The acquisition is intended to secure IAR Systems as a leader in embedded security. Secure Thingz was founded in 2016 by Haydn Povey, who had previously held senior management roles at leading technology companies for the previous two decades. Povey will continue to head up Secure Thingz as CEO in the future. The company sells products and services that help implement security solutions for connected devices.
The Machina Research report, "IoT Global Forecast & Analysis 2015-2025", predicts 27 billion connected devices by 2025, and a growing security threat. ABI Research also predicts that the overall market for secure IoT MCUs could reach 1.2 billion dollars by 2022. The purchase of Secure Thingz will allow IAR Systems to target that market with more integrated solution.
IAR Systems has already purchased a 10% equity stake in Secure Thingz in April 2017, and that stake has grown to almost 20% over time. In February this year, IAR Systems and Secure Thingz jointly launched Embedded Trust to make security a normal part of the development workflow. The overall acquisition of Secure Thingz will enable IAR Systems to continue that work and provide new solutions for security in embedded systems.
"With the increasing number of connected devices, our customers are facing new challenges. One of the major challenges is how to deliver secure products in a world where even minor failures can lead to major consequences," comments Stefan Skarin, CEO, IAR Systems. "As a first step, our customers need help mainly protecting themselves against overproduction and IP theft, and we are responding to this need with a new offering that provides possibilities to create modern workflow where security is included from start. The acquisition of Secure Thingz is a step in our increased ambition for future growth through new technology, new markets, new business models, and new relationships. It also secures our position as a frontrunner in a changing industry."