DigiCert, backed by private equity firms Clearlake Capital Group, Crosspoint Capital, and TA Associates, has acquired Internet of Things (IoT) cybersecurity provider Mocana. Financial terms of the deal were not disclosed.
This is technology M&A deal number 74 that MSSP Alert and sister site ChannelE2E have covered so far in 2022.
DigiCert Acquires Mocana: MSSPs and IoT Security Use Cases
DigiCert provides TLS/SSL, PKI, and IoT security solutions that "enable digital trust for data, devices, code, documents and users." This deal will allow DigiCert customers to manage device identity, secure connections, prevent device tampering, and update firmware and settings remotely and securely once in the field, the buyer said.
For MSSPs, Mocana's TrustCenter, TrustEdge and TrustCore software allows service providers to offer managed IoT security for 5G network and edge cloud (smart cities, smart factories, smart energy, smart transportation) use cases, the seller said.
Moreover, Mocana develops on-device cybersecurity software and a lifecycle management platform that "enable manufacturers and industrial companies to build self-defending systems that are tamper-resistant," according to the company's LinkedIn profile. The company's software protects more than 100 million commercial, government and military/defense devices and systems.
Mocana, founded. in 2002, was venture-backed ahead of the deal. The company raised $15 million in funding from Sway Ventures, Shasta Ventures and ForgePoint Capital in 2019. Coupled with earlier funding rounds, Mocana at the time had raised $105 million since inception.
DigiCert Acquires Mocana: Executive Perspectives
DigiCert CEO John Merrill, in a prepared statement about the Mocana acquisition, said:
“IoT security has been a challenge for device manufactures and operators. With the addition of Mocana, DigiCert is building on its vision for delivering digital trust, a growing necessity in the IoT market as smart devices become ubiquitous in every corner of our personal and professional lives. We are excited to introduce new and existing customers to our integrated platform and welcome the addition of Mocana’s expertise in IoT technology and the industrial and manufacturing verticals to the DigiCert team.”
Added Mocana CTO Srinivas Kumar:
“Mocana is excited to be joining the DigiCert team. Together, our solutions uniquely solve the challenges of IoT security, from embedding security protections on-chip or at device manufacturing to on-device secure communications and firmware updates once in the field.”
Private Equity and DigiCert
Crosspoint Capital Partners invested in DigiCert in December 20121. Clearlake Capital Group and TA Associates acquired DigiCert in 2019. TA Associates first acquired a stake in the business in 2012.