US cloud data services company NetApp has quietly acquired Israeli data security firm Cognigo last month. The deal, which was reported to be worth about $70 million, was not publicized until this week, Israeli financial news site Globes reports.
“The decision to be acquired was a bittersweet one, but I am certain it was the right one,” Leibovitz wrote on LinkedIn. “In a short amount of time, we reached the escape velocity that every startup craves for. Revenue was tripling almost every quarter. We had a fast-growing number of clients including top banks, insurance and media companies worldwide.”
Employees from Cognigo will join NetApp’s Israel development center, which already has almost 100 employees.
Cognigno, which has headquarters in New Jersey and a research and development center in Tel Aviv, has developed a data protection platform for companies that need to adapt to privacy regulations such as the European General Data Protection Regulation.
NetApp will use Cognigo technology to “extend NetApp’s Cloud Volume ONTAP portfolio with an AI-driven compliance solution, Leibovitz wrote.
NetApp has already collaborated with Cognigo for a number of years, sources tell Globes.