Tech Crunch sources told the publication that the definitive deal amounts to around $400m. Dig Security’s team will remain part of Palo Alto Networks.
California-headquartered cybersecurity company Palo Alto Networks has today (31 October) confirmed it has entered into a definitive agreement to acquire cloud security start-up Dig Security, which according to its LinkedIn page is based in Tel Aviv. According to Tech Crunch sources, the deal is around $400m, although neither party is officially disclosing financial terms.
Dig Security specialises in a combination of data security posture management (DSPM) and real-time data detection and response (DDR) tech to help clients safeguard their cloud data. If the deal closes, Dig Security’s founders Dan Benjamin, Ido Azran and Gad Akuka will continue leading their employees as they join Palo Alto Networks’ team.
Palo Alto Networks is a very well-known player on the global cybersecurity scene. It plans to leverage Dig Security’s DSPM offering to keep clients’ cloud data secure. The company wants Dig Security’s tech to be integrated into its existing Prisma Cloud platform.
“Modern cloud applications leverage a broad set of data stores to meet the complex needs of businesses. We developed an award-winning DSPM solution to alleviate this strain by providing a centralised offering to monitor and manage the security of these cloud data stores,” said Benjamin. He also said that he hoped the integration of the two technologies would reduce the risk of cyberattacks.
Ankur Shah, SVP Products, Prisma Cloud for Palo Alto Networks, commented that Dig Security’s tech offering “is becoming increasingly important in the age of generative AI”. He added that when integrated with Prisma Cloud’s code-to-cloud intelligence tech, the product will “create what CISOs need to drive complete cloud security and data protection with a single, integrated, cloud-native platform”.
Lee Klarich, chief product officer for Palo Alto Networks also pointed out the advantages that the company’s planned acquisition of Dig Security would provide regarding generative AI advancements. “As companies build AI-enabled applications, there will be a substantial increase in the amount of data transferred to the cloud. Dig’s highly innovative DSPM technology helps safely enable this shift, and its dedicated team will complement and help advance Palo Alto Networks’ strengths across cloud security.”
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