Yahoo Finance Mastercard (MA) Buys Baffin Bay to Boost Cybersecurity Services
Mastercard Incorporated MA recently announced that the company has bought Baffin Bay Networks, a cloud-based cybersecurity company. The move is in line with the company’s strategy to improve security in cyberspace.
Based in Sweden, Baffin Bay provides a cloud-based Threat Protection Platform, which works against cyber threats in multiple layers. Utilizing machine learning, the acquiree provides a Web Application Platform that recognizes vulnerabilities and automates protection. The terms of the deal are yet to be disclosed.
With rising cases of cyberattacks, businesses and governments around the world are boosting their efforts to improve security. As digitalization is rapidly changing operations for different organizations, the demand for cybersecurity providers keeps rising. Given this backdrop, Mastercard’s efforts to strengthen its cybersecurity services through organic growth and acquisitions are noteworthy.
The company intends to integrate its solutions into a single cyber service, which will increase efficiency for the clients. The latest acquisition is likely to boost its core product solutions. Moves like the latest one enhance MA’s service business, which offers differentiated solutions that are valued by a wide variety of customer segments.
Mastercard’s service portfolio provides the company with revenue diversification benefits, strengthening its foothold beyond the payment transaction space.
Price Movements
Shares of Mastercard have gained 17.1% in the past six months compared with the industry’s 10% rise.
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Zacks Rank & Key Picks
Mastercard currently has a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader Business Services space are International Money Express, Inc. IMXI, Nayax Ltd. NYAX and Remitly Global, Inc. RELY. While International Money Express sports a Zacks Rank #1 (Strong Buy), Nayax and Remitly Global carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Headquartered in Miami, International Money Express offers money remittance services. The Zacks Consensus Estimate for IMXI’s 2023 earnings indicates a 24.3% year-over-year increase.
Herzliya, Israel-based Nayax operates a payment platform globally. The Zacks Consensus Estimate for NYAX’s 2023 earnings indicates a 54.4% year-over-year increase.
Based in Seattle, WA, Remitly Global is a digital financial services provider. The Zacks Consensus Estimate for RELY’s 2023 earnings suggests 5.9% year-over-year growth.
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