HONEYWELL TO ACQUIRE SCADAFENCE, STRENGTHENING ITS CYBERSECURITY SOFTWARE PORTFOLIO
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SCADAfence will integrate into the Honeywell Forge
Cybersecurity+ suite providing expanded asset discovery, threat detection, and compliance
management capabilities.
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SCADAfence extends Honeywell's OT cybersecurity portfolio
to build upon its comprehensive professional services, managed security
services, and software solutions.
Mumbai, July 18, 2023: Honeywell (Nasdaq: HON) today announced it has agreed to acquire
SCADAfence, a leading provider of operational technology (OT) and Internet of
Things (IoT) cybersecurity solutions for monitoring large-scale networks.
SCADAfence brings proven capabilities in asset discovery, threat detection and
security governance which are key to industrial and buildings management
cybersecurity programs.
The OT cybersecurity industry is expected to
grow to greater than $10 billion in the next several years.
Particularly in the industrial sector, cyberattacks focused on OT systems can
be a significant source of unplanned downtime, with estimates that unplanned
downtime represents over a trillion dollars in lost revenue for the industrial
and critical infrastructure sectors.[1]
"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," said Kevin
Dehoff, president and chief executive officer, Honeywell Connected Enterprise.
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. The acquisition strengthens existing capabilities in
cybersecurity and bolsters Honeywell's high-growth OT cybersecurity portfolio,
helping customers operate more securely, reliably and efficiently.
"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," said Dehoff. "By enhancing our cybersecurity portfolio, we
are accessing a growth engine and enabling our customers to operate their OT
environments more securely and help to avoid disruption and possible
catastrophic events."
"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," said Elad Ben Meir, chief executive officer, SCADAfence.
"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."
SCADAfence is headquartered in Tel Aviv,
Israel and will expand Honeywell's Cybersecurity Center of Excellence
in Tel Aviv. Honeywell has been implementing OT cybersecurity solutions
for more than twenty years, delivering thousands of projects in over 130
countries with more than 500 employees worldwide focused specifically on OT
cybersecurity.
The transaction is expected to close in the
second half of 2023, subject to customary closing conditions, including receipt
of certain regulatory approvals.
About
Honeywell:
Honeywell
(www.honeywell.com) is a
technology company that delivers industry-specific solutions that include
aerospace products and services; control technologies for buildings and
industry; and performance materials globally. Our technologies help aircraft,
buildings, manufacturing plants, supply chains, and workers become more
connected to make our world smarter, safer, and more sustainable. For more news
and information on Honeywell, please visit www.honeywell.com/newsroom.
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[1] https://www.arcweb.com/industry-best-practices/how-cross-domain-solutions-can-protect-ot-it-level-attacks