OpenText buys Pillr’s multi-tenant MDR platform

OpenText Corporation has acquired Pillr’s managed detection and response (MDR) platform from Novacoast for an undisclosed amount. The acquisition is part of OpenText’s strategy to accelerate its cybersecurity product development plan.

Pillr is a cloud-native, multi-tenant MDR platform for MSPs with threat hunting and response capabilities, including 24/7 Security Operations Center (SOC) services.

This is the #137 technology M&A deal that ChannelE2E and MSSP Alert have covered so far in 2024. See the 2,000+ technology M&A deals listed here for 2024, 2023, 2022, 2021 and 2020.

OpenText, founded in 1991, is headquartered in Waterloo, Ontario, Canada. The company has 22,768 employees listed on LinkedIn. OpenText’s areas of expertise include information management, enterprise content management (ECM), content services, digital experiences (DX), customer experience management (CEM), customer communications management (CCM), information exchange, IoT, information security, developers, partners , and legaltech.

Novacoast, founded in 1996, is headquartered in Wichita, Kansas. The company has 358 employees listed on LinkedIn. In addition to developing Pillr, Novacoast’s areas of expertise include security and compliance, desktop management, storage, Linux services, identity management, product development, staffing services, product fulfillment, infrastructure, data center, availability, storage and recovery, collaboration, and service management.

Acquisition details

OpenText, which is traded on NASDAQ under the OTEX brand, plans to bring key features to the platform, including API integration and product and pricing linking, which it says will provide MSPs with a more comprehensive solution to protect against cybersecurity threats.

The acquisition does not have a significant impact on its financial results, the company said in its report. According to the company, an unspecified number of employees will join OpenText.

Improving cybersecurity solutions

According to OpenText, the integration of Pillr technology will enhance its cybersecurity product offering by providing advanced threat detection, monitoring and response solutions. The acquisition aims to address ongoing challenges facing organizations such as skills gaps, skills shortages and vigilance fatigue, the company said.

“Cyber ​​threats are rapidly growing and becoming more sophisticated,” said Mark J. Barrenechea, CEO and CTO of OpenText. “Organizations need advanced managed detection and response solutions to prevent attackers from gaining a foothold to launch an attack. This combination of the Pillr platform with our existing threat detection offering strengthens OpenText’s position in the cybersecurity market and reinforces our commitment to our SMB partners and customers.”