Manchester tech firm bought by American giant
Manchester based software specialist Avecto has been bought by an American firm for an undisclosed amount.
Avecto has been bought by American firm Bomgar.
The Wythenshawe based company specialises in creating software that reduces hacking breaches.
It was founded 10 years ago by Paul Kenyon and Mark Austin, who had previously helped to found Appsense.
Bomgar is currently used by more than 15,000 organizations across 80 countries.
Bomgar’s software protects privileged accounts, passwords, and credentials, while securing the remote access pathways commonly exploited in hacker attacks.
Avecto’s technology adds another layer of defence at the endpoint by removing excess admin rights and only elevating privileges for approved applications and actions.
Matt Dircks, chief executive of Bomgar, said: “With the addition of Avecto, Bomgar now offers one of the most comprehensive PAM platforms for managing and protecting privileged access.
“Our companies share a passion for developing security solutions that users love because they’re quick to deploy, intuitive, and don’t impede productivity. We’re excited to combine forces with Avecto’s team, customers, and partners to develop new, innovative ways to mitigate the risks of privileged threats.”
Mark Austin, co-founder and co-chief executive of Avecto, said: “The combination of Avecto’s and Bomgar’s technology will enable companies to quickly and easily automate critical PAM capabilities while also improving end-users’ ability to do their jobs and support the business.
“We’re thrilled to join the Bomgar family and jointly lead the market in developing solutions that address today’s most pervasive and dangerous challenges.
“It’s exciting to be joining a company that genuinely cares as much as Avecto does about its employees, customers, and partners,” said Paul Kenyon, co-founder and co-CEO of Avecto.
“The combination of our teams will not only ensure Avecto’s customers and partners continue to receive the stellar service and support that is a hallmark of our business, but also benefit from the additional solutions and capabilities that Bomgar brings to the table.”
Terms of the transaction, which is expected to close July 31 will not be disclosed.
