NEW YORK, May 16, 2023 /PRNewswire/ -- Exiger, the SaaS company revolutionizing the way corporations, government agencies and banks manage supply chains, today announced that it has acquired Ion Channel, a best-in-class software supply chain risk management platform. The acquisition marks a major milestone for supply chain risk management (SCRM) as Exiger becomes the first and only technology company to illuminate every dimension of the supply chain, including corporate relationships, physical products, manufacturing processes, raw materials and now software.
Software supply chain attacks have targeted virtually every sector of critical infrastructure. A wave of regulatory effort to mitigate this risk includes Executive Order 14028 on Improving the Nation's Cybersecurity, the Food and Drug Administration's Software Bill of Materials (SBOM) requirements for medical devices and, most recently, the Cybersecurity and Infrastructure Security Agency's SBOM guidance. Ion Channel has been at the forefront of this nascent market, developing and delivering leading-edge software supply chain assurance for mission critical systems in the public and private sector and working with government and industry on technical standards and policies for supply chain transparency.
"We're thrilled to announce this acquisition and enhancement to our 360-degree supply chain management platform, 1Exiger," said Exiger CEO Brandon Daniels. "With the addition of Ion Channel's SBOM capability, Exiger now offers an unprecedented depth of analysis in vendor and open-source software cyber risk. From entities to software to raw materials, Exiger's technology now covers all potential product risk so our customers can regain control of their supply chains."
"Even after landmark risk events like Log4J, SolarWinds and Colonial Pipeline, software supply chains remain a blind spot for most companies until they land on front-page news," said Ion Channel CEO JC Herz. "Controls assessments, certifications and vendor cyber hygiene ratings don't adequately reflect or quantify the cyber risks companies take on when they inherit, purchase or outsource software capabilities. Ion Channel has built a solution that addresses the totality of that problem, including supplier risks: failure to maintain a product, end-of-life and fragility that makes software difficult to update when there's a security issue. Knowing these risks in advance and on an ongoing basis allows customers to choose more resilient products and suppliers and to build resilience into their contracts and vendor selection."
Ion Channel is the standard-bearer in software supply chain assurance and SBOM management. Their proprietary risk model analyzes 1.5 trillion events in open-source and proprietary software components daily and tracks over 100 leading risk indicators to detect security and operational risk months in advance of known vulnerabilities. Ion Channel was recognized by MIT Sloan as one of the top 10 emerging tech companies in Enterprise IT.
Exiger will add Ion Channel's C-SCRM solution to Exiger's FedRAMP SaaS platform, which provides access to 16.8 million unique supply chains, 600 million legal entities, and 7 billion source records of supply chain installations.
"For years, we've helped customers navigate a patchwork of solutions, which include third party risk assessments that expose software vulnerabilities. But an approach based on scanning for known vulnerabilities doesn't match the speed and pervasive nature of the threats posed by adversaries and cybercriminals in the modern cybersecurity landscape," said Carrie Wibben, Exiger Government Solutions President. "This has been a consistent pain point for our customers. We're thrilled to now be able to offer a fully integrated 1Exiger platform that brings a proactive approach to SCRM, including SBOM analysis and continuous monitoring that can be used to automate audits and enforce terms and conditions for active maintenance of product and system security. This new capability puts Exiger in a position to continue to define the industry standard for SCRM and trailblaze for our market."
This acquisition comes on the heels of significant momentum for Exiger. Last year, Exiger completed another major acquisition of Supply Dynamics – the market-leading supply chain collaboration platform for tracking, tracing and choreographing the purchase and supply of subcontracted products, parts and raw materials. Exiger will be bringing Ion Channel to its first-of-its-kind $75M GSA contract to deliver supply chain and third-party risk management to the U.S. Federal Government. In 2022, Exiger was also accepted into the World Economic Forum's invitation-only unicorn group, the Global Innovators Community.
Odell Girton Siegel served as the counsel to Ion Channel in this transaction. Dechert LLP served as the legal counsel for Exiger.
About Ion Channel
Founded in 2016, Ion Channel has been assuring critical systems in defense, energy and medical devices, and is extending these capabilities into other regulated industries including financial services and telecommunications. Ion Channel was recognized by MIT Sloan CIO Symposium as one of the top 10 emerging tech companies in Enterprise IT, and was selected by the Partnership for New York City's Fintech Innovation Lab and Springboard Enterprises' accelerator for female-founded tech companies.
Exiger is revolutionizing the way corporations, government agencies and banks navigate risk and compliance in their third-parties, supply chains and customers through its software and tech-enabled solutions. Exiger's mission is to make the world a safer and more transparent place to succeed. Emboldening its 550 customers across the globe, including 150 in the Fortune 500 and over 40 government agencies, with award-winning AI technology, Exiger leads the way in ESG, cyber, financial crime, third-party and supply chain management. Its work has been recognized by 40+ AI, RegTech and Supply Chain partner awards. Learn more at Exiger.com and follow Exiger on LinkedIn.
Chief Marketing Officer for Exiger