The financial terms of the deal were not disclosed. The acquisition is particularly strategic for SonicWall as it enhances its portfolio to bolster solutions around network, endpoint, wireless, cloud email, and threat intelligence solutions.
“For years, firewalls have been the cornerstone of cybersecurity defenses. However, with the rise of cloud computing and secure access service edge (SASE), the industry is shifting its focus to more comprehensive and flexible approaches that include SSE and ZTNA as a necessity,” said SonicWall President and CEO Bob Vankirk.
“Together, SonicWall and Banyan Security will provide cloud-based secure access service edge (SASE) solutions that empower partners to deliver a security architecture for any stage of their customers' evolving cloud journey,” Vankirk added.
Banyan Security had raised a total of $47 million over two funding rounds before the acquisition. The company focuses on device-centric SSE for organisations with hybrid workforces. It has been successful in attracting a diverse range of customers, including Chick-fil-A, Snap Finance, and BlueVoyant.
SonicWall's acquisition of Banyan follows its recent purchase of Solutions Granted (SGI), a managed security service provider, which was part of SonicWall's broader strategy to enhance its platform and move towards cloud-based solutions.
The company said that the acquisition of Banyan Security solidifies its commitment to evolving its offerings in line with the shifting focus of cybersecurity towards more dynamic, cloud-based solutions. This move is particularly aimed at empowering MSPs and MSSPs to replace legacy architectures with ZTNA and focus on SSE products.
The increase in hybrid and remote work arrangements, where employees access business applications from various locations such as homes and public spaces, has created new security challenges for organisations. These challenges are due to the more complex and widespread nature of network access in such environments, said the company.
In response, many organisations are adopting zero trust security models, which offer a more modern approach to security compared to traditional architectures. This shift is in part to better manage the risks associated with the expanded and diverse access points in today's work settings.