Broadcom Inc. appears to have quietly acquired Bay Dynamics Inc., a cyber risk analytics software company, according to regulatory documents filed with the Securities and Exchange Commission.
Neither company could be reached for comment, but an equity incentive plan filed with the SEC indicates that the San Jose chipmaker entered a merger agreement to acquire Bay Dynamics as a subsidiary on Dec. 19.
New York-based Bay Dynamics was founded in 2001 and was valued at $92 million as of July 2016, after raising a total of $31 million in funding, according to Pitchbook.
The acquisition comes as the latest step in Broadcom’s buildout of its security business. The $125.7 billion company currently sells access management software, payment security and an application programming interface security platform. In November, Broadcom bought Symantec’s enterprise security business for $10.7 billion.
Bay Dynamics had already been a technology partner of Symantec since 2017, offering with Symantec a “Risk Fabric” analytics platform that gave businesses “a central point of behavioral analytics to help protect and defend their data from malicious attacks,” according to a 2018 blog post from Bay Dynamics cofounder Ryan Stolte.
The partnership meant that Bay Dynamics products were easily integrated into Symantec’s portfolio, Stolte wrote.
Bay Dynamics touts software that detects unusual behavior, prevents data loss and uncovers malicious insiders. The company markets its products to customers in the financial services, media, manufacturing, healthcare, technology and the federal government.
The acquisition reportedly isn’t the only M&A transaction in the works at Broadcom recently. The Wall Street Journal reported this month that Broadcom is searching for a buyer for its business unit that makes radio frequency chips for smartphones, citing unnamed sources.