Avecto, an endpoint security company headquartered in the United Kingdom with offices in Somerville's Assembly Row, is getting acquired by Bomgar, a global private cybersecurity firm headquartered in Atlanta.
As of February, the almost 10,000-square-foot Boston location of Avecto was home to 63 employees. The company's last round of funding was a $49 million Series A in 2015, according to Crunchbase.
When it comes to IT, most businesses trust users (or a group of users) with so-called "privileged accounts"—meaning, the rights to make changes or access protected areas within the system. A privileged account is a juicy target for hackers or other cyberthreats, so it must be protected closely.
Enter Bomgar, which develops software to protect privileged accounts, passwords and credentials. Avecto’s technology adds another layer of defense by allowing organizations to remove excess admin rights, only elevating privileges for secure applications and actions.
"The combination of Avecto’s and Bomgar’s technology will enable companies to quickly and easily automate critical PAM capabilities, while also improving end-users’ ability to do their jobs and support the business," said Mark Austin, co-founder and co-CEO of Avecto, in a statement. "We’re thrilled to join the Bomgar family and jointly lead the market in developing solutions that address today’s most pervasive and dangerous challenges."
Before moving to Assembly Row, Avecto was based in Cambridge and before then in Andover, Mass. “In Andover, we struggled to convince the talent we want to commute,” Matt Knutsen, vice president and general manager of Americas for Avecto, said in a previous interview with BostInno, adding that most of Avecto’s staff live in South Boston.
Terms of the transaction, which is expected to close July 31, will not be disclosed.
