In a major development, the New York Stock Exchange-listed company SentinelOne announced Wednesday that it is acquiring Bengaluru-based startup PingSafe for $100 million. This big acquisition is a huge deal and makes the biggest ever in the history of Indian cybersecurity startups.
The deal, a mix of stocks and cash transactions, is set to finalize in the first quarter of the fiscal year 2025. PingSafe, founded in 2020 by Anand Prakash and Nishant Mittal, is a cloud security platform known for its innovative approach. The startup’s centralized dashboard, introduced to detect vulnerabilities, uses harmless payloads to simulate hacking attempts in real-time.
PingSafe, coming out of stealth mode in July 2023, introduced its CNAPP platform, driven by attacker intelligence. The company got a lot of money, more than $3 million, in a special funding round, and Peak XV Partners were the ones leading the way.
The CNAPP platform is a kind of computer program that makes it easier to keep an eye on, find and deal with possible problems with security in the cloud. SentinelOne buying PingSafe shows they are making a smart move to get even better at keeping things safe online.
Anand Prakash, a 30-year-old from Churu in Rajasthan, is a renowned white hat hacker globally. He detected problems in giants like Uber, Meta and Twitter. Because of this, in 2017, he got a special spot on Forbes’ list of successful people under 30 in Asia for his work in business technology. Nishant Mittal, the co-founder and CTO, is an IIT Dhanbad graduate with a background in the digital payments ecosystem, having spent five years with PhonePe.
Bengaluru is lately becoming a hub for tech and this deal shows that Indian startups are getting more important worldwide. With PingSafe teaming up, it can be expected that more cool ideas and improvements may come up in near future.
