Accenture buying Symantec’s security business from Broadcom

Accenture has agreed to acquire Symantec’s Cyber Security Services business from Broadcom, a move that will make Accenture Security one of the world’s leading providers of managed security services.

Symantec’s portfolio of Cyber Security Services includes global threat monitoring and analysis through a network of security operation centres, real-time adversary and industry-specific threat intelligence and incident response services.

There are six security operations centres located in the United States, the United Kingdom, India, Australia, Singapore and Japan. Its managed security services business is supported by a proprietary cloud-based platform that delivers a steady stream of technical and cyber adversary threat intelligence through a customisable portal.

“Cybersecurity has become one of the most critical business imperatives for all organisations regardless of industry or geographic location,” said Accenture CEO Julie Sweet. “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.”

Kelly Bissell, senior managing director of Accenture Security said, companies are facing an unprecedented volume of cyber threats that are highly-sophisticated and targeted to their businesses and they can no longer rely solely on generic solutions.

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“This acquisition is a game-changer and will help Accenture provide flexibility rather than a ‘one size fits all’ approach to managed security services,” said Bissell. “With Symantec’s Cyber Security Services business, we can now bring clients our combined expertise fine-tuned to their industry with tailored global threat intelligence powered by advanced analytics, automation and machine learning.”

Symantec’s Enterprise Security business, now a division of Broadcom, is headquartered in California and its Cyber Security Services business includes more than 300 employees around the world who serve top-tier organisations across a diverse range of industries, including financial services, utilities, health, government, communications, media, technology and retail.

In its 2019 fiscal year, Accenture invested nearly US$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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