Outpost24, an innovator in identifying and managing cybersecurity exposure has acquired Specops Software, a provider of password management and user authentication solutions.
Specops protects critical business data by blocking weak or compromised passwords and securing user authentication. Their automated solutions are natively integrated with Active Directory, making it easy to enforce password policy and prevent unauthorised access. The Specops acquisition will further enhance Outpost24’s full stack security assessment offering and provide enterprises insight into specific user access to reduce cyber risk across the entire attack surface.
With password abuse and exploitation of known vulnerabilities cited as the top initial access vectors in successful cyberattacks, the combination will extend the coverage of Outpost24’s full stack security assessment to the all-important user dimension and deliver enhanced assessment reach to mitigate Ransomware and other common attacks.
“We are delighted to join the Outpost24 family and combine forces to provide customers with additional security assessment capabilities required to stay ahead of the modern threats landscape,” said Marcus Kaber, CEO of Specops. “The two companies share a vision and an ambition to provide the broadest cybersecurity solutions to identify, assess, and prioritize vulnerability remediation with threat intelligence.”
“Remote and hybrid working models are here to stay, ensuring user security, both in and out of the office, should be a top priority for any organization – this is why the acquisition of Specops is timely” Karl Thedéen, CEO of Outpost24, continues “the additional funding is also a vote of confidence from our existing investors, who have a strong belief in our unique, unified security offering and market traction, as we continue to cement ourselves as one of Europe’s largest cybersecurity providers.”
Further, Outpost24 secured another SEK 50 million funding from Swedbank Robur and Alcur Fonder. The amount of funding was undisclosed.
This latest growth funding of SEK 50 million from existing institutional investors, comes less than a year after the previous round, is a reflection of the strong market momentum that Outpost24 has built with new product innovations and customer growth.
This is the second significant investment of the year for Outpost24, who has acquired Spanish threat intelligence provider, Blueliv in July 2021. By adding threat intelligence and now IAM capabilities, the newly combined company will boast 280+ employees and continue to make security posture management faster and easier for their growing customer base worldwide. Founded in 2001, Outpost24 serves leading organizations across a wide range of segments including financial and insurance, government, healthcare, retail, telecommunications, technology and manufacturing.