But late in the process, more than one of the strategic investors approached us about acquiring 100% of PAS.Īs the founder of the company, I had a tough decision to make – raise capital to invest and grow as an independent company – as we have for 27 years – or join forces with a leading global industrial software company to achieve our vision even faster.
When we started the raise, we had no intention of being acquired. This included potential financial and strategic investors. Recognizing this unique opportunity to lead in a fast-growing market with a tremendous customer need (a recent PAS survey showed only 15% of organizations are highly prepared), we initiated a capital raise process late last year. With a small fraction of the OT cybersecurity market claimed, and one leading analyst firm putting the market opportunity for OT cybersecurity solutions at more than $5 Billion, the cybersecurity needs of the market are very significant. The two primary markets we serve – industrial process safety and OT cybersecurity – are in greater demand than ever before, with OT cybersecurity presenting the largest market opportunity for growth as malicious actors target industrial facilities with increasing regularity and digitalization expands the attack surface. This is no small feat in a highly competitive market. I couldn’t be prouder of what we have accomplished with our two product lines, PlantState Integrity and Cyber Integrity, which have achieved top leadership positions for alarm management and OT cyber asset management.
Since I started PAS in 1993, we have been passionate about our mission to deliver software solutions to enhance industrial process safety, reliability and, since 2011, operational technology (OT) cybersecurity.
I am excited to announce that we at PAS Global, LLC have agreed to be acquired by Hexagon AB, a global leader in sensor, software, and autonomous solutions.
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