Hungarian IT firm bought for estimated USD 100 mln
One Identity, the ID and access management unit of U.S.-based Quest Software, has acquired Hungarian-owned Balabit, the latter announced on Friday. The value of the deal has not been disclosed, but was estimated by Forbes to be worth USD 100 million.
Balabit Corp. provides privileged access management (PAM), privileged account analytics and log management solutions that help businesses reduce the risk of data breaches associated with privileged accounts. The acquisition of Balabit, One Identity’s first as an independent company, further advances its drive to offer the industry’s most complete set of PAM solutions, according to a press release published on the Balabit website.
“The addition of privileged account analytics is a perfect complement to the identity analytics capabilities in our recently released One Identity Starling IARI solution,” said Jackson Shaw, senior director of product management at One Identity. “The pairing of our technologies will enable our customers to know what entitlements their employees and privileged users have, and what they are doing with those entitlements. Identity and privileged account analytics: it’s a powerful combination that we’re excited to bring to market,” he added.
Details of the transaction have not been disclosed but Forbes estimated the value of the deal at USD 100 million. Balabit supplies big businesses and state institutions with IT security solutions. About 95% of its revenues derive from exports.
Zoltán Györkő, CEO of Balabit, told national news agency MTI that the companyʼs revenue rose 20% to EUR 20 mln in the business year that ended on June 30. In the 2017/2018 business year, it targets revenue growth of 25-30%.
Balabit has been loss-making since receiving an USD 8 mln venture capital injection in 2014, but the company could break even in the 2018/2019 business year, Györkő said.
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