Cybersecurity software producer Palo Alto Networks has entered discussions to acquire Demisto, a US-based cybersecurity technology developer backed by messaging platform Slack and IT services firm Wipro, Calcalist reported yesterday.
Founded in 2015, Demisto has developed a software platform dubbed Security Orchestration, Automation and Response (Soar) that faciliates standardised, automated and coordinated responses to cyber threats.
Soar also offers a real-time, collaborative tool called War Woom that allows analysts to investigate complex incidents with the help of machine learning to fight attacks that cannot be mitigated through standardised processes.
Demisto has raised $69m in funding in total, most recently closing a $43m series C round led by venture capital firm Greylock in October 2018. Accel and ClearSky also contributed to the series C round, as did a range of unnamed existing backers.
Slack’s corporate venturing vehicle, Slack Fund, participated in a $20m series B round for the company in 2017 alongside Wipro Ventures, the corporate VC arm of IT consulting firm Wipro, in addition to ClearSky and Accel.
Accel had led Demisto’s $6m series A round in 2016 with participation from Secure Octane and assorted angel investors. Its existing backers also include Cerca Partners, an investment vehicle for financial services firm Nextage, according to Calcalist.
