Cybersecurity powerhouse Palo Alto Networks on Thursday announced plans to spend $195 million in cash to acquire Israeli startup Cider Security, a deal that adds software supply chain security capabilities to its Prisma Cloud platform.
Palo Alto Networks said the transaction will boost its ambitions to have Prisma Cloud provide the industry’s most comprehensive supply chain security solution as part of its code-to-cloud security platform.
For Cider Security, an early-stage startup with roots in Tel Aviv, the deal comes less than a year after its public launch with $38 million in venture capital financing.
Cider Security was backed by Tiger Global Management, Glilot Capital Partners and Glilot’s early growth fund, Glilot+.
The company’s technology promised tools for security teams to orchestrate and implement end-to-end CI/CD security.
“We designed an AppSec platform that allows engineering to continue to move fast, without making compromises on security,” said Cider Security chief executive Guy Flechter.
“There couldn’t be a better fit for Cider. By scanning and securing the CI/CD pipeline, we can help identify where there may be vulnerabilities in your code. Prisma Cloud will now be the ultimate solution for code to cloud security,” he added.
In a note accompanying the disclosure of the acquisition, Palo Alto Networks said it is investing in tools to secure the software supply chain.
“The stakes are high when it comes to software supply chain security. A single insecure step or misconfigured tool can expose the entire organization,” the company said, positioning its Prisma Cloud platform as “the industry’s most comprehensive supply chain security solution, delivered as part of its code-to-cloud security platform.”
Palo Alto Networks said the proposed acquisition is expected to close during the second quarter of fiscal 2023