Mitsubishi Electric to Procure Nozomi Networks for $1 Billion
The prominent Japanese multinational corporation, Mitsubishi Electric, has announced its intention to acquire the leading industrial cybersecurity firm, Nozomi Networks, in a landmark deal valued at $1 billion.
The definitive agreement, formalized on September 9, specifies that Mitsubishi will disburse $883 million to finalize its acquisition of Nozomi’s previously held shares.
The two entities have cultivated a collaborative relationship, with Mitsubishi participating in Nozomi’s $100 million Series E funding round, revealed in March of the prior year. This partnership has fostered shared advancements in innovation.
Post-acquisition, Nozomi Networks will function as an independent subsidiary under Mitsubishi’s umbrella.
“By integrating Mitsubishi Electric’s extensive industrial expertise with Nozomi Networks’ pioneering approaches in data science, artificial intelligence, and machine learning, we possess a remarkable opportunity to forge a new wave of AI-driven solutions. These innovations will enhance cybersecurity and operational efficacy across an array of operational technology (OT) and Internet of Things (IoT) applications globally,” remarked Nozomi co-founder Andrea Carcano.
Nozomi Networks, which boasts a formidable presence across Australia, New Zealand, and the greater Asia-Pacific region, stands as a global leader in Operational Technology security. The firm adeptly combines OT security with artificial intelligence to deliver advanced cybersecurity solutions.
“This acquisition signifies a thrilling new chapter for Nozomi Networks. By aligning with Mitsubishi Electric, we will amplify our capabilities to spearhead the future of industrial security and innovation, delivering greater value to our clientele worldwide,” stated Edgard Capdevielle, President and CEO of Nozomi Networks.
“There will be no alterations to our daily interactions with Nozomi’s customers and partners; they will continue to receive the same level of support and quality service from the trusted OT and IoT cybersecurity platform. With the augmented global resources and reach of both organizations, we aim to invigorate our innovation trajectory, assisting industrial enterprises in securing their digital transitions,” he added.
Although Nozomi will retain its independent operations, Mitsubishi’s offerings will undoubtedly benefit from the engineering prowess and innovative mindset Nozomi brings.
“We are delighted to welcome Nozomi into the Mitsubishi Electric family. Their avant-garde OT security technology and rapid innovation ethos have garnered them a stellar reputation. By leveraging Nozomi’s strengths alongside Mitsubishi Electric’s expansive knowledge base, I am confident we can attain even greater heights,” said Satoshi Takeda, Senior Vice President, CDO, Chief Information Officer, and Board Member at Mitsubishi Electric Corporation.
“This acquisition will empower us to co-create valuable new services while bolstering Nozomi’s dedication to innovation and customer adaptability. Together, we can assist our clients in realizing their digital transformation aspirations while enhancing security, efficiency, and resilience,” he emphasized.
Mitsubishi Electric’s acquisition of Nozomi is projected to finalize in the last quarter of 2025.
Source link: Cybersecurityconnect.com.au.
