International Business Machines (IBM) has acquired an Israel-based security firm Trusteer to help companies form a secure cybernetwork against financial fraud and security threats.
Cybercrime is one of the negative fallouts of the growth of Internet and companies constantly work to keep hackers from gaining unauthorized access to private information. International Business Machines (IBM) has taken control of an enterprise security firm called Trusteer, which specializes in protecting businesses networks, mobile devices and web applications from cybercriminals.
Trusteer is a renowned security firm that competes with companies like McAfee and Norton. Several million customers and hundreds of organizations rely on Trusteer services for endpoint cybercrime prevention solutions. Trusteer has some high profile customers around the world including seven of the top 10 U.S. banks and nine of the 10 largest U.K. banks.
The financial details of the deal were not disclosed but a report from TechCrunch estimates IBM may have paid a hefty price of $1 billion to acquire the Israel-based startup, which if true, means Trusteer has got a pretty great deal considering only $10.1 million was raised in funding.
IBM has put its trust in Trusteer for not only protecting the companies from web-based malware, but also monitoring mobile financial transactions ensuring a smooth transition.
"Trusteer's expertise and superior technology in enterprise endpoint defense and advanced malware prevention will help our clients across all industries address the constantly evolving threats they are facing," Brendan Hannigan, General Manager, Security Systems Division, IBM, said in a press release. "Together with IBM's capabilities in advanced threat detection, analysis and remediation, we will now be able to offer our clients several additional layers of defense against sophisticated attackers."
As a part of the deal, IBM will set up a cybersecurity lab in Israel with a team of 200 Trusteers and its own researchers and developers. The lab will mainly focus on creating solutions for "mobile and application security, advanced threat, malware, counter-fraud, and financial crimes."
