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RSA buys banking security specialist PassMark

RSA Security has acquired privately owned firm PassMark Security in a $44.7m (£25m) deal.

RSA Security has acquired privately owned firm PassMark Security in a $44.7m (£25m) deal.

The company hopes the acquisition of PassMark, which provides authentication systems to major consumer banks, will add to its consumer identity protection portfolio and raise RSA’s profile in the finance sector.

The move follows RSA’s acquisition of Cyota, an online security and antifraud specialist for financial institutions, in January.

Art Coviello, RSA’s chief executive, said, “RSA Security has clearly differentiated itself in the authentication market with a broad-based, adaptive approach.

“Now we are gaining from the addition of more than 20 leading financial institutions to our consumer online banking portfolio – and the deep market knowledge and experience of this group.”

Bill Harris, chairman of PassMark, added, “Joining forces with RSA Security is the right move at the right time: as the industry moves to facilitate the mass adoption of identity protection solutions, success will depend on the availability of a full suite of authentication offerings – and genuine flexibility and choice for enterprises and their customers.”

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