Just a week after Symantec announced the acquisition of Israeli cyber security company Fireglass, the US cybersecurity giant has announced that it had entered into an agreement to acquire US and Israel-based Skycure, which deals in mobile threat defense.
Although no financial details about the deal were disclosed but the Israeli media reports that Symantec will pay $280 million for the Tel Aviv based company.
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Skycure was founded in 2012 by security industry veterans Sharabani and Yair Amit and is backed by Foundation Capital, Shasta Ventures, Pitango Venture Capital, New York Life, Mike Weider, Peter McKay, Lane Bess, and other strategic investors. The company has raised $47 million to date.
Skycure uses artificial intelligence and machine learning techniques to deliver a single, unified solution that proactively protects mobile devices across all major mobile operating systems to predict and detect the broadest range of threats.
“One of the most dangerous assumptions in today’s world is that iOS and other mobile devices that employees bring into the office are safe, but the apps and data on these devices are under increasing attack. We believe that tomorrow’s workforce will be completely mobile and will demand a cyber defense solution that travels with them,” said Greg Clark, Symantec CEO. “Mobile is a core component of our strategy and the acquisition of Skycure is a major step forward in executing it. Together, we will offer the cloud generation an integrated mobile cyber defense architecture that will protect customers’ mobile devices and networks across iOS, Android and Windows.”
Adi Sharabani, Co-Founder and CEO of Skycure, said, “We are delighted to join the Symantec team and are pleased that they recognize the value in our Mobile Threat Defense solution, which allows us to get ahead of attacks before they strike and defend against threats without infringing on end user experience or privacy. Customers want mobile security solutions that are easy to deploy and manage, and our threat protection technology offering complements Symantec’s leading endpoint protection solutions, making it easier for companies to embrace BYOD.”
The transaction is subject to customary closing conditions, and is expected to close in the second fiscal quarter of 2017. Symantec expects Skycure’s technologies to be available to its existing and new Endpoint Protection and Norton Antivirus customers and partners soon after the transaction closes. Financial terms of the transaction were not disclosed.