Palo Alto Networks, a US-based multinational cybersecurity company with headquarters in Santa Clara, California, is about to announce the acquisition of an Israeli cybersecurity company called Dig Security for between $300 and $400 thousand, Calcalist reported on Monday.
Dig Security is a cloud data security startup that provides real-time visibility, control, and protection of data assets. It was founded in 2021 by veteran entrepreneurs Dan Benjamin, Ido Azran, and Gad Akuka.
Palo Alto Networks was founded in 2005 by Israeli-American Nir Zuk, the principal developer of the first stateful inspection firewall and the first intrusion prevention system. Zuk created Palo Alto Networks to help companies allow their employees to use modern applications safely by developing a firewall capable of identifying and providing fine-grained control of applications.
Palo Alto Networks’ revenue as of 2023 is $6.89 billion; its total assets are worth $14.5 billion; and it has 13,948 employees.
Palo Alto Networks’ core product is a platform that includes advanced firewalls and cloud-based offerings that extend those firewalls to cover other aspects of security. It serves more than 70,000 clients in more than 150 countries, including 85 of the Fortune 100 companies.
On September 27, Tech Crunch reported that Palo Alto Networks’ stock price has been on the rise, the result of strong earnings and the market’s growing demand for cybersecurity, and so the company is shopping for add-ons. Currently, it is in advanced negotiations to buy two Israeli security startups for around $1 billion together, to expand its portfolio of services.
Tech Crunch suggested a little over a month ago, that the two companies are Talon Cyber Security at 80 Begin Rd. in Tel Aviv ($600-700 million), and Dig Security at 156 Begin Rd. ($300-400 million).
