US financial software company Intuit (Nasdaq: INTU) has announced that it has completed the acquisition of Israeli application programming interface (API) security technology for enterprises company Imvision.
Imvision develops technology that enables enterprises to automatically discover, test and protect against attacks, by monitoring API traffic to identify threats and vulnerabilities. Financial details about the deal were not disclosed although media reports say that Intuit is paying $50 million for Inuit.
Founded in 2014 by Sharon Mantin, VP R&D Yossi Barshishat and Eli Plotnik, Imvision’s platform is able to auto-discover APIs based on network traffic, classify them using machine learning, identify data exposure, and detect anomalous user and data activity. According to Start-Up Nation Central, the company has only raised $4 million from Pitango and CE Ventures.
Intuit said that by implementing Imvision’s solution across its technology platform and products, the company will accelerate its fraud fighting impact across the most critical touch points of its products for more than 100 million consumer and small business customers.
Mantin said, "In the API-first era, preventing fraud is one of the biggest challenges for businesses and consumers alike. Joining Intuit gives us the perfect opportunity to take our technology to the next level, and protect customer’s data and activity at scale far beyond what we’ve ever imagined."
Intuit chief information security officer Atticus Tysen said, "Intuit is committed to providing end-to-end security across our platform. Imvision is a best-in-class security solution provider and we are delighted to welcome them to Intuit. With Imvision, we will continue to advance our fraud prevention solutions and broaden security for Intuit’s customers, products and data."
Intuit has been operating in Israel since 2014, when it acquired Check, a company founded by Israeli entrepreneurs that developed a popular accounts payment application, for $360 million. Intuit's current R&D center is based on Check; it integrated Check's activity as one of its main product lines. In 2015, Intuit acquired Israeli cybersecurity company Porticor for an estimated $10 million.
Published by Globes, Israel business news - en.globes.co.il - on December 22, 2021.
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