Cyber security co Sentinel Labs raises $12m
Market estimates put the price at $700 million.
IBM has announced the acquisition of Israeli data security company Trusteer. Financial details of the transaction were not disclosed, but according to market estimates the price is $630 million, plus some tens of millions of dollars that will be paid directly to the employees. The deal is expected to close in the third quarter, subject to the usual conditions
This is IBM's largest ever acquisition in Israel, and it will mean huge gains for Trusteer's backers. Only $10 million have been invested in the company.
Trusteer provides software solutions that help enterprises to protect themselves from financial fraud and sophisticated security threats. Seven of the top ten US banks and nine of the top ten UK banks use Trusteer’s solutions. IBM says in its announcement that cloud-delivered security solutions by Trusteer will complement more than 100 Software as a Service (SaaS) solutions offered by IBM.
IBM will set up a cybersecurity software lab in Israel that will bring together more than 200 Trusteer and IBM researchers and developers to focus on mobile and application security, advanced threat, malware, counter-fraud, and financial crimes. This lab is an addition to IBM’s existing research and development facilities in Israel.
“Trusteer’s expertise and superior technology in enterprise endpoint defense and advanced malware prevention will help our clients across all industries address the constantly evolving threats they are facing,” said Brendan Hannigan, General Manager, Security Systems Division, IBM. “Together with IBM’s capabilities in advanced threat detection, analysis and remediation, we will now be able to offer our clients several additional layers of defense against sophisticated attackers.”
“The way organizations protect data is quickly evolving,” said Mickey Boodaei, CEO, Trusteer. “As attacks become more sophisticated, traditional approaches to securing enterprise and mobile data are no longer valid. Trusteer has helped hundreds of large banks and organizations around the world defeat thousands of sophisticated attacks using innovative solutions that combine intelligence, cloud, mobile, and desktop technologies.”
Trusteer was founded in 2006 by Mickey Boodaei, Rakesh Loonkar, Amit Klein, Shmulik Regev, and Eldan Ben-Haim and is backed by US Venture Partners and Shlomo Kramer. It has offices in Israel and in Boston.
IBM was represented in the transaction by by Adv. Barry Levenfeld, Ben Sandler, David Roness and Noam Enk from Yigal Arnon & Co. Trusteer was represented by Adv. Ashok Chandrasekhar, Noa Rosenberg Segalovitz and Sharon Aloni from Goldfarb Seligman & Co.
Published by Globes [online], Israel business news - www.globes-online.com - on August 15, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013
You comment was recieved and soon will be published.
Thank you for posting your comment, which will be reviewed for publication.
Load more comments
It is the only company offering protection on Windows, Mac OSX and Android.
Microsoft chooses WEB3 as local digital media partner
WEB3’s clients include Cellcom, Tnuva, El Al, and Strauss.
Kaltura aims to be world's biggest video technology co
CEO Ron Yekutiel: The idea is to combine Wikipedia with YouTube.
Marvell Technology firing 200 in Israel
The company is firing 15% of its 1,300 employees in the country.
Comverse plunges after disappointing results
Fourth fiscal quarter revenue fell 9.3% to $166.5 million.
Data analytics co Fundbox raises $17.5m
Fundbox processes invoices, allowing small businesses to fix their cash flow.
Amazon, Google, Microsoft battle to host developers
The Internet giants want to attract developers to build apps on their cloud-computing infrastructures.
Amdocs CEO: We strive for 5% annual growth
Eli Gelman fears complacency as the company expands in emerging markets.
Intel Israel development center to remain vital
Intel Israel president Mooly Eden tells "Globes" that Israel remains central to the chip company's plans.
SuperCom share price skyrockets 920%
SuperCom CEO Arie Trabelsi tells "Globes" how he has turned around the identity solutions company.
IMI enters cyber security arena
As privatization approaches, Israel Military Industries bets on a market with enormous growth potential.
Wanted: Arts majors for high-tech
Technology companies are looking for creativity, flexibility, and the ability to think outside the box.
2013 boom year for Israeli high-tech
In the first half of the year, there was a 52% rise in demand for mobile and web developers, and salaries are up as well.
CyberArk reboots network security
CEO Udi Mokady: Media reports on electronic surveillance make explaining our product unnecessary.
Architect Eli Attia: Google stole my life's work
Eli Attia has developed an innovative building design and construction concept that Google sees generating $120 billion annually.