RegTech 100 company Skyhigh Networks, a provider of cloud security and enablement, has been purchased by cybersecurity giant McAfee.
The pair have reached a definitive agreement to combine businesses, with McAfee acquiring venture capital-backed Skyhigh for an undisclosed amount.
With more than 600 enterprise customers globally, Skyhigh provides organisations the visibility and management for all their cloud services, including enforcement of data loss prevention policies; detecting and preventing internal and external threats; encrypting data with customer-controlled keys; and implementing access-control policies.
As part of the deal, Skyhigh Networks CEO Rajiv Gupta will join McAfee CEO Chris Young’s leadership team to run McAfee’s new cloud business unit. The company is expected to stay intact, benefiting from McAfee’s global scale and integrations, along with its broad and deep product portfolio.
Young said: “Skyhigh Networks had the foresight five years ago to realise that cybersecurity for cloud environments could not be an impediment to, or afterthought of, cloud adoption.
“They pioneered an entirely new product category called cloud access security broker (CASB) that analysts describe as one of the fastest growing areas of information security investments of the last five years – where Skyhigh continues to innovate and lead. Skyhigh’s leadership in cloud security, combined with McAfee’s security portfolio strength, will set the company apart in helping organisations operate freely and securely to reach their full potential.”
To date, Skyhigh has raised more than $106m in venture funding, having received investments from Thomvest Ventures, Greylock Partners, and Sequoia Capital.
Skyhigh was recently hand-picked by a panel of industry experts for the RegTech 100, a list of companies that every financial institution should know about in 2018. The RegTech 100 is part of the Global RegTech review – an essential, in-depth analysis of the global RegTech market.
Another RegTech 100 company was purchased earlier this month, with Qumram being snapped up by Dynatrace, a provider of digital performance management software. The startup captures digital interactions to ensure compliance, prevent fraud and enrich customer service.
Copyright © 2017 FinTech Global
Copyright © 2018 RegTech Analyst
