IAR Systems Group AB, based in Uppsala, Sweden agreed to acquire Secure Thingz, a provider of advanced security solutions for embedded systems in the Internet of Things (IoT).
IAR Systems, which already owned approximately 20 percent of the shares in Secure Thingz, will pay approximately 230 MSEK (US$27.9 million) for the remaining 80%. IAR will finance the acquisition either with support from a credit facility or by a directed share issue.
Secure Thingz, which is based in Cambridge, UK and with an office in San Jose, California, was founded in 2016 by staff from ARM. The company develops and sells products and services for implementation of embedded security in connected devices. The company has provided security solutions for the Renesas Synergy Platform through its Secure Deploy platform offerings. Secure Thingz is headed by Haydn Povey, who previously led Arm’s strategy for security across mobile, enterprise and IoT domains. Before that, Haydn Povey led the development and introduction of the Arm Cortex-M microprocessor family, which now dominates the embedded and IoT-markets and whose large market impact enabled the rapid adoption of 32-bit microcontroller technology around the globe. Haydn Povey will continue to operate Secure Thingz as CEO.
In February 2018, IAR Systems and Secure Thingz introduced a jointly developed product called Embedded Trust that enables companies to safeguard intellectual property against overproduction and counterfeiting, manage software updates in a robust way, and protect end users from malware intrusion and theft or loss of data.
“With the increasing number of connected devices, our customers are facing new challenges. One of the major challenges is how to deliver secure products in a world where even minor failures can lead to major consequences,” comments Stefan Skarin, CEO, IAR Systems. “As a first step, our customers need help mainly protecting themselves against overproduction and IP theft, and we are responding to this need with a new offering that provides possibilities to create modern workflow where security is included from start. The acquisition of Secure Thingz is a step in our increased ambition for future growth through new technology, new markets, new business models, and new relationships. It also secures our position as a frontrunner in a changing industry.”
“We are very excited to become a part of the highly competent IAR Systems team,” says Haydn Povey, CEO, Secure Thingz. “We have already established a smooth collaboration with the development of Embedded Trust, and our combined resources within technology, sales and customer support will enable us to accelerate the development of the innovative security solutions that the digital products market so desperately needs.”
