ABB focus on cyber security and collaboration with Industrial Defender to continue
Zurich, Switzerland, March 14, 2014 – ABB, the leading power and automation technology group, said today its venture capital unit, ABB Technology Ventures (ATV), sold its stake in Industrial Defender, the leading cyber security solution provider for industrial control systems and other critical assets, to Lockheed Martin.
ATV was one of two investors in the fast-growing Massachusetts-based technology company. Industrial Defender is set to become a subsidiary of Lockheed Martin. The parties agreed not to disclose financial terms of the agreement.
ABB will continue to collaborate with Industrial Defender and other specialist partners to deliver state-of-art customer solutions that address cyber security without compromising operational performance.
“Cyber security remains a focus area for ABB. Both ABB and Industrial Defender have benefitted from the partnership and we remain committed to continue this close cooperation as part of our strategy of providing best of breed packaged security solutions to the ABB customer base” said Markus Braendle, ABB’s head of Cyber Security.
ATV invested $5 million in Industrial Defender in 2010 and increased its investment in 2012 through a Series B financing.
“This is a profitable exit for our four-year old investment group,” said Grant Allen, principal at ABB Technology Ventures in North America. “Lockheed Martin is a reputed company and can facilitate Industrial Defender’s continued growth and development.”
ABB Technology Ventures (ATV) is the corporate venture capital arm of the ABB Group (NYSE: ABB). Headquartered in Zurich, with offices in Silicon Valley and Washington, DC, ATV invests in high potential energy technology companies that can benefit from ABB’s engineering resources and global market access. Investing since 2010, ATV has deployed over $165 million into a wide range of sectors including cyber security, robotics, smart grid, renewable power and data-center efficiency. Learn more at abb.com/ventures.
ABB (www.abb.com) is a leader in power and automation technologies that enable utility and industry customers to improve their performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs about 150,000 people.