Transaction Leverages Complementary Strengths to Advance the Missions of Both Companies
HERNDON, VA, USA & LONDON, UK, September 25, 2018 – Exostar, the leader in trusted, secure business collaboration in aerospace and defense (A&D), life sciences, and healthcare, has further expanded its global business operations and technology portfolio today with the acquisition of Pirean Limited, a privately-held business headquartered in London, UK, with offices in Sydney, Australia.
Pirean’s Identity-as-a-Service (IDaaS) platform, Access: One, is used by customers worldwide in the banking, financial services, insurance, and government sectors, as well as the energy, retail, and telecom industries. The Access: One platform helps secure business-critical applications and sensitive corporate and personal information by providing easy-to-use and innovative consumer, workforce, and mobile identity and access management (IAM) functionality.
“IAM, and consumer IAM in particular, is a vital component of our product portfolio that accelerates secure interactions for the communities we are serving today, and those we plan to serve in the future,” said Richard Addi, Exostar’s President and CEO. “Our intent is to stay a step ahead of market evolution, and that means expanding our portfolio either organically or through acquisitions like this one. Bringing Pirean into the group allows us to accelerate our product development roadmap and offer more compelling solutions to our customers in A&D, life sciences, and healthcare.”
According to leading IAM industry analyst firm KuppingerCole, the market for IAM/IDaaS solutions is growing at a steady and high rate, with several segments showing a compound annual growth rate (CAGR) above 25%. As the options and devices for how individuals engage with business continue to expand, consumer IAM (CIAM) plays an increasingly important role in defining an organization’s security posture and is becoming one of the fastest growing segments in the overall IAM market.
“The acquisition of Pirean by Exostar adds to the Exostar platform by expanding secure business collaboration to the customer and consumer,” said Martin Kuppinger, Founder and Principal Analyst at KuppingerCole. “On the other hand, being Exostar-owned, Pirean shall be able to move forward faster and more aggressively into the CIAM market.”
“The Access: One platform consistently receives high praise for its flexibility, usability, simplicity, and performance,” said Stuart Wilson, Pirean’s CEO. “By becoming an Exostar-owned company, we are able to accelerate development across consumer, workforce, and mobile identity use cases. The Exostar acquisition is an exciting opportunity for Pirean, enabling us to aggressively pursue plans for geographic expansion and the ongoing development of the Access: One platform.”
Under the acquisition agreement, which is effective immediately, Pirean Limited will be known as Pirean, an Exostar Company. Financial terms were not disclosed.
About Exostar LLC
Exostar, a Gartner Cool Vendor, offers cloud-based solutions that help companies in highly-regulated industries mitigate risk and solve identity and access challenges. Nearly 150,000 organizations leverage Exostar to help them collaborate securely, efficiently, and compliantly with their partners and suppliers. By offering connect-once, single sign-on access, Exostar strengthens security, reduces expenditures, and raises productivity so customers can better meet contractual, regulatory, and time-to-market objectives. www.exostar.com.
About Pirean Limited
Pirean brings employees and applications, consumers and products, and people and devices together to digitally and securely conduct business. Our Access: One platform improves customer engagement, enables workforce productivity, and secures access. Over 10 million users across industries including banking, financial services, manufacturing, government, and pharmaceutical leverage our easy-to-use, intuitive single sign-on, identity governance and administration, mobile identity and device management, and other capabilities to protect data, ensure compliance, support collaboration, and feel confidently in control. www.pirean.com.