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Accenture, the global technology services and consulting giant, has announced the acquisition of Innotec Security, a leading cybersecurity-as-a-service provider based in Spain.
The deal, which was made public on November 2, 2023, is a strategic move by Accenture to enhance its cybersecurity capabilities, increase its market presence in Spain, and reinforce its position in the managed security services (MSS) landscape.
Growing Presence in Spain
Innotec Security, established in 2002 and headquartered in Madrid, is one of the top cybersecurity service providers in Spain.
It has a team of 500 cybersecurity professionals and a diverse portfolio of services, including threat simulation, detection, response, incident management, and security consulting.
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It serves clients across various sectors, such as financial services, energy, logistics, healthcare, transportation, and the public sector.
By acquiring Innotec Security, previously owned by Entelgy Group, Accenture not only adds to its workforce but also enhances its capabilities in cybersecurity-as-a-service, cyber resilience, and cyber risk management.
The deal boosts Accenture Security’s workforce to 20,500 professionals globally, making the company a prominent player in Spain’s managed security services market.
Meeting Growing Demand
The acquisition comes at a time when the demand for managed security services is increasing, especially in Europe.
According to Accenture’s Cyber-Resilient CEO report, 70% of CEOs in large Spanish organizations are worried about their ability to mitigate the impact of cyberattacks.
However, 63% of CEOs admit that their organizations do not incorporate cybersecurity into their business strategies, services, or products from the outset.
By integrating Innotec Security’s expertise into its portfolio, Accenture can meet the growing demand for managed security services and provide clients with essential cybersecurity skills and support.
The acquisition aligns with Accenture’s focus on enhancing its cyber defense capabilities and demonstrates the company’s commitment to delivering high-quality cybersecurity services to its clients.
Strategic Moves and Market Leadership
Accenture’s acquisition of Innotec Security is the latest in a series of strategic moves aimed at strengthening its cybersecurity arm.
In recent years, Accenture Security has made 19 acquisitions, establishing itself as a global leader in managed security services.
Notably, Accenture was ranked No. 1 in managed security services market share by revenue in the Gartner Market Share: Managed Security Services, Worldwide, 2022 report in April 2023.
Agustín Muñoz-Grandes, the leader of Accenture Security in Spain and Portugal, expressed excitement about the acquisition, highlighting its importance in expanding Accenture’s presence in Spain and enriching its managed security services offerings.
Innotec Security’s CEO, Félix Muñoz, echoed the sentiment, emphasizing the compatibility of Accenture’s industry-focused approach to cyber defense with Innotec Security’s commitment to delivering exceptional cybersecurity services.
Looking Ahead
As the cybersecurity landscape continues to evolve, strategic acquisitions like Innotec Security play a crucial role in strengthening companies’ defenses against cyber threats.
Accenture’s move underscores the importance of staying ahead in the ever-changing world of cybersecurity, ensuring organizations are well-equipped to defend against the sophisticated tactics employed by cyber adversaries.
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