UPDATE 1-Akamai to acquire cloud security firm Guardicore for about $600 mln

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September 29 (Businesshala) – Akamai Technologies Inc. will acquire Israel-based Guardicore for about $600 million, it said on Wednesday, in a bid to beef up its cloud security offerings and help businesses combat ransomware attacks.

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The acquisition comes at a time when more businesses are turning to the cloud to run their operations and are constantly facing cyberattacks.

Guardicore specializes in software that helps limit user access to only those applications that are authorized to communicate with each other.

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“Given the recent surge in ransomware attacks and increasingly stringent compliance regulations, investing in technologies to reduce the spread of malware has become mission critical,” said Tom Leighton, Akamai CEO and co-founder.

Akamai said the deal, which is expected to close in the fourth quarter of 2021, will provide between $30 million and $35 million in revenue for fiscal year 2022. (Reporting by Eva Mathews in Bengaluru; Editing by Shailesh Kuber)

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