Verizon acquires Cloud-based Network Security company ProtectWise

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Verizon Communications has made it official that it has purchased cloud-based network security solutions provider ProtectWise for an undisclosed amount. Thus, the Colorado-based security company is said to help Verizon to expand its product offering in detection and response of threats in a network.

“Integrating ProtectWise capabilities with Verizon’s assets and services will help enhance the ability to detect and respond to cybersecurity threats said Alex Schalger, the executive director of Product R&D, Verizon.

Moreover, as the American telecommunications services provider is looking to expand its 5G footprint by increasing the capacity, ProtectWise’s ability to track down threats in a network and respond to them in a secure way will prove much helpful to the New Jersey-based company says Mr. Schalger.

“We have dedicated the last 5 years to build the next generation Network Detection and Response platform that has been recognized as one of the leading techs by the cybersecurity experts”, said Scott Chasin, ProtectWise CEO and Cofounder.

We hope that our technology and our experts’ team will prove as great assets to Verizon which is planning to expand its enterprise security services portfolio added Mr. Chasin.

DBO Partners, a company which offers financial advisory services is said to have acted as a financial advisor to ProtectWise in the deal.

As ProtectWise provides automated threat detection and response across time for any network, it has so far bagged some prestigious projects from companies like Jive, Motorola, Maxim Integrated, Pandora, Hulu, Netlogic, MGM Studios, Netflix, Nevada State College, Jumptrading, Universal Music Studio and such.