IBM has made its biggest-ever acquisition in Israel, data security company Trusteer, Globes reported on Thursday.
Although details of the transaction were not disclosed, analysts estimate that IBM will pay about $630 million, plus tens of millions directly to employees.
Trusteer provides software solutions that enable businesses to protect themselves from financial fraud and mounting security threats. The company counts among its customers seven of the top ten U.S. banks and nine of the top ten U.K. banks.
IBM plans to open a cybersecurity software lab in Israel that will have more than 200 Trusteer and IBM experts working together on mobile and application security, advanced threat, malware, counterfraud, and financial crimes.
“Together with IBM’s capabilities in advanced threat detection, analysis and remediation, we will now be able to offer our clients several additional layers of defense against sophisticated attackers,” said Brendan Hannigan, general manager of the Security Systems Division of IBM.
“The way organizations protect data is quickly evolving,” said Mickey Boodaei, CEO of Trusteer. “As attacks become more sophisticated, traditional approaches to securing enterprise and mobile data are no longer valid. Trusteer has helped hundreds of large banks and organizations around the world defeat thousands of sophisticated attacks.”
Trusteer, with offices in Boston and Israel, was founded in 2006 by Mickey Boodaei, Rakesh Loonkar, Amit Klein, Shmulik Regev, and Eldan Ben-Haim.