KPMG buys cybersecurity assets from Cyberinc
KPMG will acquire the identity and access management (IAM) business of Silicon Valley cybersecurity company Cyberinc for $32.71 million. The move is part of the Big Four firm’s plan to grow its information security consulting services capabilities, and expand its ability to provide clients with emerging IAM solutions.
The transaction also bolsters KPMG’s talent and resources in the fast-growing area of digital consumer identity and privileged user management, which are security capabilities for enhancing customer engagement.
The Cyberinc transaction is KPMG’s second acquisition in this area. In October 2014, the firm acquired certain assets of Qubera Solutions, a privately held Redwood City, Calif-based cybersecurity firm that also provides IAM services.
Cyberinc’s IAM business consists of 190 staff globally, with significant presence in the United States, India, Australia and the United Kingdom. The team provides advisory, strategy, implementation services and managed services for organizations that need to transform their enterprise or consumer identity capabilities.
Currently, KPMG has information security alliance partnerships with Oracle, Sailpoint and Ping. The transaction with Cyberinc is expected to better enable information protection for large enterprises, while pursuing new digital interactions and business transformations.
“As organizations innovate and transform their back, middle and front offices, identity and access management solutions that effectively bridge the gap between risk mitigation and customer experience are key to driving sustainable growth,” stated Tony Buffomante, U.S. Leader of KPMG’s Cyber Security Services practice. “The addition of the Cyberinc team and capabilities is yet another example of how KPMG is investing in cyber security and helping clients succeed on their digital journey.”
“Over the last decade, Cyberinc’s IAM business has risen to industry leadership position on the strength of some of the largest IAM deployments globally, investments in IP and an array of premium partnerships,” said Cyberinc CEO Samir Shah in a statement. “I am very pleased that Cyberinc’s truly world class team will continue this journey with KPMG. Cyber threats continue to accelerate and remain a top business risk.”
Shah added that divesting the IAM business will allow Cyberinc to focus “sharply” on Isla, its Malware Isolation Platform.