Cloudastructure, the award-winning cloud video surveillance provider, has signed a Letter of Intent to purchase rapidly growing IoT cybersecurity company IPG. The terms of the deal are undisclosed.
Also Read: New Research Reveals Governance as a Significant Inhibitor to Accelerated Cloud Adoption
The acquisition would add an important new layer of cybersecurity to Cloudastructure’s expanding physical and cybersecurity platform and a key offering for enterprise customers as they embrace new IoT technologies.
The plethora of IoT devices tells the story. According to a Forrester report, “State of Enterprise IoT Security in North America: Unmanaged and Unsecured”:
67% of enterprises have experienced an IoT security incident
84% of security professionals believe IoT devices are more vulnerable than computers
93% of enterprises are planning to increase their spending on security for IoT and unmanaged devices
Routinely installed IoT devices include: video surveillance, access control, fire and life safety, utilities, conveyance, HVAC and building management.
IPG’s cybersecurity tool GearBox is a “plug-and-play” tool which inventories devices, performs risk analysis, compliance testing and rogue device detection. This combined with readily accessible normalized data alleviates the level of risk introduced by IoT installations. The IPG team will be joining Cloudastructure, including Steve Kiss, CEO, as General Manager, IoT Security.
Cloudastructure CEO Rick Bentley commented, “The acquisition of IPG means Cloudastructure enterprise customers can enjoy not only a vastly higher degree of cybersecurity than they can with other cloud video surveillance providers, but opt for a robust IoT risk management posture throughout their organization.”
IPG CEO Steve Kiss commented, “We couldn’t be more pleased joining Cloudastructure, a cloud-based video surveillance provider that views cybersecurity as critically as we do.”
Subject to satisfactory completion of customary due diligence and the signing of a definitive agreement, the closing of the deal will be announced on a mutually agreeable date.
Please direct media inquiries to Kathleen Hannon at kathleen@cloudastructure.com or Luly Schlingman at lschlingman@iotgearbox.com.
About Cloudastructure:
Headquartered in Miami, Florida, with R&D in Silicon Valley, California, Cloudastructure’s award-winning surveillance video management system is designed and supported by world-class technical resources drawn from five continents. The platform’s unique architecture enables AI and computer vision for scalable, flexible, cost-effective security and eliminates the resource-intensive management and data risks of on-premises solutions. Cloudastructure enables a unified view of multiple sites for motion, facial recognition/detection, anomaly detection, object counting, LPR, advanced analytics, and compliance and delivers up to a 75% lower total cost of ownership than other systems.