US cybersecurity company Symantec Corp. (NASDAQ: SYMC) today announced the acquisition of Israeli SaaS security platform developer Luminate Security. No financial details were disclosed but sources close to the deal estimate that it was for about $200 million.
With offices in Tel Aviv and Palo Alto, Luminate Security was founded in January 2017 by CEO Ofer Smadari, CTO Leonid Belkind and CPO Eldad Livni. The company raised $14 million last year from US Venture Partners (USVP), Aleph Venture Capital and the Microsoft Accelerator.
Luminate has pioneered software defined perimeter technology. Symantec said that Luminate’s Secure Access Cloud technology will further extend the power of its Integrated Cyber Defense Platform to users, as they access workloads and applications, regardless of where those workloads are deployed, or what infrastructure they are accessed through.
Symantec president and CEO Greg Clark said, “Now and in the future, we anticipate more and more corporations will operate their business on infrastructure that is managed by multiple third parties such as Azure, AWS and Google. In this rapidly evolving world, trust in external infrastructure must be carefully considered as corporations can outsource infrastructure but must also remain responsible for data and users. Luminate incorporated into Symantec’s Integrated Cyber Defense puts us at the forefront of security in the cloud era. Secure and private access is a cornerstone of cyber defense. We are excited to partner with the Luminate team and look forward to rapid delivery of this unique capability to our customers and continuing to provide quantifiable value to their cloud journey.”
“As a partner, our integrations with Symantec were successful in reducing complexity and increasing security for joint customers. With this next step, we look forward to fully integrating across the entire portfolio and delivering even more innovation to offer complete security for the Cloud Generation,” said Ofer Smadari, CEO, Luminate Security.
In the past two years alone, Symantec has acquired three Israeli cybersecurity companies - Javelin Networks for $30 million, Skycure for $250 million, and Fireglass for $250 million.
Since its founding and through to the sale, Luminate Security has been represented by Advs. Itay Frishman, Shir Stott, and Eyal Ben Shlush from Meitar Liquornik Geva Leshem Tal law firm.
Published by Globes, Israel business news - en.globes.co.il - on February 12, 2019
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