Acquisition marks company’s next step towards securing the Extended Internet of Things (XIoT)
Claroty, the security company for cyber-physical systems (CPS) across industrial, healthcare, and enterprise environments, today announced it completed the acquisition of Medigate, a leading healthcare IoT security company. The acquisition uniquely positions Claroty to secure the Extended Internet of Things (XIoT) by delivering unmatched visibility, protection, and threat detection for all connected organizations via one comprehensive solution.
“Highly interconnected CPS have become pervasive in industrial and healthcare environments in recent years in order to drive innovation, resilience, sustainability, and better health outcomes. However, greater connectivity begets greater exposure to risks, with serious consequences for patient safety, public safety, and the environment,” said Yaniv Vardi, CEO of Claroty. “Together, Claroty and Medigate will combine our deep domain expertise and specialized technologies into a comprehensive platform that will extend across all types of CPS and connected devices to secure the XIoT. We envision a future where cyber and physical worlds safely connect to support our lives, and with Medigate’s talented team and powerful capabilities, we have what it takes to make this vision a reality.”
Ransomware attacks affecting CPS in all sectors reached record-breaking highs in 2021, and 82% of healthcare systems reported IoT cyber attacks in just the last 18 months. This has led to a surge of new security regulations urging and even mandating organizations to take action.
“By joining forces between Medigate and Claroty, we are forming the only cybersecurity company that can deliver a best-of-breed solution for all the critical assets across healthcare, industrial, and enterprise environments that comprise the XIoT,” said Jonathan Langer, co-founder and CEO of Medigate. “Our combined talent, technology, and IP empowers us to truly change the way organizations identify, secure, and manage these connected assets on a massive scale, thereby delivering even greater value for our customers.”
The acquisition was funded by Claroty’s $400 million Series E round, announced in December 2021. The round was led by SoftBank Vision Fund 2, Bessemer Venture Partners, Schneider Electric, Rockwell Automation, Standard Investments, Team8, and ISTARI (a global cybersecurity platform established by Temasek). Claroty has raised $635 million to date, making it the most well-funded cybersecurity company in the industrial (OT), healthcare (IoMT), and enterprise IoT sectors.1
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