Access control company SecureAuth announced this week that it will merge with Core Security, a firm focused on vulnerability discovery, identity governance, and threat management.
Through the merger, the two are aiming to bring together security operations and identity and access management (IAM).
SecureAuth and Core Security aim to become an independent security vendor that will bring together network, endpoint, vulnerability, and identity security.
Jeff Kukowski, currently the Chief Executive Officer at SecureAuth, will serve as CEO of the combined company. The merger is pending regulatory approval from the U.S. Federal government.
“The security industry must deliver an integrated and relevant approach to our customers. Despite the incredible amount of money spent on security technology, front-line security professionals in the most sophisticated Security Operations Centers (SOC) are challenged in managing and visualizing the full attack surface. Including identity information into the threat landscape alongside traditional network, endpoint, and vulnerability information substantially reduces threat discovery and response time,” Kukowski said.
“We can now deliver an entirely new approach to integrating security operations and deploying advanced machine learning to achieve real automation in the SOC,” Kukowski added.
Backed by K1 Investment Management and Toba Capital, the merged company also announced raising over $200 million.
Responding to a SecurityWeek inquiry on additional details on the funding, Jeff Nolan, CMO of SecureAuth, revealed in an emailed statement that SecureAuth was in fact acquired by K1.
“K1 Investment Management acquired SecureAuth for $225 million, existing investor Toba Capital rolled a portion of their proceeds forward and K1 allocating additional capital for the company. The merger with Core Security, pending regulatory approval, occurred after the acquisition of SecureAuth,” Nolan revealed.
The newly merged company says it will serve 1,500 customers across all industry verticals and monitors over 750 million devices daily. It has 360 employees, over 75 patents issued and pending, and a network of global locations.
In July 2016, Atlanta-based Damballa was bought for what amounts to a pittance by neighboring Roswell-based Core Security.
Related: Rethinking the Model for Cybersecurity Technology Innovation