Symantec to acquire Israeli Cyber security firm Fireglass

Published on: 06 Jul, 2017

Symantec Corporation (NASDAQ: SYMC), an American cyber security company that produces software for security, storage, backup and availability, and offers different services and solutions to protect its customers from attacks, has said that they will be buying Isreal-based Fireglass. Announced on Thursday by Symantec, they hope to further improve user protection.

Fireglass, started up in 2014, now has 40 employees. They specialize in an area of security called "browser isolation," a technology that creates virtual websites, eliminating ransomware, malware and phishing threats in real-time by preventing potentially harmful content from ever reaching user endpoints or the corporate network. Symantec CEO Greg Clark stated that with the integration of Fireglass into their system, they are expecting that the program “could reduce security events by as much as 70 percent, while virtually eliminating advanced threats spread by web browsing or email content.”

This was not the first of tech purchases for Symantec as they bought out Lifelock Inc., an identity theft protection company, for $2.3 billion earlier this year and Blue Coat Inc., a web security company, for $4.65 billion in 2015. In addition, this deal is also said to increase the company’s presence in Isreal, a stronghold for tech companies, with more than 400 cybersecurity startups and attracts 20% of private global cyber investment according to Reuters.

Financial terms of the transaction were not disclosed. The transaction is expected to close in the third calendar quarter of 2017.

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Steven Liao

Email: Steven@financialinsiders.com

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