PAS Announces $40 Million Investment to Fuel Its Industrial Control System Cybersecurity Business
Record ICS Cybersecurity Investment by Tinicum Will Accelerate Corporate Growth
HOUSTON, TX - April 11, 2017 -PAS, the leading provider of industrial control system (ICS) cybersecurity, process safety, and asset reliability solutions for the energy, power, and process industries, today announced a $40 million growth investment by Tinicum, L.P. and certain affiliated funds managed by Tinicum Incorporated (“Tinicum”). Tinicum is a private investment partnership focused on late stage investments in manufacturing, energy, technology, media, and infrastructure.
This funding round will expand PAS sales and marketing across its global offices as well as increase research and development for Cyber Integrity™, its flagship cybersecurity software product. Cyber Integrity protects critical infrastructure from risks associated with rising industrial internet of things (IoT) adoption, malicious cyber attacks, and insider threats.
“Critical infrastructure is vulnerable to outsider cyber attacks and to malicious or unintended insider actions,” says Trip Zedlitz, partner at Tinicum. “The cyber assets that matter most—the ones primarily responsible for safety and production in power generation plants, chemical facilities, and refineries—are some of the most insecure systems in the industry today. We invested in PAS because they secure this class of endpoints in a way that no other ICS cybersecurity software solution in the market can do, and they help companies comply with a growing regulatory and standards landscape that includes NERC CIP, NIST, and IEC 62443. With a strong management team and the rising global demand for critical infrastructure cybersecurity, we are excited about our investment in PAS.”
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