Honeywell Strengthens Cybersecurity Software Portfolio With Acquisition Of SCADAfence

Honeywell International Inc HON agrees to acquire SCADAfence, a provider of operational technology (OT) and Internet of Things (IoT) cybersecurity solutions for monitoring large-scale networks. Deal terms were not disclosed.

SCADAfence is headquartered in Tel Aviv, Israel, and will expand Honeywell's Cybersecurity Center of Excellence in Tel Aviv.

In the upcoming years, the OT cybersecurity market is anticipated to increase to more than $10 billion, especially in the industrial sector.

The acquisition boosts Honeywell's high-growth OT cybersecurity portfolio and enhances existing cybersecurity capabilities, enabling clients to operate more securely, reliably, and efficiently.

The SCADAfence product portfolio will integrate into the Honeywell Forge Cybersecurity+ suite within Honeywell Connected Enterprise.

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"SCADAfence is an ideal complement to Honeywell's OT cybersecurity portfolio and, when combined with the Honeywell Forge Cybersecurity+ suite, it enables us to provide an end-to-end solution with applicability to asset, site, and enterprise across key Honeywell sectors," commented Kevin Dehoff, president, and chief executive officer, Honeywell Connected Enterprise.

HON held cash and equivalents of $7.2 billion as of March 31, 2023. The transaction is to close in the second half of 2023.

Price Action: HON closed lower by 0.37% at $203.36 on Friday.