Palo Alto Networks To Acquire Dig Security To Enable Cloud Data Shift
The cybersecurity giant said that Dig’s data security posture management (DSPM) technology will be incorporated into its Prisma Cloud platform.
Palo Alto Networks announced Tuesday an agreement to acquire a cloud data security startup, Dig Security, ending an 11-month period without an acquisition deal from the cybersecurity giant.
Under CEO Nikesh Arora, Palo Alto Networks has completed 14 acquisitions since his arrival in June 2018, and Dig Security is set to become the 15th.
Terms of the deal were not disclosed by the company. A source familiar with the agreement pegged the acquisition price at $400 million, which was earlier reported by TechCrunch. CRN has reached out to Palo Alto Networks for comment.
The company said that Dig’s data security posture management (DSPM) technology will be incorporated into its Prisma Cloud platform.
Dig Security — which in June was named by CRN as a top cloud security startup to watch — has raised at least $45 million in funding. The company most recently raised an undisclosed amount of funding from Samsung Ventures in June since its launch in 2021.
The acquisition deal was reached amid the war between Hamas and Israel, following the attacks on the country by Hamas — considered a terrorist group by the U.S. — earlier this month. Dig Security was founded in Israel and continues to operate in Tel Aviv, while also having an office in New York.
In a news release, Palo Alto Networks Chief Product Officer Lee Klarich said that the deal underscores “our longstanding commitment to our team in Israel and to continue growing our footprint with its talented and dedicated cybersecurity professionals.”
Klarich also pointed to Dig Security’s capabilities around enabling the transfer of data to the cloud, through its DSPM technology.
In the release, Dig Security Co-founder and CEO Dan Benjamin said that combining his company’s technology with Prisma Cloud “will enable customers to effectively manage the security of their diverse data stores in modern cloud applications,” while lowering the likelihood of a data breach.