Symantec, an endpoint protection platform provider, announced its acquisition of Luminate. Based out of Israel, Luminate provides zero-trust access, perimeter security, and secure cloud access solutions without traditional VPN appliances.
Symantec did not disclose the financial terms of their acquisition; previous acquisitions of Fireglass and Skycure suggests a price tag of around $200-$250 million.
Symantec acquired the Tel-Aviv cloud security provider to boost its hybrid IT infrastructure and cloud-based security offerings. A statement from Greg Clark, President and CEO of Symantec, confirmed this motivation. “Now and in the future, we anticipate more and more corporations will operate their business on infrastructure that is managed by multiple third parties such as Azure, AWS and Google.”
“In this rapidly evolving world, trust in external infrastructure must be carefully considered as corporations can outsource infrastructure but must also remain responsible for data and users. Luminate incorporated into Symantec’s Integrated Cyber Defense puts us at the forefront of security in the cloud era.”
Ofer Smadari, CEO of Luminate Security, offered his own thoughts. “With this next step, we look forward to fully integrating across the entire portfolio and delivering even more innovation to offer complete security for the Cloud Generation.”
The Symantec Acquisition of Luminate in Context
The Israeli vendor experienced overwhelming success and recognition since its founding in early 2017. It raised $14 million in a Series A funding round; Gartner recognized them as a 2018 Cool Vendor in Cloud Security.
Gartner named Symantec a Leader in their 2018 Magic Quadrant for Endpoint Protection Platforms. Luminate represents another in a long list of Israeli acquisitions by Symantec. They previously acquired Fireglass in 2017 and Javelin Networks in 2018.
Since 2018, rumors abound private equity investment firm—and major cybersecurity player—Thoma Bravo may acquire Symantec in the coming year.
You can read more about the Symantec acquisition of Luminate here.