Almost a year since IBM announced it is developing the world’s first financial services-ready public cloud, the American tech company has entered into a definitive agreement to acquire cloud security firm Spanugo to help boost the invention.
In a press release published Monday, IBM said the purchase will enable the company to “meet the security demands of its clients in highly regulated industries” by integrating Spanugo software into its public cloud.
“IBM is committed to building the industry’s most secure and open public cloud for business. With the acquisition of Spanugo, we have taken another major step in advancing IBM’s differentiated capabilities in security and compliance for our enterprise clients, including those in highly regulated industries,” said Howard Boville, senior VP of Cloud at IBM. “Bringing Spanugo’s technology into our financial services public cloud will help provide our clients with evidence of their ongoing compliance, in real-time.”
In 2019, when the company first announced the financial services-ready public cloud, IBM said it has designed the platform to “help address the requirements of financial services institutions for regulatory compliance, security, and resiliency.”
“This will help financial institutions transact with technology vendors who have met the platform’s requirements,” the tech company added.
The acquisition of Spanugo software and its addition to the public cloud is expected to help quicken the creation of a security control center, which will allow IBM customers to monitor compliance, as well as manage compliance controls.
Launched in 2016, Spanugo works as a Cybersecurity Posture Assurance provider. Its technology enables enterprises to demonstrate cybersecurity compliance in real-time while advancing their cloud security and adaptation to repel possible attacks as well.
“Spanugo’s strong domain knowledge and experience in security posture management is a natural complement to IBM’s public cloud offerings,” said Doc Vaidhyanathan, cofounder, and chief product officer of Spanugo. “By joining IBM on its mission to be the most secure public cloud for the enterprise, we’re able to deeply serve businesses across industries that require verifiable, audit-ready, real-time cybersecurity posturing.”
The terms of the deal had not been disclosed. However, as part of the arrangement, IBM said that the Spanugo software will be incorporated into a suite of capabilities within its public cloud services.
“IBM continues to invest in the security capabilities of its public cloud having previously announced new services that further its focus as the leading secure and open public cloud for business,” IBM assured.