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Microsoft Corp. has agreed to acquire Security software maker RiskIQ as the tech giant tries to expand its products and better protect its customers amid a growing wave of global cyber attacks, people familiar with the matter say .
The deal will be announced within the next few days, said the people, who asked not to be identified when talking about an acquisition that is not yet public. Microsoft will pay more than $ 500 million in cash for the company, one of the people said.
San Francisco-based RiskIQ creates cloud-based software to detect security threats, helping customers understand where and how they can be attacked on complex networks of corporate networks and devices. Its customers include Facebook Inc., BMW AG, American Express Co. and US Postal Service, according to the company’s website.
Known for its annual safety report called the “Evil Internet Minute,” RiskIQ has raised $ 83 million from companies like Summit Partners and Battery Ventures, according to Crunchbase. It was founded in 2009.
A Microsoft spokesperson declined to comment and RiskIQ did not immediately respond to a request for comment.
Microsoft has added security features to products like Windows and its Azure cloud services to protect individual machines and detect attacks on networks. The company also added staff who scan for vulnerabilities in Microsoft products, help customers clean up after a cyberattack, and run a lab called the Microsoft Threat Intelligence Center that closely tracks hackers in nation states.
The software maker has also acquired several companies to expand its security capabilities. Last month Microsoft purchased ReFirm Labs, a maker of technology to secure Internet of Things devices, for an undisclosed amount. In a blog post announcing the deal, the company said it has 3,500 security employees at Microsoft and is on a mission to help protect customers “from chip to cloud.”
Microsoft and the rest of the US tech industry, as well as businesses and government agencies, have also spent the past eight months grappling with a series of damaging and widespread cyberattacks.
This month, hackers launched mass ransomware attack that exploited several previously unknown vulnerabilities in Kaseya Ltd. IT management software. In March, hackers linked to China used loopholes in Microsoft Exchange code to penetrate tens of thousands of organizations, and in a leaked attack in December, suspected Russian hackers compromised popular software from Texas-based SolarWinds Corp., inserting malicious code in SolarWinds software updates.
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