Center of Excellence.
Honeywell Connected Enterprise president and CEO Kevin Dehoff said: “Adding SCADAfence’s product portfolio will strengthen our capabilities and help our customers defend themselves against cyber security risks which are progressively increasing.
“SCADAfence is an ideal complement to Honeywell’s OT cybersecurity portfolio and, when combined with the Honeywell Forge Cybersecurity+ suite, it enables us to provide an end-to-end solution with applicability to asset, site and enterprise across key Honeywell sectors.”
SCADAfence CEO Elad Ben Meir said: “This combination creates significant opportunity for growth, allowing us to combine our top-tier OT cybersecurity products with one of the world’s leading companies in industrial software.
“With this acquisition, we are poised to deliver some of the most advanced OT security technology to Honeywell’s broad customer base, bolstering the comprehensive Honeywell Forge Cybersecurity+ offering.”
The deal is expected to close in the second half of 2023, subject to customary closing conditions and receipt of regulatory clearance.