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Forescout Technologies has become the first provider to meet the International Maritime Organization’s (IMO) cybersecurity requirements for ship automation systems. Effective January 1, 2021, maritime operators are mandated to adhere to IMO’s cyber risk guidelines, which include safeguarding critical operational technology (OT) systems against cyber threats. Forescout's platform offers comprehensive device visibility and threat detection to enhance maritime cybersecurity, crucial in light of increasing cyber-attacks on the industry.
Forescout Technologies has appointed Wael Mohamed as CEO, effective immediately. Mohamed, a seasoned leader with extensive experience in cybersecurity and digital transformation, previously served as President & COO of Trend Micro. He aims to drive growth and innovation at Forescout, which specializes in securing connected devices. Co-chairmen Greg Clark and Michael DeCesare will remain involved, ensuring continuity. The company announced strong fiscal performance, including double-digit ARR growth and a loyal customer base, having added over 300 new clients in key sectors.
Forescout Technologies reported strong performance in FY20, achieving double-digit year-over-year ARR growth with approximately 70% recurring revenue. The company secured over 300 new customer logos during the pandemic, marking key wins in government, financial services, healthcare, and manufacturing sectors. Forescout was selected as a critical component in the DoD’s 'Comply to Connect' program, enhancing its market position. The management team was strengthened with the addition of industry veterans, signaling a commitment to innovation and growth in the cybersecurity sector.
Forescout Technologies has expanded its partnerships with Splunk, CrowdStrike, and CyberArk, enhancing security solutions across IT and OT environments. This initiative aims to provide better monitoring of threats and mitigate risks in critical systems. Notable integrations include the Forescout eyeInspect app with Splunk, which consolidates device data and prioritizes security alerts, and a collaboration with CrowdStrike for comprehensive threat intelligence. The partnership with CyberArk enhances credential management across various devices. These advancements support organizations in making data-driven security decisions.
Forescout Technologies has honored Merlin International with the U.S. Partner of the Year Award for outstanding performance and customer satisfaction in cybersecurity solutions. This recognition stems from Merlin's significant contribution as Forescout's top global revenue-generating partner in 2019, highlighting their mutual commitment to securing enterprise operations. Forescout CEO, Greg Clark, emphasized the importance of their collaboration in addressing security challenges posed by unmanaged devices in various sectors.
Forescout Technologies (NASDAQ: FSCT) recently updated its platform to enhance active defense for the Enterprise of Things (EoT). Key features include improved zero trust segmentation capabilities for IT, OT, healthcare, and IoT environments. The integration of eyeSegment and eyeInspect streamlines compliance and reduces breaches. Upcoming innovations in operational technology (OT) protection will provide sophisticated monitoring and alerting tools. The company aims to help organizations efficiently mitigate cyber threats while maintaining connectivity and operational integrity.
Forescout Technologies (NASDAQ: FSCT) announced a strategic partnership with Arista Networks to enhance cybersecurity for IoT devices amid growing network complexities. This collaboration aims to develop an open ecosystem that embeds security within network infrastructure, delivering visibility and enforcement of critical assets. Both companies emphasize a Zero Trust security model to mitigate risks associated with the increasing number of non-traditional devices. The integration of Forescout’s visibility platform with Arista’s SDN architecture is expected to address enterprise-scale security challenges effectively.
Forescout Technologies (NASDAQ: FSCT) announced that NJ TRANSIT has adopted its platform to enhance cybersecurity and protect customer data statewide. NJ TRANSIT operates over 16,000 devices across various transport services, facing challenges in device visibility. Within a week of deployment, Forescout identified 6,000 previously unknown devices, improving network security by enforcing compliance before device access. The technology integration has led to operational savings and better compliance with HIPAA and CJIS regulations, critical for NJT's medical and police units.
Forescout Technologies (NASDAQ: FSCT) has enhanced its technology integration with ServiceNow to bolster security for operational technology (OT) environments. This collaboration aims to streamline asset visibility and improve security incident response, achieving better metrics like mean time to resolve (MTTR). Leveraging ServiceNow’s configuration management database (CMDB), Forescout's integration supports automated workflows for device discovery and risk management, ultimately reducing cyber risks and enhancing operational resilience in sectors like manufacturing and energy.
Forescout Technologies (Nasdaq: FSCT) announces that Advent International will acquire all outstanding shares for $29.00 each. The Forescout Board unanimously recommends shareholders tender their shares to support this transaction. This revised agreement provides immediate value to shareholders and resolves ongoing litigation in Delaware. Advent, with the expertise of Crosspoint Capital Partners, aims to enhance Forescout's cybersecurity capabilities and support its transition to a recurring subscription model. The transaction is expected to close in Q3 2020 following tender offer commencement by July 20, 2020.
