U.S. cloud company Akamai Technologies (Nasdaq: AKAM) announced today that it has entered into a definitive agreement to acquire the Israeli application programming interface (API) detection and response platform company. Newsic. He did not disclose financial details.
The company, founded by CEO Giora Engel and chief technology officer Zev Sivan, has raised $21 million to date, according to Start-Up Nation Central, from investors including TLV Partners, True Ventures, New Era Capital Partners, SixThirty and Mark Anderson. and Gary Fish, Mickey Buddy, Rakesh Lonkar, and Shailesh Rao. The founders will join Akamai.
Akamai said Neosec’s API security solution will complement its API security portfolio by broadening its visibility in the rapidly growing API threat landscape. The suite is designed to make it easier for customers to secure their APIs by helping them discover all of their APIs, assess their risks, and respond to vulnerabilities and attacks.
Akamai Technologies EVP and General Manager Security Technology Group Mani Sundaram said, “With the rapid, accelerating digital transformation, APIs are the new frontier for digital business and enable critical business functions. Companies expose complete business logic, processing data via APIs, which, In a cloud-based economy, it is vulnerable to cyberattacks. Akamai’s Neosec platform and application security wallet will allow customers to gain visibility into all APIs, analyze their behavior, and protect against API attacks.”
Engel added, “What sets Neosec apart from other API security providers is full visibility of all API activity and the use of behavioral analytics that detect threats that others miss. Unlike other solutions, Neosec offers rich visibility such as XDR and API along with Discovery and response capabilities that enable full investigation and threat hunting. Ultimately, Akamai customers will have better visibility into all of their API activity, to identify vulnerabilities and threats before they are exposed, and to detect attacks at runtime.”
The acquisition is expected to close in the second quarter of 2023. For fiscal year 2023, the acquisition is expected to have a slight dilution of Akamai’s non-GAAP earnings per share of approximately $0.07 to $0.08 and is not expected to add any Material revenue.
Published by Globes, Israel business news – en.globes.co.il – on April 19, 2023.
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