PAS Global, a technology company with deep roots in software solutions for process safety and asset reliability for industrial firms, announced on Wednesday that it has agreed to be acquired by Hexagon AB, a provider of sensor, software, and autonomous solutions based in Sweden.
Terms of the acquisition were not disclosed.
PAS helps customers comply with regulatory standards including NERC CIP, NIST, and IEC 62443, with offerings including ICS cybersecurity, automation asset management, IPL assurance, alarm management, high performance HMI, boundary management, and control loop performance optimization.
Founded by Eddie Habibi, who currently serves as CEO, the company was previously known as Plant Automation Services, Inc. (“PAS”). The company reorganized as PAS Global in 2017 when it took a $40 million investment from Tinicum, the company’s first outside funding.
“The relationship began as part of a capital raise, with Hexagon initially being evaluated as one of several potential investors interested in helping PAS continue their massive growth,” a PAS spokesperson told SecurityWeek. “Once Hexagon expressed interest in an acquisition, PAS knew that teaming up would help them grow even faster, expand market reach and deliver greater value to customers — especially during the current pandemic.”
“The strategic acquisition of PAS will expand our owner operator market presence and broaden our capabilities by extending Hexagon solutions to operational risk management and operational technology cybersecurity,” said Hexagon PPM President Mattias Stenberg.
According to Hexagon, the acquisition will create a new cybersecurity-focused business segment within Hexagon’s PPM division, which will also provide opportunities with other Hexagon divisions.
Completion of the transaction is subject to regulatory approvals.