PerimeterX, an Israeli information security company, is merging with HUMAN Security, Inc., an American firm that offers security solutions for enterprises protecting them from sophisticated bot attacks and fraud. While the terms of the deal were not disclosed, Globes cited experts who estimate that the new combined company will be worth $1.5 billion.
The merger has been approved by both companies’ boards of directors and has received regulatory approval. As part of the market-changing move, HUMAN has received a $100 million debt facility from Blackstone Credit on the heels of a $100 million growth funding round led by WestCap and NightDragon earlier this year.
Bot – as in Botnet for “robot” and “network” – are a form of automated attacks that use a network of “hijacked” internet-connected devices that have been infected with malware. An infected device is known as a “bot” or a “zombie” and is controlled from the outside by the hacker.
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The companies explained that 77% of online security and fraud incidents are bot-based. As such, they declared that the merger highlights the importance of identifying sophisticated bot attacks, fraud and account abuse before they impact enterprises across advertising, marketing, e-commerce and cybersecurity. The combined companies will comprise more than 450 employees under the HUMAN company name, have more than $100 million in ARR (Annual Recurring Revenue), 500+ customers, and have a market opportunity of more than $30 billion.
Founded in 2014, PerimeterX is a provider of application security solutions that it boasts keep your web business safe in the complex digital world. Delivered as a service, the company says that it’s Bot Defender, Code Defender, and Page Defender solutions detect risks to your web applications and proactively manage them, freeing you to focus on growth and innovation.
“The PerimeterX mission has been to protect the apps that power our daily lives with a portfolio of comprehensive application protection solutions that detect and stop the abuse of identity and account information on the web. With HUMAN’s vision and successful approach to modern defense safeguarding enterprises and internet platforms from attacks, it’s clear that we should be allies,” said Omri Iluz, PerimeterX co-founder and CEO who will now be president and GM of Enterprise Security of the go-forward company. “I look forward to joining HUMAN’s Board of Directors with our CTO, Ido Safruti. With the combined companies’ mission-focused teams, industry-leading products and complementary technology, we’re going to be an unstoppable force against cybercriminals.”