Google has announced its acquisition of Israel cybersecurity start-up Siemplify, to join its Cloud security team.
This follows the tech giant’s commitment to invest in the cybersecurity sector, which a number of big tech companies discussed in a meeting with US president Joe Biden in August 2021.
Founded in 2015, Siemplify develops security operation platforms for enterprises, known as security orchestration, automation and response (SOAR) services. It has grown to more than 150 employees worldwide and has raised $58m to date.
Following the acquisition, Google plans to combine Siemplify’s SOAR capabilities with Chronicle, a cybersecurity company that is part of the Google Cloud platform.
The companies did not disclose the financial details of the deal, but Israel-based technology news website CTech said the acquisition is estimated to be $500m.
“We’re excited to join Google Cloud and build on the success we’ve had in the market helping companies address growing security threats,” said Siemplify CEO Amos Stern. “Together with Chronicle’s rich security analytics and threat intelligence, we can truly help security professionals transform the security operations centre to defend against today’s threats.”
Stern said that his company has found a partner that shares its vision and is excited to join forces to help security teams take their operations “to a whole new level”.
Last year, Google announced a commitment to invest $10bn in cybersecurity over five years, including $100m to support groups that manage open-source security protocols and address vulnerabilities, as well as plans to train 100,000 people in fields related to security.
Vice-president of Google Cloud security, Sunil Potti, said the Siemplify platform is an “intuitive workbench” that allows security teams to manage risk better and reduce the cost of addressing threats.
“The technology also helps improve SOC performance by reducing caseloads, raising analyst productivity and creating better visibility across workflows,” he said.
“We’re looking forward to welcoming the Siemplify team to Google Cloud and working with them to help security operations teams accomplish so much more in defense of their organisations.”
Last year, Google reported more detailed financials for Google Cloud for the first time. It made a loss of $5.6bn in 2020 on revenues of $13.1bn.
However, its revenue has grown since then as companies have shifted to working from home, along with an increased need for cybersecurity protection, according to Reuters.
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