OpenText Buys Pillr Multi-Tenant MDR Platform
OpenText Corporation has acquired managed detection and response (MDR) platform Pillr from Novacoast for an undisclosed sum. 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 and includes capabilities for threat hunting and response, including 24×7 Security Operations Center (SOC) services.
This is technology M&A deal number 137 that ChannelE2E and MSSP Alert have covered so far in 2024. See more than 2,000 technology M&A deals for 2024, 2023, 2022, 2021, and 2020 listed here.
OpenText, founded in 1991, is based in Waterloo, Ontario, Canada. The company has 22,768 employees listed 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 legaltech.
Novacoast, founded in 1996, 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 & compliance, desktop management, storage, Linux services, identity management, product development, staffing services, product fulfillment, infrastructure, data center, availability, storage & recovery, collaboration, and managed services.
Acquisition Details
OpenText, which trades on the NASDAQ under the ticker OTEX, plans to introduce key features to the platform including API integrations and product/pricing bundling, which it says will provide MSPs with a more comprehensive solution to protect against cybersecurity threats.
The acquisition is not material to its financial results, the company said in a prepared statement. An undefined number of employees will join OpenText, according to the company.
Enhancing Cybersecurity Solutions
According to OpenText, the integration of Pillr technology will enhance its cybersecurity product offerings by providing advanced threat hunting, monitoring, and response solutions. The acquisition aims to address the current challenges faced by organizations, such as skill gaps, skill shortages, and alert fatigue, the company said.
“Cyber threats continue to rise fast and are growing more sophisticated,” said Mark J. Barrenechea, CEO & CTO, OpenText. “Organizations need advanced managed detection and response solutions to prevent attackers from gaining the foothold needed to launch an attack. The combination of Pillr’s platform with our existing threat detection offerings strengthens OpenText’s position in the cybersecurity market and reinforces our commitment to our SMB partners and customers.”
