MYHSM, the global provider of Payment Hardware Security Modules (HSM) as a Service, has been acquired by Utimaco, in a significant development for the firm.
The takeover will primarily enhance the IT security solutions provider’s Cloud and as-a-Service capabilities and reduce its customer’s need to invest in hardware, management, audit and support and PCI compliance, among others.
Stefan Auerbach, Chief Executive Officer at Utimaco, commented: “The increased speed of digitization in 2020 increases the need for organisations to define their cloud strategy and make use of the flexibility as well as the potential for cost reduction that an as-a-Service model can offer.
“This does include security solutions, and we want to provide our customers with the high standard of HSMs they know from Utimaco in whichever form they need them, be it on premise or in the cloud.
“By acquiring MYHSM, we are taking yet another important next step in complementing Utimaco’s product portfolio by a stronger solution offering in a meaningful way in order to be able to offer customers a cloud-based security solution.”
Ultmaco’s Cloud and as-a-Service offerings will be especially developed in the banking and financial services and retail sectors, but will also be highly useful in other industries.
The firm is headquartered in Aachen, Germany, and Campbell, California, US, and provides telecommunications companies in the field of regulations with hardware security modules, compliance solutions and key management solutions.
Eyal Worthalter, Utimaco’s Vice President Platform Solutions, added: “With the addition of MYHSM into Utimaco’s u.Cloud suite of services, Utimaco continues to facilitate the path for cloudifying cryptographic keys in a secure and compliant manner. Customers now have a path to move away from legacy on-premise HSM’s to the hybrid and public cloud.”
“2020 has been a momentous year for MYHSM with many achievements.” said John Cragg, Chief Executive Officer of MYHSM. “We believe that being part of the Utimaco team and combining our respective offerings will benefit our customers and makes us ideally positioned for growth in 2021.”