Honeywell has announced the acquisition of SCADAfence, an Israeli company specialising in operational technology (OT) and IoT cybersecurity solutions for monitoring large networks. The deal aims to enhance Honeywell’s cybersecurity portfolio.
Financial details of the transaction were not disclosed. Headquartered in Tel Aviv, Israel, SCADAfence is known for its expertise in asset discovery, threat detection and compliance management. The company plans to add SCADAfence products to Honeywell Connected Enterprise’s Forge Cybersecurity software. Honeywell Connected Enterprise is Honeywell’s software division focused on digitization, sustainability and OT cybersecurity SaaS solutions.
This integration expands asset discovery, threat detection and compliance management capabilities. The company said in a statement that the operational technology cybersecurity industry will grow to more than $10 billion in the coming years. The acquisition expands Honeywell’s OT cybersecurity portfolio and enhances its current cybersecurity capabilities. Honeywell’s Cyber Security Center of Excellence in Tel Aviv is also expected to expand.
Kevin Dehoff, CEO of Honeywell Connected Enterprise said, “The addition of SCADAfence to the product portfolio strengthens our capabilities and helps our customers protect themselves against ever-increasing cybersecurity risks.”
He continued, “By improving our cybersecurity portfolio, we are driving growth and enabling our customers to operate their OT environments more securely and help prevent disruptions and potentially catastrophic events.” Honeywell has invested in OT security solutions for over two decades. They have successfully implemented thousands of projects in 130 countries. It currently has a global team of over 500 employees dedicated to OT security.
Elad Ben Meir, CEO, SCADAfence said, “This combination creates a significant growth opportunity, allowing us to combine our cutting-edge OT cybersecurity products with one of the world’s leading industrial software companies. With this acquisition, we are poised to deliver the most advanced OT security technology to Honeywell’s extensive customer base, strengthening Honeywell Forge’s comprehensive cybersecurity offering.”
According to the company, the transaction is expected to close in the second half of 2023, subject to customary transaction conditions, including certain regulatory approvals.
