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Synopsys (SNPS) Inks Partnership Deal With The Chertoff Group

Synopsys SNPS recently announced that it has partnered with the global advisory services firm, The Chertoff Group, with an aim to deliver policy-driven application security solutions to its customers that help them build trust in their software.

The Chertoff Group is well known for providing technology insights, security expertise, and policy intelligence that help its clients develop resilient organizations, gain competitive advantage, and accelerate growth.

With this collaboration, customers will now have access to Synopsys' application security domain expertise and The Chertoff Group's advisory services. The combination will ensure better execution of digital transformation projects for its clients.

Of late, cybersecurity has become one of the primary concerns of the bigwig companies. The pandemic has, on one hand, accelerated the digital transformation and cloud migration process but on the other, created security and risk management issues for the companies. Per latest Gartner report, global security and risk management spending will grow by 12.4% and reach $150 billion in 2021.

In recent years, consecutive deal wins and acquisitions have been crucial to Synopsys’ growth. In June this year, the company announced the buyout of application security risk management solution provider, Code Dx, to provide its customers with risk reporting capabilities across correlated software vulnerability data.  This purchase expanded its security applications portfolio.

With the growing need for enhanced security measures due to rising security threats in interconnected systems laden with software, demand for Synopsys’ solutions is shooting up. During the latest reported quarter, software integrity that includes security solutions, accounted for 9.3% of total revenues of Synopsys.

Zacks Rank & Key Picks

Synopsys currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the broader technology sector are Avnet AVT, Apple AAPL and CyberOptics Corporation CYBE, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The long-term earnings growth rate of Avnet, Apple and CyberOptics are pegged at 25.4%, 12.5% and 12%, respectively.

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