Storage hardware producer NetApp has acquired Cognigo, a Israel-based data protection software developer backed by security services and technology provider Prosegur, for approximately $70m, Globes has reported.
Founded in 2016, Cognigo has developed software that utilises artificial intelligence and natural language processing technology to categorise and protect data in compliance with regulations such as the European Union’s General Data Protection Regulation.
Sources told Globes the acquisition was completed last month, and that Cognigo’s employees will all be transferring to NetApp’s Israel development centre.
Cognigo had secured a total of $11m in funding according to Globes. Equity crowdfunding platform OurCrowd led its $8.5m series A round in November 2018, investing alongside Prosegur and venture capital fund State of Mind Ventures, which had backed the company at seed stage.
In a LinkedIn post, Guy Leibovitz, co-founder and chief executive of Cognigo, also identified SagTech and investment firm Mivtach Shamir as shareholders of the company.
Leibovitz added: “Our partnership with NetApp started early on, and I always saw a clear alignment of culture, values and vision. Joining forces with NetApp today, will allow us to reach a larger audience, and realise our mission at a faster pace.”