Cloud video surveillance company signs LOI with upstart IoT Cybersecurity Company
MIAMI–(BUSINESS WIRE)–Cloudastructure, the award-winning cloud video surveillance provider, has signed a Letter of Intent to purchase rapidly growing IoT cybersecurity company IPG. The terms of the deal are undisclosed.
The acquisition would add an important new layer of cybersecurity to Cloudastructure’s expanding physical and cybersecurity platform and a key offering for enterprise customers as they embrace new IoT technologies.
The plethora of IoT devices tells the story. According to a Forrester report, “State of Enterprise IoT Security in North America: Unmanaged and Unsecured”:
- 67% of enterprises have experienced an IoT security incident
- 84% of security professionals believe IoT devices are more vulnerable than computers
- 93% of enterprises are planning to increase their spending on security for IoT and unmanaged devices
Routinely installed IoT devices include: video surveillance, access control, fire and life safety, utilities, conveyance, HVAC and building management.
IPG’s cybersecurity tool GearBox is a “plug-and-play” tool which inventories devices, performs risk analysis, compliance testing and rogue device detection. This combined with readily accessible normalized data alleviates the level of risk introduced by IoT installations. The IPG team will be joining Cloudastructure, including Steve Kiss, CEO, as General Manager, IoT Security.
Cloudastructure CEO Rick Bentley commented, “The acquisition of IPG means Cloudastructure enterprise customers can enjoy not only a vastly higher degree of cybersecurity than they can with other cloud video surveillance providers, but opt for a robust IoT risk management posture throughout their organization.”
IPG CEO Steve Kiss commented, “We couldn’t be more pleased joining Cloudastructure, a cloud-based video surveillance provider that views cybersecurity as critically as we do.”
Subject to satisfactory completion of customary due diligence and the signing of a definitive agreement, the closing of the deal will be announced on a mutually agreeable date.
Headquartered in Miami, Florida, with R&D in Silicon Valley, California, Cloudastructure’s award-winning surveillance video management system is designed and supported by world-class technical resources drawn from five continents. The platform’s unique architecture enables AI and computer vision for scalable, flexible, cost-effective security and eliminates the resource-intensive management and data risks of on-premises solutions. Cloudastructure enables a unified view of multiple sites for motion, facial recognition/detection, anomaly detection, object counting, LPR, advanced analytics, and compliance and delivers up to a 75% lower total cost of ownership than other systems. For more information, visit www.cloudastructure.com.
Infrastructure Proving Grounds (IPG) produces the award-winning GearBox IoT security tool. GearBox combines a durable appliance with simple execution to allow industrial operators the insight they need to secure their infrastructure. GearBox provides cybersecurity and performance metrics to some of the nation’s most critical infrastructure including utilities, commercial buildings, healthcare and transportation. IPG received the “Most Fundable Company” award from Pepperdine University in 2019, are contributors to the NIST IoT 800-53 security standard and an Intel IoT Solutions Provider. For more information, visit www.iotgearbox.com.