Forescout Technologies has paid approximately $113m to acquire operational technology security provider and University of Twente spinout SecurityMatters.
SecurityMatters, a Netherlands-based network security software developer spun out of University of Twente, has been acquired by internet-of-things security technology provider Forescout Technologies for about $113m.
Founded in 2009, SecurityMatters has built a cybersecurity platform that focuses on operational technology (OT) networks such as those use to run industrial or control systems.
The software enables customers to get security visibility for their OT devices, continuously monitor their networks and detect threats and anomalies. Forescout will integrate the company’s passive network monitoring and assessment technology into its own offering.
Michael DeCesare, ForeScout’s president and chief executive, said: “ForeScout’s acquisition of SecurityMatters is a natural fit as it takes us deeper into a market where we have an established foothold and are seeing explosive customer demand.
“SecurityMatters’ technology and talent will accelerate our success in securing OT, expand our total addressable market and reinforce our solution as the industry’s only, end-to-end agentless device visibility and control platform.”
The company raised what it referred to as a substantial amount in a 2016 round led by venture capital firm Emerald Technology Ventures that included industrial product and appliance maker Robert Bosch, telecommunications firm KPN and industrial automation equipment producer Phoenix Contact.
The corporates participated in the round through respective subsidiaries Robert Bosch Venture Capital, KPN Ventures and Phoenix Contact Innovation Ventures. SecurityMatters has not disclosed details of its earlier funding.