United States-based cybersecurity major SentinelOne on January 3 announced that it is in the process of acquiring Bengaluru-based cybersecurity startup Pingsafe.
The startup works in the cloud security segment and has developed a cloud-native application protection platform (CNAPP). According to reports, the CNAPP market is estimated to grow $30 billion by 2030.
SentinelOne will acquire PingSafe for a combination of cash and stock, the US-based company said in a statement. The acquisition is expected to close in SentinelOne’s first quarter of fiscal year 2025, subject to any applicable regulatory approvals and customary closing conditions, the statement added.
With the acquisition of PingSafe’s CNAPP, SentinelOne aims to combine its cloud workload security and cloud data security capabilities, and provide companies with a platform that drives better coverage and automation across the entire cloud footprint, the company said.
This acquisition comes seven months after the startup announced a $3.3 million seed funding in a round led by Peak XV Partners (formerly Sequoia India). The startup is headed by ethical hackers Anand Prakash, co-founder and CEO and Nishant Mittal, co-founder and CTO.
“With the addition of PingSafe, we intend to redefine cloud security by fusing best-of-breed cloud workload protection, AI and analytics capabilities with a modern and comprehensive CNAPP,” said Ric Smith, Chief Product and Technology Officer, SentinelOne.
“This new approach to cloud security will eliminate the need for companies to navigate the complexity of multiple-point solutions, triage and investigate with incomplete context, or pipe data between disparate data silos. Instead, they can comprehensively manage their entire attack surface from a single platform that, unlike legacy CNAPP and standalone providers, delivers the full context, real-time interaction and analytics needed to correlate, detect and stop multi-stage attacks in a simple, automated way," Smith said in a release.
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