Cyber security provider Palo Alta to acquire Demisto Inc for $560 million

Demisto develops and markets automation tools for information security management, including a chatbot that assists in handling tasks.

Palo Alto Networks Inc, a cyber security company stated it would be acquiring Demisto Inc, a U.S.-Israeli information security firm for $560 million using cash and stock.

Founded in 2015 by four McAfee executives, Demisto develops and markets automation tools for information security management, including a chatbot that assists in handling tasks.

In October 2018, Demisto raised $43 million in an investment round that was led by Greylock Partners, thus bring its total equity funding to $69 million. Its backers include ClearSky Security, Accel Partners, Wipro Ventures, Slack Technologies, Secure Octane and Cerca Partners.

In a statement Demisto stated, the proposed deal is expected to close during Palo Alto’s fiscal third quarter.

Even after the closure of the deal, Demisto’s products will continue to be available to customers and partners.

Its founders Rishi Bhargava, Slavik Markovich, Guy Rinat and Dan Sarel will join Palo Alto.

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