Any company serious about expanding its credibility and business in enterprise IT has to continue investing in tackling the high number of cyber attacks. In the new year, Google is increasing its operations in cloud-based and enterprise security. The company confirmed today that it has acquired Siemplify, an Israel-based cybersecurity startup that specializes in end-to-end security services for enterprises.
The acquisition was rumored in the Israeli press, and now both the CEO and co-founder of Siemplify, Amos Stern, as well as the company itself, have confirmed the acquisition.
Our sources close to the deal have confirmed that the price is $500 million, even though they did not reply to our questions about it.
Chronicle was founded as an enterprise security company with the help of the older moonshot effort. It moved into the cloud business of the search giant in order to compete with Microsoft and Amazon in the market for cloud services.
Siemplify raised $58 million in total with its last round. Georgian, 83North, Jump Capital, and G20 Ventures are just a few of the investors. Although Siemplify has its head office in New York, the company was founded and still has R&D operations in Israel, which would make it the first cyber acquisition out of the country.
The world of cybersecurity is in a critical state. The bigger picture is that security breeches are still happening, and that they are being propelled by ever-more sophisticated approaches from malicious hackers, as organizations and consumers bring more and more of their infrastructure and everyday activities online and into the cloud.
Chronicle was built to track the movement of data across all devices and networks to give a clue to detecting and stopping breeches. Security operations specialists use SOAR platforms to manage and monitor activity, begin the process of remediation, and to log everything to help prevent the same thing from happening in the future. Adding SOAR capabilities is the logical next step for the company as they add more services and automation to woo more customers.
The Siemplify platform is an intuitive workbench that enables security teams to manage risk better and reduce the cost of addressing threats. Siemplify allows Security Operation Center analysts to manage their operations from end-to-end, respond to cyber threats with speed and precision, and get smarter with every analyst interaction. The technology helps improve SOC performance by reducing caseloads, raising analyst productivity, and creating better visibility across workflows, according to a post by the GM of Google Cloud Security. Siemplify's capabilities will be integrated into Chronicle in ways that will help enterprises automate their security operations.
