Rockwell Automation Signs Agreement to Acquire Verve Industrial Protection

Rhea-AI Summary

Rockwell Automation announces the acquisition of Verve Industrial Protection, a cybersecurity software and services company, to expand its cybersecurity offerings and strengthen the security of customers' operations.

Positive

• The acquisition of Verve Industrial Protection will expand Rockwell's offerings with an industry-leading asset inventory system and vulnerability management solution.
• Operational technology (OT) and industrial control systems (ICS) attacks are on the rise, with 60% of incidents resulting in operational disruption.
• The Verve Security Center platform provides real-time asset inventory, vulnerability management, and risk remediation, addressing the challenges of managing and protecting assets across an expanded attack surface.
• Customers can quickly assess their assets, prioritize risk, and apply countermeasures within a single platform, enhancing the security, safety, and availability of their operations.
• Verve's expertise and platform will complement Rockwell's cybersecurity consulting capabilities, providing comprehensive capabilities to address cybersecurity risks.

Negative

• None.

Acquisition to expand Rockwell’s cybersecurity offering, building the resiliency and security of customers’ operations

MILWAUKEE--(BUSINESS WIRE)-- Rockwell Automation, Inc. (NYSE: ROK), the world’s largest company dedicated to industrial automation and digital transformation, today announced it has signed a definitive agreement to acquire Verve Industrial Protection, a cybersecurity software and services company that focuses specifically on industrial environments, expanding the offerings of Rockwell with an industry-leading asset inventory system and vulnerability management solution.

A recent Rockwell Automation report found that operational technology (OT) and industrial control systems (ICS) attacks are on the rise, with 60% of the incidents studied resulting in operational disruption. As companies continually add hardware and software alongside legacy equipment in plants, many organizations struggle to manage and protect these assets across an expanded attack surface, increasing the potential for cyberattacks. Meanwhile, the industry is plagued with significant resource and talent shortages needed to implement and manage operational technology (OT) cybersecurity programs. The Verve Security Center platform enables real-time asset inventory, vulnerability management, and risk remediation that will strengthen Rockwell’s current offerings and address these issues.

“The foundation of OT cybersecurity starts with visibility into assets – you can’t protect what you don’t know you have. This continues to be a critical challenge for manufacturers,” said Matt Fordenwalt, Rockwell’s senior vice president, Lifecycle Services. “With the Verve acquisition, our customers can quickly assess their assets, prioritize risk, and apply countermeasures to mitigate vulnerabilities – all within a single platform. The addition of Verve to our suite of solutions allows customers to further build resiliency and continuously improve the security, safety, and availability of their operations.”

The Verve Security Center platform was built to provide IT-level security while addressing the unique challenges of the OT environment. At the center of the Verve platform is an asset inventory system that recognizes all industrial assets, regardless of manufacturer. Verve’s proprietary approach communicates directly with the assets, gathering critical information without impacting network performance and interrupting production. It then aggregates a wide range of data sources, including Rockwell’s partner technologies, into its platform as a “single pane of glass” that provides actionable insight for customers to quickly address their highest risk assets.

Verve professional services also provide ongoing remediation, along with strategic roadmap and business case development, further deepening Rockwell’s cybersecurity consulting capabilities. Going forward, customers will benefit from comprehensive capabilities that span the entire attack continuum with the combined expertise of Verve, Rockwell, and Rockwell’s technology partnerships.

“We are excited about the opportunity to join Rockwell, the leader in industrial automation and digital transformation, to further secure manufacturers’ assets around the world,” said John Livingston, CEO of Verve Industrial. “Our platform has helped clients mitigate thousands of vulnerabilities and is an important addition to Rockwell’s OT cybersecurity solutions, providing actionable intelligence to quickly mitigate cybersecurity risks, so that manufacturing facilities can stay up and running.”

The acquisition is subject to customary approvals and is expected to close in the first quarter of Rockwell’s fiscal year 2024. At close, Verve will report into Rockwell’s Lifecycle Services operating segment.

About Rockwell Automation

Rockwell Automation, Inc. (NYSE: ROK), is a global leader in industrial automation and digital transformation. We connect the imaginations of people with the potential of technology to expand what is humanly possible, making the world more productive and more sustainable. Headquartered in Milwaukee, Wisconsin, Rockwell Automation employs approximately 28,000 problem solvers dedicated to our customers in more than 100 countries. To learn more about how we are bringing the Connected Enterprise to life across industrial enterprises, visit www.rockwellautomation.com.

About Verve Industrial

For 30 years, Verve Industrial Protection has guaranteed reliable and secure industrial control systems. The Verve Security Center, a vendor-neutral OT endpoint management platform, delivers IT-OT asset inventory, vulnerability management, and remediation. Verve Industrial's Design-4-Defense professional services aid clients in creating and maintaining secure OT environments. To learn more about Verve Industrial, please visit verveindustrial.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231023944076/en/

Media contact:

Ed Moreland

Head of Government Affairs and External Communications

+1 571-296-0391

edward.moreland@rockwellautomation.com

Investor Relations contact:

Aijana Zellner

Head of Investor Relations and Market Strategy

+1 414-382-8510

azellner@rockwellautomation.com

Source: Rockwell Automation, Inc.

FAQ

What is the acquisition announced by Rockwell Automation?

Rockwell Automation has announced the acquisition of Verve Industrial Protection, a cybersecurity software and services company.

What will the acquisition bring to Rockwell Automation?

The acquisition will expand Rockwell's offerings with an industry-leading asset inventory system and vulnerability management solution.

What challenges does the Verve Security Center platform address?

The Verve Security Center platform addresses the challenges of managing and protecting assets across an expanded attack surface.

How can customers benefit from the acquisition?

Customers can quickly assess their assets, prioritize risk, and apply countermeasures within a single platform, enhancing the security, safety, and availability of their operations.

How will Verve complement Rockwell's capabilities?

Verve's expertise and platform will complement Rockwell's cybersecurity consulting capabilities, providing comprehensive capabilities to address cybersecurity risks.