US conglomerate Honeywell (Nasdaq: HON) has announced that it has agreed to buy Israeli cybersecurity company SCADAfence. No financial details were disclosed but SCADAfence has raised $38 million to date, according to Start-Up National Central, and is reportedly being sold for tens of millions of dollars.
Based in Ramat Gan, SCADAfence provides cybersecurity solutions for operational technology (OT) and Internet of Things (IoT) for monitoring large-scale networks and has proven capabilities in asset discovery, threat detection and security governance which are key to industrial and buildings management cybersecurity programs.
Honeywell Connected Enterprise president and CEO Kevin Dehoff said, “It is essential to protect and maintain the integrity of operational systems like process control equipment in manufacturing facilities. A simple breach in the OT environment has the potential to create safety and business continuity risk for organizations of all sizes. OT assets are inherently different than those in the IT environment as they are domain specific. Honeywell has been delivering and installing these systems for decades, which is why we launched our cybersecurity business more than twenty years ago. Adding SCADAfence’s product portfolio will strengthen our capabilities and help our customers defend themselves against cyber security risks which are progressively increasing.”
The SCADAfence product portfolio will integrate into the Honeywell Forge Cybersecurity+ suite within Honeywell Connected Enterprise, Honeywell’s fast-growing software arm with strategic focus on digitalization, sustainability and OT cybersecurity SaaS offerings and solutions. This integration will enable Honeywell to provide an end-to-end enterprise OT cybersecurity solution to site managers, operations management and CISOs seeking enterprise security management and situational awareness.
SCADAfence CEO Elad Ben Meir said, “We are thrilled to join Honeywell as we work towards fulfilling our mission of empowering industrial organizations to operate securely, reliably and efficiently. 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. We remain committed to proactively serving and supporting our customers across all verticals and geographies where we currently operate.”
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SCADAfence will expand Honeywell’s Cybersecurity Center of Excellence in Tel Aviv. The transaction is expected to close in the second half of 2023, subject to customary closing conditions, including receipt of certain regulatory approvals.
Published by Globes, Israel business news – en.globes.co.il – on July 11, 2023.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.
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