Accenture to buy Symentec’s cybersecurity services unit from Broadcom

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New York, USA: Accenture has agreed to acquire Symantec’s cybersecurity services business from Broadcom for an undisclosed sum.

This marks Accenture’s first buyout in 2020 and continued from where it had left with 33 acquisitions in 2019, worth of $1.2 billion.

Interestingly, Broadcom has picked Symantec’s cybersecurity business just last year for little over $10 billion and the deal was completed two months ago.

Broadcom owned Symantec’s enterprise cybersecurity business is based in Mountain View, California and it has over 300 staff globally serving businesses across verticals

This deal would help Accenture Security to become the leading managed security services player. It would also enhance Accenture Security’s ability to help companies rapidly anticipate, detect and respond to cyber threats.

Cybersecurity has become one of the most critical business imperatives for all organizations regardless of industry or geographic location,” said Julie Sweet, Accenture CEO.

“With the addition of Symantec’s cybersecurity 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,” added Sweet.

Symantec’s portfolio of cybersecurity 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 US, UK, India, Australia, Singapore and Japan. Its managed security services business runs on a proprietary cloud-based platform. It delivers a steady stream of technical and cyber adversary threat intelligence through a customizable portal.

The Symantec’s cybersecurity services business deal is expected to be complete in March 2020. subject to customary closing conditions.

“This acquisition is a game-changer and will help Accenture provide flexibility rather than a ‘one size fits all’ approach to managed security services,” said Kelly Bissell, Senior MD – Accenture Security.

“With Symantec’s cybersecurity 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,” added Bissell.

“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, VP and GM – Symantec’s Cybersecurity services business.

Deja vu Security, iDefense, Maglan, Redcore, Arismore and FusionX among the many key acquisitions Accenture Security had made in 2019.

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