Michigan University spinout Quadmetrics is acquired by analytics company Fico to enable it to give companies a single cybersecurity risk assessment score.
Quadmetrics, a US-based cybersecurity spinout from Michigan University, has been acquired by US-based analytic software company Fico.
The financial terms of the purchase have not been disclosed.
Quadmetrics provides companies with an analysis of their current cybersecurity. It is able to provide ongoing monitoring without the need for any on-site equipment. This also extends to other companies where a customer is able to find the risk associated with third-party vendors.
Fico provides its customers with analytics software and tools that can provide a suite of information. For example some tools look at risk management while others at customer relationships.
Quadmetrics system will be used to support Fico’s Enterprise Security Score product.
The technology behind Quadmetrics’ system was developed at Michigan University’s College of Engineering with funding provided by the Department of Homeland Security and the National Science Foundation, an independent federal agency.
Doug Clare, vice-president of cyber security solutions at Fico, said: “We are excited to have the Quadmetrics team – and their deep expertise – joining us in our efforts to fight cyber crime and help all organisations improve their visibility and insights into cyber risk.
“Just as the Fico Score gave credit markets a single metric for understanding credit risk, this product will give the industry a common view of enterprise cyber security risk.”
Ken Nisbet, Michigan University associate vice-president for tech transfer, said: “We are proud of the progress of Quadmetrics – a member of our 2015 class of Michigan University startups that received mentoring and resources from our Venture Center.
“Its progress is testament to the quality of the business concept, the startup team and the partnered assistance that helped it launch.”
