Bulletin: Ivanti Software Inc. Unaffected By Pulse Secure Breach; Impact To Customers Is Limited

SAN FRANCISCO (S&P Global Ratings) April 28, 2021--Pulse Secure, a business acquired by Ivanti Software Inc. (B-/Stable/--) in December 2020, said its Pulse Connect Secure product was affected by a previously unknown vulnerability. We view the scale of the breach to be limited and expect Ivanti to manage any impact to Pulse Secure's VPN business. The company said only a handful of the 15,000 Pulse Secure customers were affected. It also said some of its customers were breached from previously known vulnerabilities for which fixes have been available for a few years. It has been working with the affected customers. To this end, it has set up a tool that allows customers to determine the impact. Ivanti has also engaged

...April 28, 2021 SAN FRANCISCO (S&P Global Ratings) April 28, 2021--Pulse Secure, a business acquired by Ivanti Software Inc. (B-/Stable/--) in December 2020, said its Pulse Connect Secure product was affected by a previously unknown vulnerability. We view the scale of the breach to be limited and expect Ivanti to manage any impact to Pulse Secure's VPN business. The company said only a handful of the 15,000 Pulse Secure customers were affected. It also said some of its customers were breached from previously known vulnerabilities for which fixes have been available for a few years. It has been working with the affected customers. To this end, it has set up a tool that allows customers to determine the impact. Ivanti has also engaged third-party security experts such as FireEye for support. Our base case assumes Ivanti will generate more than $100 million in free cash flow in 2021 (despite elevated one-time costs), with free cash flow improving in 2022. We view this to be ample cushion to...

Bulletin