Microsoft Corp. said it agreed to acquire RiskIQ, a security software maker, as the tech giant tries to expand its products and better protect customers amid a rising tide of global cyberattacks.
The company announced the deal Monday on its website and did not disclose terms. Bloomberg reported the purchase on Sunday, citing people familiar with the matter. One person, who declined to be identified to discuss confidential matters, said Microsoft is paying more than $500 million in cash for the company.
San Francisco-based RiskIQ makes cloud software for detecting security threats, helping clients understand where and be attacked on complex webs of corporate networks and devices. Its customers include Facebook Inc. and BMW AG and American Express Co. and the US Postal Service, according to the company's website.
Known for its annual report on security called the "Evil Internet Minute". RiskIQ has raised $83 million from firms like Summit Partners and Battery Ventures, according to Crunchbase. It was founded in 2009.
Microsoft is adding security features to products that including Windows and its Azure cloud services to protect individual machines and detect network attacks on networks. The company also added personnel who probe Microsoft’s products for vulnerabilities, help clients clean up after a cyberattack, and run a lab called the Microsoft Threat Intelligence Center that closely tracks state hackers.
The software maker has also acquired several companies to expand its security capabilities. Last month, Microsoft bought ReFirm Labs, a maker of technology to secure Internet of Things devices, for an undisclosed amount. In a blog post announcing the deal, the company said it has 3,500 employees working on Microsoft's security field and a mission to help protect customers "from the chip to the cloud."
Microsoft and the rest of the US tech industry, as well as companies and government agencies, have spent the past eight months grappling with a series of damaging and widespread cyberattacks. This month, hackers launched a massive ransomware attack that exploited several previously unknown vulnerabilities in IT management software made by Kaseya Ltd. In March, attackers linked to China used Microsoft Exchange code flaws to break into tens of thousands of organizations, and in a breach revealed in December, suspected Russian hackers compromised popular software from Texas-based SolarWinds Corp., inserting malicious code into updates for SolarWinds software.
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