Deal comes two months after Broadcom closed $10.7 billion for Symantec’s cybersecurity group
Broadcom is selling Symantec’s Cyber Security Services business to global systems integrator Accenture just two months after bringing the Symantec business into the fold.
The Lowdown: The announcement Tuesday also comes in the wake of Broadcom reportedly buying cyber-risk analytics platform provider Bay Dynamics for an undisclosed sum.
The Details: Acquiring Symantec’s cybersecurity portfolio will greatly expand Accenture’s capabilities and make it a significant provider of managed security services that will help enterprises detect and respond to threats, according to company officials. Among the key features in the Symantec portfolio are threat monitoring and analysis, a network of security operations centers (SOCs), and real-time threat intelligence and incident response services.
The company runs SOCs in the United States, the United Kingdom, India, Australia, Singapore, and Japan. The Symantec business also includes a managed security service run on a cloud-based platform.
The deal is expected to close in March. No financial details were released.
The Impact: The deal is being made by two companies with a recent history of using acquisitions to build out their portfolios. Along with the Symantec deal, Broadcom in 2018 bought enterprise software maker CA for almost $19 billion and the same year tried to buy chipmaker Qualcomm for $117 billion before withdrawing the unsolicited bid after it was blocked by the Trump administration.
For its part, Accenture last year spent almost $1.2 billion to buy 33 companies in a range of high-growth areas. The company bought such companies as Déjà vu Security, iDefense, Maglan, Redcore, Arismore, and FusionX to grow its capabilities in threat intelligence and cybersecurity.
The Buzz: “Cybersecurity has become one of the most critical business imperatives for all organizations regardless of industry or geographic location,” Accenture CEO Julie Sweet said. “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.”
“Companies are facing an unprecedented volume of cyberthreats that are highly sophisticated and targeted to their businesses, and they can no longer rely solely on generic solutions,” said Kelly Bissell, senior managing director of Accenture Security. “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.”
“Becoming part of Accenture Security is a tremendous opportunity for our clients and our cyberwarriors 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.