Microsoft has announced the acquisition of cybersecurity startup RiskIQ in order to assist businesses better protect themselves as ransomware and other cyber threats become more prevalent.
In the face of growing sophistication and frequency of cyberattacks, Microsoft claimed the acquisition will assist its clients confront the specific threats posed by remote work and cloud computing.
RiskIQ’s software enables businesses to monitor their whole network, including operations operating on various cloud providers, and its threat intelligence research assists businesses in identifying and mitigating potential threats.
RiskIQ had raised more than $80 million in funding prior to the acquisition, last June , RiskIQ launched a $15 million Series D.
RiskIQ stated at the time that it served 30 percent of the Fortune 500 and 6,000 enterprises worldwide.
RiskIQ Founder and CEO Elias Manousos said, “We couldn’t be more delighted to join forces to empower the worldwide community to protect against the rising flood of cyberattacks.”
Following a number of recent ransomware assaults that temporarily shut down a major gasoline pipeline, a meat supplier, and an IT provider, among others, the announcement comes at a time when many corporate leaders are concerned about cybersecurity.
According to reports, Microsoft paid more than $500 million in cash to purchase RiskIQ.
The acquisition’s financial terms were not disclosed by Microsoft.