Broadcom sells Symantec's Cyber Security Services business to Accenture
It is selling off the security services business after acquiring it in August.
By Asha Barbaschow | January 7, 2020 -- 22:44 GMT (14:44 PST) | Topic: Security
Accenture strengthens security-focused portfolio buying Symantec's Cyber Security Services Broadcom is selling off the security services business after acquiring it in August.
Accenture has announced its intentions to acquire Symantec's Cyber Security Services business from Broadcom Inc.
Broadcom scooped up the entire Symantec Enterprise Security business for $10.7 billion in August. The amount Accenture paid for the Cyber Security Services division has not been disclosed.
Under the deal, Accenture will take on Symantec's portfolio of Cyber Security Services, which includes global threat monitoring and analysis, conducted through a network of security operation centres and threat intelligence and incident response services.
Symantec's six security operations centres are located in the United States, the United Kingdom, India, Australia, Singapore, and Japan.
Accenture will also now assume responsibility for the 300-plus Mountain View-based staff employed under the Symantec Cyber Security Services business.
See also: Cybersecurity staff burnout risks leaving organisations vulnerable to cyberattacks
"Becoming part of Accenture Security is a tremendous opportunity for our clients and our cyber warriors around the globe, enabling us to fuse the unique services, capabilities, and solutions of two well-established companies to deliver the next generation of cybersecurity services," vice president and general manager of Symantec's Cyber Security Services business John Lionato said.
Accenture now boasts a handful of security-focused business units, after previously scooping up Deja vu Security, iDefense, Arismore, Maglan, Redcore, and FusionX.
"Cybersecurity has become one of the most critical business imperatives for all organisations regardless of industry or geographic location," Accenture CEO Julie Sweet said.
"With the addition of Symantec's Cyber Security Services business, Accenture Security will offer one of the most comprehensive managed services for global businesses to detect and manage cybersecurity threats aimed at their companies."
Accenture said that during the 2019 fiscal year, it invested nearly $1.2 billion globally on 33 acquisitions to "acquire critical skills and capabilities in strategic, high-growth areas of the market".
Completion of the acquisition is subject to customary closing conditions and is expected to close in March 2020.
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