Hitachi buys Canadian ID management software firm

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Hitachi Ltd said Tuesday it has acquired a majority stake in M-Tech Information Technology Inc, a Canadian identity management software company. With the acquisition, Hitachi aims to win a top share in a market led by Sun Microsystems Inc, International Business Machines Corp. and Oracle Corp.

Due to stricter requirement for privacy protection and corporate compliance, companies across the globe are striving to beef up identity management.

Identity management is a very promising field as its market has grown at an annual pace of 20%, said Mitsuo Yamaguchi, Hitachi vice president and executive officer, said in an interview.

The identity management market is expected to surge to $12.3 billion in 2014 from $2.6 billion in 2006, research firm Forrester Research says.