Hungarian cybersecurity company Balabit acquired by One Identity

Balabit, the Hungarian cybersecurity firm, has been acquired by US company One Identity. No terms have been disclosed.

Balabit was founded in 2000 in Budapest and had raised $8 million from investors including London VC C5 Capital. This is One Identity’s first acquisition, which it said in a statement is intended to bolster its portfolio. Balabit develops solutions for privilege access management (PAM) and through this deal, it will merge its tech with One Identity’s identity and access management (IAM) solutions to further develop new product offerings.

“With today’s announcement, Balabit’s customers, prospects and partners will be able to enjoy our market-leading PAM tools within the broader stack of first-class PAM and IAM solutions in the One Identity portfolio,” said Zoltán Györkő, CEO of Balabit, who will now take on the role of vice president of the new company. He will report to One Identity president John Millburn.

“The pairing of our technologies will enable our customers to know what entitlements their employees and privileged users have, and what they are doing with those entitlements,” commented Jackson Shaw, director of product management at One Identity. “Identity and privileged account analytics – it’s a powerful combination that we’re excited to bring to market.”

Balabit is headquartered in Budapest with offices spread around Europe and in New York.