LONDON & FREMONT, Calif.--(BUSINESS WIRE)--Cryptosoft, the leader in policy driven authentication and encryption services for connected Internet of Things (IoT) and Machine-to-Machine (M2M) devices, today announced its acquisition of DeviceAuthority Inc, a Gartner-named cool vendor of the year 2015 for Identity and Access Management solutions for IoT, along with additional financing led by Tern plc and Alsop Louie Partners (ALP). The transaction closed on April 21, 2016 and after regulatory filings the new company will operate under the Device Authority name.
This strategic combination positions the company as the most advanced policy based security platform and comprehensive device-derived cryptography and device-based data security solution from a single company, which enables leading device and gateway manufacturers, IoT Service platforms, and “over the air” (OTA) solution providers to provide device-driven trust and highly scalable security for the Internet of Things.
“Both companies coming together further advances our strategy of providing customers with the most reliable, cost-effective IoT security solution, through a comprehensive portfolio of products”, said Darron Antill, CEO of Cryptosoft Ltd. “The combined companies provide a scalable device authentication solution that can cost-effectively manage hundreds of thousands of client devices, and policy driven data centric encryption technology, that protects customer data in-transit and at-rest,” he added.
This agreement follows the successful strategic partnership between the two companies, formed in October 2015, and the subsequent integration of their technologies which provide the market with a unique scalable, certificate-less, data centric approach to securing information assets at any data level within a client’s IoT ecosystem.
"I'm very excited about joining forces with the Cryptosoft team and what this represents for the security of IoT solutions," says Talbot Harty, CEO of Device Authority Inc. "The combination of our technologies provides a highly differentiated set of advanced security capabilities and operational benefits for large-scale IoT deployment and management. What truly sets us apart here is our ability to deliver this with our unique dynamic device bound key technology while adding significant value to existing, traditional, PKI investments” said Talbot.
“With this exciting combination we expand our current product offerings and add an innovative patent portfolio of security technologies that adapt to the broad and evolving needs of the IoT marketplace”, said Albert E. Sisto, Executive Chairman. “We also strengthen our ability to serve customers by establishing one entity with a strong presence in Europe, as well as the Silicon Valley and the East Coast of the United States”, he added.
Details of the leadership team can be found on the new website: http://www.deviceauthority.com/
About DeviceAuthority, Inc.
Leveraging patented M2M authentication technology, Device Authority's D-FACTOR™ authentication engine definitively identifies devices to establish trust between endpoints, gateways and applications. For IoT, D-FACTOR™ eliminates the vulnerabilities and inefficiencies of static keys and certificates by transforming devices into dynamic keys for authentication and device-derived crypto applications.
About Cryptosoft Ltd
Cryptosoft’s platform solves the data security & authentication challenges for the Internet of Things (IoT). The software platform significantly reduces the end-to-end attack surface, protecting critical company and customer data assets. The Cryptosoft platform provides transparent protection of data at rest and in transit across any platform, device and service, delivering end-to-end protection of critical data. Cryptosoft partners with leading IoT ecosystem provider ThingWorx and security leader Symantec.