Broadcom sells cyber security services unit to Accenture
Accenture has agreed to acquire Symantec’s cyber security services business from Broadcom.
The unit was part of the $2.5 billion enterprise security business Broadcom acquired from Symantec as part of the blockbuster $10.7 billion deal that completed in November.
The acquisition will further enhance Accenture’s managed security services offering to help companies rapidly anticipate, detect and respond to cyber threats.
“Cybersecurity has become one of the most critical business imperatives for all organisations regardless of industry or geographic location,” said Julie Sweet, CEO of Accenture.
“With the addition of Symantec’s cyber security services business, Accenture Security will offer one of the most comprehensive managed services for global businesses to detect and manage cybersecurity threats aimed at their companies.”
Symantec’s portfolio of cyber security services includes global threat monitoring and analysis through a network of security operation centres (SOCs), real-time adversary and industry-specific threat intelligence and incident response services. The six SOCs are located in the US, the UK, India, Australia, Singapore and Japan. Its managed security services business is supported by a proprietary cloud-based platform that delivers a steady stream of technical and cyber adversary threat intelligence through a customisable portal.
Kelly Bissell, senior managing director of Accenture Security, added: “Companies are facing an unprecedented volume of cyber threats that are highly-sophisticated and targeted to their businesses, and they can no longer rely solely on generic solutions.
“This acquisition is a game-changer and will help Accenture provide flexibility rather than a ‘one size fits all’ approach to managed security services. With Symantec’s cyber security services business, we can now bring clients our combined expertise fine-tuned to their industry with tailored global threat intelligence powered by advanced analytics, automation and machine learning.”
John Lionato, vice president and general manager of Symantec’s cyber security services business, said: “Becoming part of Accenture Security is a tremendous opportunity for our clients and our cyber warriors around the globe, enabling us to fuse the unique services, capabilities and solutions of two well-established companies to deliver the next generation of cybersecurity services.
In its 2019 fiscal year, Accenture invested nearly $1.2 billion globally on 33 acquisitions to acquire critical skills and capabilities in strategic, high-growth areas of the market. Symantec’s cyber security services business will be the latest in a series of acquisitions — including those of Deja vu Security, iDefense, Maglan, Redcore, Arismore and FusionX — that demonstrate Accenture Security’s commitment to investing in and innovating advanced threat intelligence and cybersecurity solutions.
Financial terms were not disclosed but the acquisition is expected to close in March 2020, subject to customary closing conditions.