Microsoft Corporation has agreed to acquire a security software maker, RiskIQ. As per reports, the software giant will announce this deal in the next few days. The deal will cost the tech giant more than $500 million in cash.
The new acquisition is a part of a long-term plan of the tech giant to try to expand its product portfolio and protect customers amid a rising tide of global cyberattacks.
RiskIQ, is a San Francisco-based firm, makes cloud software for detecting security threats. They aim to help their clients understand where are vulnerable on complex webs of corporate networks.
Founded in 2009, some of their major clients include BMW AG, Facebook, American Express, and the U.S. Postal Service.
According to Crunchbase, the company has raised $83 million from firms like Summit Partners and Battery Ventures.
In the recent past, Microsoft has been seen adding security features to its products including Windows and Azure cloud services. They want to detect attacks on networks and protect individual machines.
Besides, they have added personnel to probe its products for vulnerabilities. This, in turn, will help their clients clean up after a cyberattack. After that, they can closely track nation-state hackers by running a lab called the Microsoft Threat Intelligence Center.
The tech giant has also added several other companies to its portfolio to expand its security capabilities.
Last month, Microsoft acquired a maker of technology to secure Internet of Things devices, ReFirm Labs. The deal amount is still undisclosed.
In a blog post, the company announcing the deal by saying that it has 3,500 employees working on security at Microsoft. And, their combined mission is to protect their customers “from the chip to the cloud.”