US Cybersecurity Firm Proofpoint has made it official that it has acquired ObserveIT for $225 million ending months-long speculation that it is gaining technology related to Data Loss Prevention (DLP). Highly placed sources report that the Insider Threat software solutions provider will be purchased by Proofpoint for cash and the employees from the Israel based firm will be joining the Californian firm by early next year.
As already reported above, the deal is said to help Proofpoint customers to better protect their data assets from sophisticated Cyber Attacks.
According to an ObserveIT employee, the Boston based company which holds an R&D center in Tel Aviv; Israel was founded in 2006 by Gabriel Friedlander and Avi Amos. To date, the company managed to raise $53 million from noted investors such as Spring Lake Equity Partners, Bain Capital Ventures and NightDragon Security.
As per the stats provided by Start-up Nation Central, a firm that keeps a tab on developments in the IT industry, the newly acquired company has a headcount of 150 employees out of which 70 of them are from Israel.
The highlight of this deal is that Proofpoint will gain control over an Insider Threat Management Software program which helps IT staff detect cyber threats in time by providing real-time alerts and actionable insights into user activity in one easy to use solution.
Note- Currently, Proofpoint is offering products for inbound email security, outbound data loss prevention, mobile device security, digital risk detection, email encryption and email archiving services along with eDiscovery.