Splunk, a San Francisco-based data analytics providers, has agreed to buy security company Phantom Cyber for around $350m.
Founded out of Palo Alto, California in 2014, Phantom operates in the security orchestration, automation, and response (SOAR) space. It focuses on strengthening security operations by automating tasks, orchestrating workflows, improving collaboration, and enabling organisations to respond to incidents more rapidly.
Prior to the acquisition, which is expected to close in the first half of 2018, the company raised $22.7m in total funding from the likes of Kleiner Perkins Caufield & Byers, Foundation Capital, Blackstone and Rein Capital.
Following the deal, Splunk said it will integrate Phantom into its security operations center(SOC) platform, which will help its existing clients ‘accelerate incident response, while addressing the skills shortage’.
The combination will help SecOps teams to advance cyber defense and reduce organisational risk using analytics-driven security, respond faster by accelerating incident response, and work smarter and reduce staffing and skills challenges.
“Phantom’s employees and technology significantly expand and strengthen Splunk’s vision for the security nerve center and for business revolution through IT,” said Doug Merritt, president and CEO, Splunk. “Splunk is committed to continuously pushing the limits of technology to help our customers get the answers they need from their data. I am very excited to reach this definitive agreement with Phantom and look forward to welcoming the team to Splunk.”
San Francisco-based Splunk captures machine-generated data in real time and then generates insights through reports and visualisations, thereby helping companies identify patterns and fix problems. Its services are typically used by IT, internet of things (IoT), and cybersecurity teams.
BNP Paribas Capital Partners has launched a new investment fund to back financial services and insurance startups, with Cybersecurity in its remit.
In terms of fundraising, Dover Microsystems recently collected $6m in seed funding, while SparkCognition, an Austin, Texas-based security analytics company, closed its Series B financing round on $56.5m.
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