Acquisition accelerates growth and market presence of Accenture Security in Spain

Accenture (NYSE:ACN) has acquired Innotec Security, a privately held company specializing in cybersecurity-as-a-service, cyber resilience and cyber risk management, expanding its capabilities and footprint in Spain. Innotec Security was previously owned by parent company Entelgy Group. Financial terms were not disclosed.

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Accenture has acquired Innotec Security, a privately held company specializing in cybersecurity-as-a-service, cyber resilience and cyber risk management, expanding its capabilities and footprint in Spain. (Graphic: Business Wire)

Founded in 2002 and headquartered in Madrid, Spain, Innotec Security is one of the most prominent cybersecurity service providers in the Spanish market. The acquisition of Innotec Security—which also has a presence in Barcelona, Seville and the Basque Country—will add 500 cybersecurity professionals to Accenture Security's workforce of 20,000 professionals globally, making Accenture Security one of the top managed security services (MSS) players in Spain.

Innotec Security provides a range of cybersecurity services, including threat simulation, detection, response and incident management, cyber intelligence, infrastructure and application security, cyber risk assessment, and security consulting. The company's clients include large organizations operating in Spain across sectors such as financial services, energy, logistics, healthcare, transportation and the public sector.

"Our clients count on us to help them better protect and defend their enterprises across their entire ecosystem. Innotec Security is an excellent and well-regarded company in Spain with a highly skilled cybersecurity team, which will significantly enhance our security footprint in the market," said Paolo Dal Cin, global lead of Accenture Security. "Importantly, this acquisition will also expand our regional capabilities and resources and help us address the growing demand we're seeing for managed security services across Europe."

The acquisition further expands Accenture's ability to provide clients with much-needed cybersecurity skills and expertise. According to Accenture's Cyber-Resilient CEO report, 70% of CEOs in Spain from large organizations (revenues > US$1 billion) are concerned about their organizations' ability to avert or minimize damage to the business from a cyberattack. Yet nearly two-thirds (63%) of CEOs said their organizations don't incorporate cybersecurity into business strategies, services or products from the outset.

"We're delighted to welcome Innotec Security's talented team to Accenture Security as we build on our established market leadership in cybersecurity services," said Agustín Muñoz-Grandes, who leads Accenture Security in Spain and Portugal. "With the acquisition of Innotec Security, we are materially expanding our presence in Spain and adding to our robust MSS capabilities and the in-demand cybersecurity skills we offer clients both locally and globally."

Félix Muñoz, CEO of Innotec Security said: "Our strategy has always been to deliver exceptional cybersecurity services to our clients and to be one of the best companies to work for. Accenture's industry-focused approach to cyber defense and its company culture is a great fit for us. Becoming part of Accenture is an excellent opportunity for us to deliver even more value to our growing client base and we're excited for the next steps on our journey together."

Accenture recently ranked No. 1 in managed security services market share by revenue in the Gartner® Market Share: Managed Security Services, Worldwide, 2022 report, 18 April 2023 * and was named a Leader in the latest Forrester Research report on European managed security service providers.

Since 2015, Accenture Security has made 19 acquisitions. Following its January 2020 acquisition of Symantec's Cyber Security Services business Accenture became one of the leading global providers of MSS. Accenture further strengthened its cyber defense and MSS capabilities in Europe through the acquisition of Sentor and Openminded in 2021 and in Latin America with the acquisition of MNEMO Mexico, Morphus and Real Protect.

Forward-Looking Statements

Except for the historical information and discussions contained herein, statements in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "should," "likely," "anticipates," "aspires," "expects," "intends," "plans," "projects," "believes," "estimates," "positioned," "outlook," "goal," "target" and similar expressions are used to identify these forward-looking statements. These statements are not guarantees of future performance nor promises that goals or targets will be met, and involve a number of risks, uncertainties and other factors that are difficult to predict and could cause actual results to differ materially from those expressed or implied. These risks include, without limitation, risks that: the transaction might not achieve the anticipated benefits for Accenture; Accenture's results of operations have been, and may in the future be, adversely affected by volatile, negative or uncertain economic and political conditions and the effects of these conditions on the company's clients' businesses and levels of business activity; Accenture's business depends on generating and maintaining client demand for the company's services and solutions including through the adaptation and expansion of its services and solutions in response to ongoing changes in technology and offerings, and a significant reduction in such demand or an inability to respond to the evolving technological environment could materially affect the company's results of operations; if Accenture is unable to match people and their skills with client demand around the world and attract and retain professionals with strong leadership skills, the company's business, the utilization rate of the company's professionals and the company's results of operations may be materially adversely affected; Accenture faces legal, reputational and financial risks from any failure to protect client and/or company data from security incidents or cyberattacks; the markets in which Accenture operates are highly competitive, and Accenture might not be able to compete effectively; Accenture's ability to attract and retain business and employees may depend on its reputation in the marketplace; if Accenture does not successfully manage and develop its relationships with key ecosystem partners or fails to anticipate and establish new alliances in new technologies, the company's results of operations could be adversely affected; Accenture's profitability could materially suffer if the company is unable to obtain favorable pricing for its services and solutions, if the company is unable to remain competitive, if its cost-management strategies are unsuccessful or if it experiences delivery inefficiencies or fail to satisfy certain agreed-upon targets or specific service levels; changes in Accenture's level of taxes, as well as audits, investigations and tax proceedings, or changes in tax laws or in their interpretation or enforcement, could have a material adverse effect on the company's effective tax rate, results of operations, cash flows and financial condition; Accenture's results of operations could be materially adversely affected by fluctuations in foreign currency exchange rates; changes to accounting standards or in the estimates and assumptions Accenture makes in connection with the preparation of its consolidated financial statements could adversely affect its financial results; as a result of Accenture's geographically diverse operations and strategy to continue to grow in key markets around the world, the company is more susceptible to certain risks; if Accenture is unable to manage the organizational challenges associated with its size, the company might be unable to achieve its business objectives; Accenture might not be successful at acquiring, investing in or integrating businesses, entering into joint ventures or divesting businesses; Accenture's business could be materially adversely affected if the company incurs legal liability; Accenture's global operations expose the company to numerous and sometimes conflicting legal and regulatory requirements; Accenture's work with government clients exposes the company to additional risks inherent in the government contracting environment; if Accenture is unable to protect or enforce its intellectual property rights or if Accenture's services or solutions infringe upon the intellectual property rights of others or the company loses its ability to utilize the intellectual property of others, its business could be adversely affected; Accenture may be subject to criticism and negative publicity related to its incorporation in Ireland; as well as the risks, uncertainties and other factors discussed under the "Risk Factors" heading in Accenture plc's most recent Annual Report on Form 10-K and other documents filed with or furnished to the Securities and Exchange Commission. Statements in this news release speak only as of the date they were made, and Accenture undertakes no duty to update any forward-looking statements made in this news release or to conform such statements to actual results or changes in Accenture's expectations.

*Gartner, Market Share: Managed Security Services, Worldwide, 2022, April 2023. GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

About Accenture

Accenture is a leading global professional services company that helps the world's leading businesses, governments and other organizations build their digital core, optimize their operations, accelerate revenue growth and enhance citizen services—creating tangible value at speed and scale. We are a talent- and innovation-led company with approximately 733,000 people serving clients in more than 120 countries. Technology is at the core of change today, and we are one of the world's leaders in helping drive that change, with strong ecosystem relationships. We combine our strength in technology and leadership in cloud, data and AI with unmatched industry experience, functional expertise and global delivery capability. We are uniquely able to deliver tangible outcomes because of our broad range of services, solutions and assets across Strategy & Consulting, Technology, Operations, Industry X and Song. These capabilities, together with our culture of shared success and commitment to creating 360° value, enable us to help our clients reinvent and build trusted, lasting relationships. We measure our success by the 360° value we create for our clients, each other, our shareholders, partners and communities. Visit us at www.accenture.com.

Accenture Security is a leading provider of end-to-end cybersecurity services, including strategy, protection, resilience and industry-specific cyber services. We bring security innovation, coupled with global scale and a worldwide delivery capability through our network of Cyber Fusion Centers. Helped by our team of highly skilled professionals, we enable clients to innovate safely, build cyber resilience and grow with confidence. Visit us at accenture.com/security.

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Accenture Acquires Innotec Security, Spain-Based Leading Cybersecurity Company