OpenText Corporation has acquired managed detection and response (MDR) platform Pillr from Novacoast for an undisclosed amount. The acquisition is part of OpenText's strategy to accelerate its cybersecurity product roadmap.
Pillr is a cloud-native, multi-tenant MDR platform designed for MSPs, with threat hunting and response capabilities, including 24/7 Security Operations Center (SOC) services.
This is the 137th technology M&A deal covered by ChannelE2E and MSSP Alert so far in 2024. Over 2,000 technology M&A deals from 2024, 2023, 2022, 2021 and 2020 are listed here.
OpenText was founded in 1991 and is based in Waterloo, Ontario, Canada. The company has 22,768 employees on LinkedIn. OpenText's areas of expertise include Information Management, Enterprise Content Management (ECM), Content Services, Digital Experience (DX), Customer Experience Management (CEM), Customer Communications Management (CCM), Information Exchange, IoT, Information Security, Developers, Partners and Legal Tech.
Novacoast was founded in 1996 and is based in Wichita, Kansas. The company has 358 employees listed on LinkedIn. In addition to developing Pillr, Novacoast's areas of expertise include security and compliance, desktop management, storage, Linux services, identity management, product development, human resources services, product fulfillment, infrastructure, data center, availability, storage and recovery, collaboration, and managed services.
Acquisition Details
OpenText, which trades on Nasdaq under the ticker symbol OTEX, plans to introduce key capabilities such as API integration and product/price bundling to its platform, which it says will give MSPs a more comprehensive solution for protecting against cybersecurity threats.
The company said in a statement that the acquisition will not have a material impact on its financial results. An undetermined number of employees will join OpenText, the company said.
Strengthening Cybersecurity Solutions
OpenText said the integration of Pillr's technology will enhance its cybersecurity offerings by providing advanced threat hunting, monitoring and response solutions. The company said the acquisition is aimed at addressing challenges organizations currently face, including skills gaps, skills shortages and alert fatigue.
“Cyber threats continue to grow rapidly and become more sophisticated,” said Mark J. Barrenechea, CEO and CTO, OpenText. “Organizations need advanced managed detection and response solutions to prevent attackers from gaining the foothold they need to launch an attack. Combining Pillr's platform with our existing threat detection services strengthens OpenText's position in the cybersecurity market and reinforces our commitment to our small business partners and customers.”
