Accenture to acquire Symantec’s cyber security services business from Broadcom

Accenture to acquire Symantec’s cyber security services business from Broadcom
Photo Credit: Reuters
8 Jan, 2020

Information technology services and consulting major Accenture is acquiring Symantec’s cyber security services business from semiconductor company Broadcom.

With the acquisition, Accenture Security will enhance its ability to help companies rapidly anticipate, detect and respond to cyber threats. The financial terms of the deal were not disclosed.

Broadcom acquired Symantec enterprise security business for $10.7 billion in August 2019. Completion of the acquisition is subject to customary closing conditions and is expected to close in March 2020.

“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.” Julie Sweet, chief executive officer, Accenture said.

Now a division of Broadcom, Symantec’s enterprise security business is headquartered in Mountain View, California and its cyber security services business includes more than 300 employees around the world. The team caters to a diverse range of industries, including financial services, utilities, health, government, communications, media, technology and retail.

Symantec’s security operations centres are located in the US, the United Kingdom, India, Australia, Singapore and Japan.

“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,” John Lionato, vice president and general manager of Symantec’s Cyber Security Services business said.

Accenture Security has expanded its security portfolio with several deals in over the past few months.

In its 2019 fiscal year, Accenture invested nearly US$1.2 billion globally on 33 acquisitions to acquire critical skills and capabilities in strategic, high-growth areas of the market. Some of the key acquisitions include Deja vu Security, iDefense, Maglan, Redcore, Arismore and FusionX.

Earlier, Accenture had introduced a new ‘compliance-as-a-service’  solution aimed at offering financial institutions, fintech and technology companies a cost effective option to combat financial crime and deal with regulatory compliance. The IT firm leveraged human-machine operating engine “SynOps” which is the backbone of the CaaS offering.