Israeli web security company Radware Ltd. (Nasdaq: RDWR) has announced the acquisition of Israeli cloud cybersecurity company SecurityDAM. The acquisition of SecurityDAM is of a sister company in the RAD Group. SecurityDAM was founded by Yehuda Zisapel with Roy Zisapel as a minority shareholder. Radware was founded by chairman Yehuda Zisapel and his son CEO Roy Zisapel.
Radware will pay $30 million (subject to adjustments for intra-party balances and other deductions) for SecurityDAM plus contingent payments of up to $12.5 million. Radware said that the acquisition is part of its strategic initiative to accelerate the growth of its cloud security service business.
Radware president and CEO Roy Zisapel said, "We are committed to providing our customers state-of-the-art, frictionless security, so they can advance their digital strategies while ensuring their defenses don’t become roadblocks to change.
He added, "Radware is already protecting a quarter of the Fortune 50 companies. The goal of our initiative is to innovate and scale faster, so we can deliver our cloud security capabilities to even more customers and capitalize on the growing market opportunity."
Radware's share price fell 1.95% to $30.71 on Wall Street on Friday, giving a market cap of $1.413 billion.
Published by Globes, Israel business news - en.globes.co.il - on February 20, 2022.
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