American AI-powered cyber security company SentinelOne on Wednesday announced that it had agreed to acquire Bengaluru-based cybersecurity startup PingSafe for an undisclosed amount.
The Mountain View-headquartered company in a statement said it will acquire PingSafe for a combination of cash and stock and that the acquisition is expected to conclude in SentinelOne’s first quarter of fiscal year 2025, subject to any applicable regulatory approvals and customary closing conditions.
Founded in 2021 by ethical hackers Anand Prakash, the CEO, and CTO Nishant Mittal, the startup emerged from stealth mode in July last year when it announced it has raised $3.3 million in a seed funding round led by venture capital firm PeakXV Partners’s startup accelerator programme Surge.
Peak XV Partners managing director Rajan Anandan said on microblogging site X (formerly Twitter) that the acquisition was among the fastest ‘seed to significant exits’ the Indian ecosystem has ever seen.
Prakash took to X on Thursday, saying, “This isn’t just an acquisition; it’s a fusion of innovation and shared visions, and a commitment to fortify the digital world we navigate every day.”
PingSafe provides a next-generation cloud security platform based on attackers’ intelligence. SentinelOne plans to integrate the startup’s cloud native application protection platform (CNAPP) into its Singularity platform, it said, adding the integration would lead to a ‘paradigm shift’ in cloud security.
“The acquisition of PingSafe’s cloud native application protection platform (CNAPP), when combined with SentinelOne’s cloud workload security and cloud data security capabilities, is expected to provide companies with a fully integrated platform that drives better coverage, hygiene and automation across their entire cloud footprint,” SentinelOne said.
“The combination of our cutting-edge CNAPP capabilities with SentinelOne’s market-leading AI security platform will supercharge cloud security by providing world-class protection for multi-cloud infrastructure, from development to deployment,” Prakash said.
Ric Smith, chief product and technology officer, SentinelOne, said that the addition of PingSafe would redefine cloud security by fusing best-of-breed cloud workload protection, AI and analytics capabilities with a modern and comprehensive CNAPP.
“This new approach to cloud security will eliminate the need for companies to navigate the complexity of multiple-point solutions, triage and investigate with incomplete context, or pipe data between disparate data silos. Instead, they can comprehensively manage their entire attack surface from a single platform that, unlike legacy CNAPP and standalone providers, delivers the full context, real-time interaction and analytics needed to correlate, detect and stop multi-stage attacks in a simple, automated way,” Smith added.
Source: Economic Times