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Sept. 29 (Reuters) – Akamai Technologies Inc (AKAM.O) to acquire Israel-based Guardicore for around $ 600 million, it said on Wednesday, in order to bolster its cloud security offerings and help companies to fight against ransomware attacks.
The acquisition comes at a time when more companies are turning to the cloud to run their operations and face frequent cyber attacks.
Guardicore specializes in software that limits user access to applications authorized to communicate with each other.
“With the recent upsurge in ransomware attacks and increasingly stringent compliance regulations, investing in technologies to reduce the spread of malware has become essential,” said Tom Leighton, CEO and co-founder of ‘Akamai.
Akamai said the deal, which is expected to be finalized in the fourth quarter of 2021, will generate between $ 30 million and $ 35 million in revenue for fiscal 2022.
Reporting by Eva Mathews in Bengaluru; Editing by Shailesh Kuber
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