Accenture to Acquire Symantec’s Cyber Security Services Business from Broadcom
Acquisition will make Accenture Security one of the world’s leading providers of managed security services
Accenture (NYSE: ACN) has agreed to acquire Symantec’s Cyber Security Services business from Broadcom, Inc. (NASDAQ: AVGO). Financial terms were not disclosed.
The acquisition will make Accenture Security one of the leading providers of managed security services, further enhancing its ability to help companies rapidly anticipate, detect and respond to cyber threats.
Symantec’s portfolio of Cyber Security Services includes global threat monitoring and analysis through a network of security operation centers, real-time adversary and industry-specific threat intelligence and incident response services. The six security operations centers are located in the U.S., the United Kingdom, 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 customizable portal.
“Cybersecurity has become one of the most critical business imperatives for all organizations regardless of industry or geographic location,” said Julie Sweet, Accenture’s Chief Executive Officer. “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.”
Kelly Bissell, senior managing director of Accenture Security said, “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.”
Symantec’s Enterprise Security business, now a division of Broadcom, is headquartered in Mountain View, California and its Cyber Security Services business includes more than 300 employees around the world who serve top-tier organizations across a diverse range of industries, including financial services, utilities, health, government, communications, media, technology and retail.
“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,” said John Lionato, vice president and general manager of Symantec’s Cyber Security Services business.
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.
In its 2019 fiscal year, Accenture invested nearly US$1.2 billion globally on 33 acquisitions to acquire critical skills and capabilities in strategic, high-growth areas of the market.
Completion of the acquisition is subject to customary closing conditions and is expected to close in March 2020.