KPMG has struck a deal to acquire cyber security company First Point Global as it expands its digital advisory business.
The firm has been on an acquisition spree, adding four cyber companies to its international network over the past five months. In 18 months it has also acquired social media risk consultancy SR7, the Melbourne team of Pacific Strategy Partners, an accounting practice in Karratha, WA, mining services consultancy Momentum Partners, and most recently SGA Property Consultancy.
Globally, KPMG has identified cyber security as one of six strategic growth areas for investment. The terms of the latest deal were undisclosed.
Founded by John Havers and Jan Zeilinga, First Point Global specialises in identity and access management (IAM). The company’s team of 30 including the co-founders will join KPMG’s internet security team.
“This acquisition deepens our cyber capability in Australia, and is a very smart fit for growing client needs and our firm,” KPMG Australia CEO Gary Wingrove said.
“KPMG is already well positioned with a strong team focused on cyber risk, protection and cyber crime investigations. Now we can offer a much deeper capability by creating one of the leading cyber security consulting groups in Australia.”
In the past five months, KPMG has invested in strengthening its cyber capabilities, also acquiring Qubera, an identity and access management consultancy operating in the USA, UK and India, Frankfurt-based security company P3 Consulting, and a Finnish cyber security business, Trusteq Oy – which also specialises in identity and access management services and security transformation.
Havers said the importance of having secure digital identity and access management solutions has become increasingly important over the past decade.
“Ten years ago, we were having discussions with technologists about authentication and authorisation. Our discipline then became important for audit, risk and finance to address growing compliance requirements. Today, digital identity and its management underpins customer-facing services which are strategic for the growth and survival of businesses, and C-level executives and boards care about that,” he said.
Cyber security is a business threat which can cause reputational damage or result in compliance and regulatory issues if information, systems and assets are not managed correctly.
“Investors and regulators are increasingly challenging boards to step up their oversight of cyber security and calling for greater transparency around major breaches and their impact on the business,” KPMG’s global head of cyber security Malcolm Marshall said.