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Onapsis, a company specializing in cybersecurity and compliance solutions for enterprise resource planning (ERP) products, on Wednesday announced that it has entered a definitive agreement to acquire competitor Virtual Forge.
Germany-based Virtual Forge was founded in 2006 and it has become one of the leading providers of cybersecurity and compliance solutions for customizations and extensions in SAP applications. Owler lists Virtual Forge as Onapsis’ fourth biggest competitor, after ERPScan, ESNC and Soteria.
Virtual Forge has patented technology designed to secure extensions built on the SAP Cloud Platform for business applications, including SAP’s HANA, SuccessFactors, Ariba, Concur, and Fieldglass products. Virtual Forge also helps organizations protect extensions for on-premises SAP apps developed in the ABAP programming language.
Onapsis’ platform is said to be the most widely used solution for protecting ERP systems and business-critical applications. The company believes that combining its own platform with technology from Virtual Forge will provide customers “unparalleled” visibility, management, incident response, and compliance capabilities.
“We are excited to join Onapsis in the shared vision of protecting the world’s business-critical applications. Together, we will have the most comprehensive technology portfolio in the industry, global scale and a strong team of over 300 experts in the ERP and cyber security domains,” said Dr. Markus Schumacher, CEO and co-founder of Virtual Forge.
The acquisition is expected to close in the first half of 2019. Financial terms of the deal have not been disclosed.
This is Onapsis’ first acquisition. The company has raised over $60 million over the past years, including $31 million in a Series C funding round announced in April 2018.