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Palo Alto Networks, a Santa Clara, California-based cybersecurity firm founded by Israeli entrepreneur Nir Zuk, said in a statement Tuesday that it had signed an agreement to buy Demisto from Israel for $ 560 million dollars in cash and shares.
Demisto, which has offices in Tel Aviv and Cupertino, California, was founded in 2015 by Slavik Markovich, Rishi Bhargava, Dan Sarel and Guy Rinat, who will now join Palo Alto Networks.
The Israeli company is developing enterprise security solutions combining incident management, machine learning and interactive investigation, according to the database of the Start-Up Nation Central, which tracks the industry. Its interactive investigation function enables collaborative investigation of complex incidents that can not be resolved by standard means, the company's website says. A virtual war room allows users to collaborate and execute security commands.
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Palo Alto Networks said the technologies of Israeli society would accelerate Palo Alto's strategy "and would be a vital step forward in the company's goal of providing immediate prevention and response to threats to security teams."
Founder of Palo Alto Networks and CTO Nir Zuk (Screenshot of YouTube Screen)
Demisto had already raised $ 69 million from investors such as Accel Venture Capital, Greylock Partners, ClearSky and Slack, according to the Start-Up Nation Central database.
The Israeli start-up's automated tools have reduced human-readable alerts by 95 percent, said Palo Alto, "allowing security teams to focus on the most complex threats."
"This well-developed approach will bring Palo Alto Networks closer to artificial intelligence and machine learning to enable greater automation of significant parts of its customers' security operations," the statement said.
Demisto has more than 150 clients, including a quarter Fortune 500, including large organizations in the fields of health, high technology, financial services and others, the statement added.
The Israeli company will continue its growth plans and will use the distribution channels of Palo Alto Networks to do so, the statement said. His team will also work closely with the Palo Alto Networks team to integrate its products with those of the acquirer.
"Demisto will help us strengthen our commitment to security teams by providing a platform with higher levels of integration, automation and innovation to prevent cyberattacks from succeeding," said Nikesh Arora, president and chief executive officer. Chief Executive Officer of Palo Alto Networks.
Demisto's products will continue to be available to customers and partners after the closing of the transaction, the statement said.
The proposed acquisition is expected to be finalized during the third fiscal quarter of Palo Alto Networks, the release said, subject to approval and closing conditions.
According to the Calcalist website, Palo Alto has acquired three Israeli companies to date: Cyvera Ltd. in 2014, Lightcyber Ltd. in 2017 and Cyber Secdo Ltd., also known as Secdo, in 2018.
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