Singtel Innov8 – the corporate venture arm of Singapore Telecommunications – will exit its investment in Israel’s Fireglass following the latter’s acquisition by Nasdaq-listed cyber-security major Symantec.
Israel-based Fireglass, an agentless isolation solution that eliminates ransomware, malware and phishing threats in real-time, has reportedly raised about $22 million n equity funding to date. Singtel Innov8 participated in its $20 million Series A round in February 2016.
While financial terms are undisclosed, media reports indicate the deal consideration at around $250 million.
The acquisition strengthens Symantec’s integrated cyber defense platform and extends its capabilities in secure web gateway and email protection delivered both on-premises and in the cloud.
The transaction is subject to customary closing conditions and is expected to close in Q3 2017.
Greg Clark, Symantec CEO said, “Integrating Fireglass’ isolation technology with Symantec’s existing endpoint, email and secure web gateway solutions could reduce security events by as much as 70 percent.”