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Telecom giant BT acquires multi-million-pound stake in Safe Security

Telecom giant BT acquires multi-million-pound stake in Safe Security
Telecom giant BT acquires multi-million-pound stake in Safe Security

Renowned British telecom major, BT, has reportedly secured a multi-million-pound stake in Safe Security, a prominent cyber risk management company. The company confirmed that this move comes as a part of its ambition to grow in this sector.

This marks BT’s first big third-party investment in cyber security since 2006. The investment decision is expected to make the company the largest investor in this new funding round for Safe Security. This will help companies and governing bodies identify and curb cyber risk in real time by aggregating signals from technology, people and processes. It further quantifies the risk as a dollar value and a score on its SAFE platform.

Chief Executive of BT, Philip Jansen stated that cyber security was on the priority for the businesses and governments struggling with the rising levels of cyberattacks. Addition of SAFE to the company’s predictive and proactive security services will provide the customers an improved view of the threat level and will allow them to take specific actions required for strengthening their defenses, he added.

Originated in 2012 from IIT Bombay, Safe Security had reportedly counted John Chambers, the former chairman and CEO of Cisco in its Series A funding of USD 14 million, along with the senior executives from Sequoia, SoftBank, PayPal, McKinsey & Co and Adobe. The new funding, is supposedly more than double in valuation than the Series A round.

Speaking on this initiative, Saket Modi, co-founder and chief executive of Safe Security stated that the company was delighted to work with the BT, the proven security leader. He further stated that aligning the worldwide reach and capabilities of BT with SAFE's capability to offer real-time visibility on cyber threat, will allow the companies change the way cyber security is fundamentally measured and managed around the world.

Under this investment, BT will reportedly obtain the exclusive rights to utilize and sell SAFE to public sector bodies and businesses in the UK and will integrate the platform in its global portfolio.

Source credits: https://www.nasdaq.com/articles/exclusive-bt-takes-multi-million-pound-stake-in-cyber-firm-safe-security-2021-07-21

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