Bolton Labs, a company that provides a security operations center-as-a-service (SOCaaS) for managed service providers (MSPs), has acquired Filipino firm Phylasso for an undisclosed sum. The Phylasso acquisition comes after Bolton last month acquired Filipino cloud security services provider Pandora Labs.
The Phylasso acquisition expands Bolton's reach in the Southeast Asian market. Bolton also is adding Phylasso's financial technology customers as part of the acquisition, including online banking software provider MegaLink and payment services platform company ExpressPay.
A Closer Look at Bolton's SOCaaS
Bolton's SOCaaS provides MSPs with access to a network of security analysts at a fraction of the cost of in-house teams, the company said. By doing so, Bolton enables MSPs to build out dedicated security teams without significant upfront costs.
In addition, Bolton's SOCaaS provides MSPs with threat monitoring, notifications, reporting and analysis capabilities. It enables MSPs to expand their security portfolios, and ultimately, become MSSPs.
Bolton enables MSPs to deliver security services to global customers, and the company's Phylasso and Pandora acquisitions could help it capitalize on the rising demand for cybersecurity solutions in the Asia-Pacific region.
Companies in the Asia-Pacific are 80 percent more likely to be targeted by cybercriminals in comparison to businesses in other parts of the world, according to industry analyst Mordor Intelligence. Furthermore, the increasing size and severity of cyberattacks in the Asia-Pacific could accelerate the region's cybersecurity market growth.
The Asia-Pacific cybersecurity market is projected to expand at a compound annual growth rate (CAGR) of 10.1 percent between 2018 and 2023, Mordor reported. Also, this market could be worth more than $38.4 billion by 2023.
