Magal acquires cyber security co WebSilicon

Magal Security Systems Ltd. (Nasdaq: MAGS) has acquired landline and wireless network monitoring solutions developer WebSilicon Ltd. for a few million dollars. WebSilicon will become part of Magal's new cyber strategy and expand integrated physical-cyber solutions for critical sites. Magal president and CEO Eitan Livneh told "Globes", "We conducted an internal analysis of the company and concluded that the security of critical sites will also require a cyber response to supplement the physical response that we provide. We decided not to seek a foreign company in this field, where we are making our first steps. We therefore reviewed ten Israeli companies with the goal of acquiring a company with outstanding human skills."

WebSilicon was founded in 1998 and is run by CEO Iftah Bratspiess. It has 15 employees at its offices in Tel Aviv's Ramat Hahayal. Customers include integrators, such as NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE) and Verint Systems Inc. (Nasdaq: VRNT), which integrate its solutions in their comprehensive product suites offered to customers.

Livneh added, "Although integrators offer solutions to government bodies, we intend to use WebSilicon's products for critical sites that are not government assets, such as airports and power stations. We can offer them a comprehensive physical and cyber solution." He added that WebSilicon has millions of shekels in annual revenue and has been modestly profitable for years.

Published by Globes [online], Israel business news - www.globes-online.com - on January 23, 2013