This is M&A deal number 113 that MSSP Alert and sister site ChannelE2E have covered so far in 2021. See all technology M&A deals for 2021 and 2020 listed here.
The deal further expands Guardforce AI's expertise from physical security to IT security. Guardforce AI's parent, named Guardforce Cash Solutions Security, is based in Thailand and provides physical security to banks, government organizations, businesses and retailers.
Handshake, founded in 2004, is based in Hong Kong. The company offers penetration testing, vulnerability assessment, information systems audit, consultancy, computer forensics and security awareness training.
Guardforce AI and Handshake have partnered since November 2020 to promote a cyber risk assessment service.
Asia Penetration Testing Acquisition: Executive Perspectives
In a prepared statement about the deal, Guardforce AI Chairman Terence Yap said:
"The acquisition of Handshake is part of Guardforce AI's transformation journey towards providing customers in Asia-Pacific with premium technology-powered services. The proliferation of Internet of Things (IoT) devices and the rise in popularity of online shopping and transactions has exponentially increased everyone's need for better cybersecurity, so we are delighted to build on our existing successful strategic partnership with Handshake."
Added Richard Stagg, co-founder and managing consultant, Handshake:
"We are very excited to be joining the Guardforce AI family. There are so many new threats to information systems every day, and so much work to do in countering them. As part of Guardforce AI, Handshake will have the resources to bring our expertise to new markets and new clients across the Asia-Pacific region, helping them to efficiently prepare robust protection and responses against cyber-attacks."
Penetration Testing Mergers and Acquisitions: M&A Deal List
M&A activity in the penetration testing market has remained strong. Here's a regularly updated list of M&A deals involving security companies with penetration testing services.