Today: Apr 23, 2024

“US firm snags Bengaluru’s PingSafe, fuels cyber defense with $100M purchase.”

3 months ago

TLDR:

  • NYSE-listed SentinelOne is acquiring Bengaluru-based cybersecurity startup PingSafe for $100 million, marking the largest acquisition in the Indian cybersecurity startup space.
  • The deal is expected to close in the first quarter of FY25 and is a combination of stock and cash.
  • PingSafe provides a centralised dashboard for real-time proof of exploitability, bridging the gap between hackers’ techniques and security solutions.
  • PingSafe’s founders, Anand Prakash and Nishant Mittal, are set to become dollar millionaires after the acquisition.

NYX-listed cybersecurity company SentinelOne has announced its acquisition of Bengaluru-based startup PingSafe for $100 million, making it the largest acquisition in India’s cybersecurity startup scene. The deal is expected to close in the first quarter of FY25 and will involve a combination of stock and cash.

PingSafe is a cloud security platform that offers a centralised dashboard with real-time proof of exploitability. It bridges the gap between attackers’ modus operandi and existing security solutions in the market. The platform works by aggregating intelligence through cloud APIs and logs.

The acquisition of PingSafe is expected to create a new crop of dollar millionaires, including founders Anand Prakash and Nishant Mittal. Prakash, who hails from an agricultural family in Rajasthan, has had a successful career in cybersecurity. He was featured in Forbes’ “30 under 30” list in 2017 for his work in enterprise technology in Asia.

PingSafe previously raised $3.3 million in seed funding led by Peak XV Partners. Last year, Prakash announced plans to raise $20 million to expand the startup’s footprint in the US, which led to conversations with SentinelOne.

Prakash expressed his excitement about joining SentinelOne, stating that their AI security platform is a gamechanger in cloud security. SentinelOne currently has nearly 12,000 customers, a number that would have taken PingSafe years to achieve. Prakash believes that the acquisition will allow them to scale more quickly and have a greater impact in the cybersecurity industry.