Tuesday, June 25, 2024

OpenText Acquires Cybersecurity MDR Platform for MSPs

OpenText, a leader in information management solutions, has announced the acquisition of Pillr technology, a cloud-native, multi-tenant Managed Detection and Response (MDR) platform designed for Managed Service Providers (MSPs).

This strategic move aims to improve OpenText’s cybersecurity capabilities, enabling it to provide enhanced threat hunting, monitoring, and response services to its customers.

Integrating Pillr technology with OpenText’s existing security expertise addresses the growing need for advanced cybersecurity solutions amidst rising cyber threats.

Addressing Skill Gaps and Alert Fatigue

According to OpenText Blog, acquiring Pillr technology is particularly significant in the current cybersecurity landscape, where skill gaps, skill shortages, and alert fatigue are prevalent challenges.

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Pillr’s platform offers powerful threat-hunting capabilities and comprehensive MDR services, which are crucial for organizations striving to protect against sophisticated cyber attacks.

By combining Pillr’s technology with OpenText’s robust threat detection offerings, the company aims to deliver a more comprehensive and effective cybersecurity solution to its SMB partners and customers.

“We are pleased to welcome Pillr customers and employees to OpenText,” said Mark J. Barrenechea, OpenText CEO and CTO. Cyber threats continue to rise fast and are becoming more sophisticated.

Organizations need advanced Managed Detection and Response solutions to prevent attackers from gaining the foothold needed to launch an attack.

Combining 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.”

Accelerating Cybersecurity Product Roadmap

The acquisition is set to accelerate OpenText’s cybersecurity product roadmap, introducing key features such as API integrations and product/pricing bundling tailored for MSPs.

These enhancements offer a comprehensive solution for detecting, protecting, and responding to cybersecurity threats.

Despite its strategic importance, this acquisition is not expected to have a material impact on OpenText’s financial results.

OpenText, known as The Information Company™, continues to enable organizations to gain insights through its market-leading information management solutions powered by OpenText Cloud Editions.

Certain statements in this press release may contain forward-looking information under applicable securities laws.

These statements are based on OpenText’s current expectations and are subject to risks and uncertainties that could cause actual results to differ materially.

Readers should review OpenText’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other securities filings for additional information on potential risks.

OpenText disclaims any obligation to update forward-looking statements unless required by law.

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Divya is a Senior Journalist at GBhackers covering Cyber Attacks, Threats, Breaches, Vulnerabilities and other happenings in the cyber world.

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