Proofpoint to Acquire Meta Networks for $120 Million
Cybersecurity company Proofpoint this week announced that it entered into a definitive agreement to acquire zero trust network access (ZTNA) provider Meta Networks.
Meta Networks’ Network-as-a-Service (NaaS) helps connect and secure people, applications, clouds, data centers, and offices. User-centric, the NaaS aims to replace site-centric network security with granular, zero trust access control, auditable user/device identity, and Internet security solutions.
With the acquisition, Proofpoint aims to strengthen its cloud-based architecture to help customers better protect users, applications, and data beyond the traditional perimeter.
The company wants to integrate Meta Networks’ ZTNA technology with its cloud access security broker (CASB) and web isolation product lines, to deliver a more robust cloud access and security platform.
The acquisition will also result in Proofpoint adding around 20 technical contributors to its team in Israel.
Subject to customary closing conditions, the deal is expected to close in the second quarter of 2019.
The purchase price totals roughly $111 million in cash and approximately $9 million in Proofpoint common stock and options.
“The Proofpoint common stock will be issued and a certain portion of the cash will be paid subject to satisfaction of certain employment terms,” the company said.
“By combining Meta Networks’ innovative zero trust network access technology with our people-centric security capabilities, Proofpoint will make it far simpler for enterprises to precisely control employee and contractor access to on-premises, cloud, and consumer applications,” said Proofpoint CEO Gary Steele.