Accenture to snap up Symantec unit from Broadcom

Broadcom is letting the Cyber Security Services business go just months after acquiring Symantec

Accenture has agreed on a deal with Broadcom to acquire Symantec’s Cyber Security services business to bolster the capabilities of its own security division.

The agreement to sell this significant division of Symantec has come just months after Broadcom struck a $10 billion deal to acquire the enterprise division of the security firm, with the terms of this recently-announced deal undisclosed. 

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The portfolio that will come under Accenture control, subject to regulatory approval, will include global threat monitoring and analysis tools, as well as real-time threat intelligence specific to various industries.

The deal also includes Symantec’s six security operation centres, located in the UK, US, India, Australia, Singapore and Japan. The Cyber Security Services business comprises 300 employees serving clients in a variety of industries, ranging from financial services to healthcare.

“Companies are facing an unprecedented volume of cyber threats that are highly-sophisticated and targeted to their businesses, and they can no longer rely solely on generic solutions,” said Accenture’s senior managing director, Kelly Bissell.

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“This acquisition is a game-changer and will help Accenture provide flexibility rather than a ‘one size fits all’ approach to managed security services," Bissell added. “With Symantec’s Cyber Security Services business, we can now bring clients our combined expertise fine-tuned to their industry with tailored global threat intelligence powered by advanced analytics, automation and machine learning.”

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Accenture’s purchase of Symantec’s security services division is the latest in a long string of acquisitions that the consulting giant has made in the last 12 months, as it looks to broaden its portfolio. During 2019, the firm made 33 acquisitions to the tune of $1.2 billion.

Symantec’s enterprise security business, meanwhile, was only recently purchased by the chip-maker Broadcom, with the remaining consumer divisions rebranding to Norton LifeLock following the purchase.

The remaining divisions within the Broadcom-owned Symantec business include Consulting Services, Premium Support and Education Services.

“Becoming part of Accenture Security is a tremendous opportunity for our clients and our cyber warriors around the globe, enabling us to fuse the unique services, capabilities and solutions of two well-established companies to deliver the next generation of cybersecurity services,” said vice president and general manager of Symantec’s Cyber Security Services business, John Lionato.

IT Pro approached Broadcom to ask why the firm was selling the Symantec division so soon after purchasing the company. Accenture was also approached for further information around the acquisition. 

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