Keep watching the cybersecurity space for more action. Already this week, I wrote about two different approaches to industrial cybersecurity. Here is the story of an investment so that a company with history can pivot and go deeper into this market segment.
PAS has been known improving alarm management and control system asset integrity. It has moved aggressively into the cybersecurity area through leveraging existing technology and hiring talent. It has announced a $40 million growth investment by Tinicum, L.P. and certain affiliated funds managed by Tinicum Incorporated (“Tinicum”). Tinicum is a private investment partnership focused on late stage investments in manufacturing, energy, technology, media, and infrastructure.
This funding round will expand PAS sales and marketing across its global offices as well as increase research and development for Cyber Integrity, its flagship cybersecurity software product. Cyber Integrity protects critical infrastructure from risks associated with rising industrial internet of things (IoT) adoption, malicious cyber attacks, and insider threats.
“Critical infrastructure is vulnerable to outsider cyber attacks and to malicious or unintended insider actions,” says Trip Zedlitz, partner at Tinicum. “The cyber assets that matter most—the ones primarily responsible for safety and production in power generation plants, chemical facilities, and refineries—are some of the most insecure systems in the industry today. We invested in PAS because they secure this class of endpoints in a way that no other ICS cybersecurity software solution in the market can do, and they help companies comply with a growing regulatory and standards landscape that includes NERC CIP, NIST, and IEC 62443. With a strong management team and the rising global demand for critical infrastructure cybersecurity, we are excited about our investment in PAS.”
Industrial control systems have a responsibility for running critical infrastructure safely and reliably. These systems have traditionally relied on complexity, air gapping, and perimeter-based defenses to remain secure. Such strategies have proven largely unreliable and porous. PAS Cyber Integrity deciphers the complex, proprietary configurations of control systems giving companies complete visibility into critical cyber assets. It also identifies unauthorized changes, exposes vulnerabilities, drives compliance, and helps facilities recover rapidly in the event of a worst-case scenario. Cyber Integrity works across the heterogeneous automation environment, providing enterprise scalability, performance, and platform independence.
“PAS has a 23-year tradition of making industrial process facilities safer and more reliable,” says Eddie Habibi, founder and CEO at PAS. “Our deep expertise in control systems and production-centric approach to securing ICS give us a formidable competitive advantage. The investment from Tinicum enables us to expand our security solutions portfolio, strategically increase our global reach, and continue protecting our customers from an ever-evolving threat landscape.”
Signal Hill served as the exclusive financial advisor to PAS on the transaction. In conjunction with the investment, Plant Automation Services, Inc. (“PAS”) has reorganized under the new name PAS Global, LLC.