Honeywell to Acquire SCADAfence, Strengthening its Cybersecurity Software Portfolio
Honeywell announced that it has agreed to acquire SCADAfence, a leading provider of operational technology (OT) and Internet of Things (IoT) cybersecurity solutions for large-scale network surveillance. SCADAfence delivers proven capabilities in asset detection, threat detection, and security governance essential for industrial and building management cybersecurity programs.
The OT cybersecurity industry is expected to grow to over $10 billion in the next few years. Particularly in the industrial sector, cyberattacks focused on OT systems can be a significant cause of unplanned downtime, with it being estimated that unplanned downtime accounts for more than $1 trillion in lost revenue for the industrial and critical infrastructure sectors.
“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,”
Kevin Dehoff, president and chief executive officer, Honeywell Connected Enterprise.
The SCADAfence product portfolio will integrate with the Honeywell Forge Cybersecurity+ suite in Honeywell Connected Enterprise, Honeywell’s fast-growing software arm with a strategic focus on digitization, sustainability, and secure SaaS solutions and services. OT network. This integration will enable Honeywell to provide a comprehensive enterprise OT cybersecurity solution for site managers, operations managers, and CISOs seeking enterprise security knowledge and management. about the situation. The acquisition enhances existing cybersecurity capabilities and strengthens 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,”
“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.”
Kevin Dehoff, president and chief executive officer, Honeywell Connected Enterprise.
“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.”
Elad Ben Meir, chief executive officer, SCADAfence.
SCADAfence is headquartered in Tel Aviv, Israel and will expand Honeywell’s Cybersecurity Center of Excellence in Tel Aviv. Honeywell has deployed OT cybersecurity solutions for over 20 years, delivering thousands of projects in more than 130 countries with over 500 employees worldwide with a special focus on OT cybersecurity.
The transaction is expected to close in the second half of 2023, subject to the usual closing conditions, including the receipt of some regulatory approval.
