Salesforce Ventures, the corporate venturing unit of cloud computing firm Salesforce.com, is set to exit US-based cloud security provider CloudLock after networking equipment manufacturer Cisco agreed yesterday to buy it for $293m.
Founded in 2007 as Aprigo, CloudLock has developed cybersecurity technology aimed at the cloud. Its software tracks user behaviour and sensitive data stored online, helping businesses comply with regulations and ensuring their files and applications are secure.
The deal will consist of cash and assumed equity awards in addition to retention-based incentives, and is expected to be concluded in the first quarter of the 2017 financial year.
CloudLock’s staff will join Cisco’s Networking and Security Business Group, led by senior vice-president and general manager David Goeckeler.
The company had raised $34.9m in funding over four funding rounds, and other exiting investors include Ascent Venture Partners, Cedar Fund and Bessemer Venture Partners.
Although Salesforce has not been mentioned as an investor in press releases, CloudLock’s website lists the company as a shareholder. According to deals database CrunchBase, Salesforce took part in a $16.5m series C round in January 2014 and a $6.7m round in November the same year.