Firm’s cyber-risk analytics platform will pair with Broadcom’s Symantec offerings
Broadcom, which has been rapidly diversifying its product portfolio beyond its core processor business through acquisitions like CA and Symantec’s enterprise unit, reportedly is adding to its cybersecurity capabilities by buying cyber-risk analytics provider Bay Dynamics.
The Lowdown: The Silicon Valley Business Journal reported that the deal has been made, though neither Broadcom nor Bay Dynamics have officially announced it. However, Broadcom noted the acquisition in a filing with the Securities and Exchange Commission (SEC).
The Details: No financial details were disclosed in the SEC filing, though Broadcom disclosed that once the deal is complete, Bay Dynamics will operate as a wholly-owned subsidiary.
Broadcom made a strong move into the cybersecurity space in August when it bought Symantec’s enterprise business for $10.7 billion, a move that involved such capabilities as data loss prevention (DLP), web gateway and endpoint security, cloud access security broker (CASB), email security, and managed security services.
With Bay Dynamics, Broadcom gets a company that already is a Symantec partner and that offers a cyber-risk analytics and user and entity behavioral analytics (UEBA) platform – Bay Dynamics Risk Fabric – that can integrate with multiple data sources like security infrastructures and security management tools. The platform analyzes cybersecurity and IT telemetry to give enterprises insights into their risk environment.
The Impact: Bay Dyanmics’ platform that touches on DLP, CASB, security information and event management (SIEM), threat intel data, governance, risk, and compliance (GRC), and endpoint protection, delivers vulnerability and penetration testing data, and provides data on assets, including ownership and loss impact. Broadcom not only will be able to pair these capabilities with the ones acquired via the Symantec deal, but can also leverage them in its growing software business, including what it inherited when it bought CA for almost $19 billion in 2018.
Background: Bay Dynamics, based in New York City, has been around since 2001 and counts such major companies as UBS and Comcast as customers. Along with 19 technology partners, the company also has resellers, systems integrators, and managed security services providers (MSSPs) as channel partners. The company has raised $31 million in funding, according to Crunchbase, which also noted its acquisition by Broadcom.