US giant Honeywell (Nasdaq: HON) has announced that it has agreed to buy the 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.
Headquartered in Ramat Gan, SCADAfence provides operational technology (OT) and Internet of Things (IoT) cybersecurity solutions for large-scale network monitoring and has proven capabilities in asset discovery, threat detection and security governance that are central to industry and building management cybersecurity programs.
“It is essential to protect and maintain the integrity of operational systems such as process control equipment in manufacturing facilities,” said Kevin Dehoff, President and CEO of Honeywell Connected Enterprise. “A simple breach into an OT environment has the potential to create safety and business continuity risks for organizations of all sizes.” OT assets are inherently different from those in an IT environment because they are domain specific.Honeywell has delivered and installed these systems for decades, which is why we launched our cybersecurity business more than twenty years ago.Adding the SCADAfence family of products will enhance our capabilities and help our customers defend themselves against cybersecurity risks that are gradually increasing.”
The SCADAfence product portfolio will integrate into the Honeywell Forge Cybersecurity + group within Honeywell Connected Enterprise, Honeywell’s rapidly growing software arm with a strategic focus on digitalization, sustainability, and OT cybersecurity SaaS offerings. This integration will enable Honeywell to provide an end-to-end enterprise OT cybersecurity solution for site managers, operations management, and CISOs seeking to manage enterprise security and situational awareness.
“We are pleased to join Honeywell as we work towards our mission of enabling industrial organizations to operate safely, reliably and efficiently,” said Elad Ben-Meir, CEO of SCADAfence. “This combination creates significant growth opportunity, allowing us to integrate the highest level of operational technology security products Cyber security with one of the world’s leading industrial software companies.Through this acquisition, we are poised to offer some of the most advanced OT security technology to Honeywell’s broad customer base, enhancing the Honeywell Forge Cybersecurity+ offering.We remain committed to providing proactive services and support to our customers across All sectors and geographies in which we are currently operating.
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SCADAfence will expand Honeywell’s Cyber Security Center of Excellence in Tel Aviv. The transaction is expected to close in the second half of 2023, subject to usual closing conditions, including the receipt of certain regulatory approvals.
Published by Globes, Israel business news – en.globes.co.il – on July 11, 2023.
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