American cybersecurity firm Palo Alto Networks (Nasdaq: PANW), founded by Israeli Nir Zok, is close to completing the acquisition of another Israeli startup, its eighth. Palo Alto is close to finalizing the acquisition of Israeli cybersecurity company Apiiro for an estimated price of more than $550 million. The deal has yet to be officially announced, and neither Palo Alto nor Abiro will comment.
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Founded in 2019, Apiiro was revealed in October 2020, when it announced that it had raised $35 million in a funding round led by two popular US venture capital firms, Greylock and Kleiner Perkins. As far as is known, this is the only fundraising of the company.
The founders of Apiiro are Idan Plotnik (CEO) and Yoantan Eldar (CTO), both of whom served in an IDF electronic unit. Plotnik sold former cyber security company Aorato to Microsoft for $200 million, and later worked for Microsoft. Adler was an engineer and engineering director at Aorato.
Apiiro identifies risks and vulnerabilities in the code for cloud-based applications at the development stage and when they are released. It’s part of a global trend known as “Shift Left,” meaning security checks are early in the process and not just after development is complete. The British-Israeli startup Snyk, which raised $8.5 billion in fundraising last year, is one of the key players in this trend of finding security issues in the development stage. Apiiro is a much smaller player, but has some notable names among its clients, such as Morgan Stanley and BlackRock.
Posted by Globes, Israel business news – en.globes.co.il – September 20, 2022.
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