Eyeing the cloud and mobile security space, and a bigger market share in the United States, Swedish identity and access management (IAM) provider Cryptzone has acquired HiSoftware, which offers governance, compliance and security solutions.
The combined product portfolio is "highly complementary," the companies said, when it comes to tools for securing critical data in the cloud, on mobile devices and in customer data centers. HiSoftware’s compliance product allows enterprises and government agencies to validate compliance of internal and external website content against predefined and user-defined policies, including HIPAA, FISMA, WCAG, US Section 50 and GLBA. The company also specializes in delivering content security and site management solutions within the Microsoft SharePoint business collaboration platform.
Cryptzone will thus look to integrate Boston-based HiSoftware’s advanced suite of solutions, including its Compliance Sheriff Web, Security Sheriff and Site Sheriff products, into its existing product set. Together, the two will form a suite of context-aware access control, data security and compliance offerings.
“Organizations across the private and public sectors are constantly trying to stay ahead of the evolving security threats that present themselves in today’s market while also improving the oversight of their governance practices in order to conform with stringent financial and operational compliance standards,” said Barry Field, partner at Cryptzone parent Medina Capital, in a statement. “Combining the sophisticated capabilities of Cryptzone’s leading-edge identity and access management solutions with HiSoftware’s advanced governance, risk management and compliance solutions will create a highly differentiated offering in a fast-growing market. Through this acquisition, we believe the ‘new’ Cryptzone will be uniquely positioned to deliver end-to-end solutions for organizations attempting to secure their most important data and applications.”
After the acquisition is finalized, Cryptzone will move its headquarters to Boston, but will have a European center of excellence in engineering located in Gothenburg, Sweden, its birthplace. HiSoftware’s CEO, Kurt Mueffelmann, will be named CEO of the combined entity.
“This is an exciting time for Cryptzone and HiSoftware, as well as our rapidly growing customer base,” said Mueffelmann. “I look forward to shepherding the union of these two fast-paced companies to create an unrivaled product offering to dynamically mitigate data security risk and ensure compliance so customers can confidently and securely collaborate and focus on getting business done.”
The customer list for the merged companies will include more than 700 customers, including large global enterprises like JPMorgan Chase, Northrup Grumman, AIG, Proctor & Gamble, State Street Trust, New York Presbyterian, ANZ Bank and California State University, as well as some large US government agencies such as the Departments of Commerce, Department of Homeland Security, Office of Secretary of Defense, and Department of Treasury/IRS.