NYSE-listed SentinelOne acquires Bangalore-based startup PingSafe

PingSafe provides Cloud security services; deal estimated to be worth $100mn

SentinelOne, a NYSE-listed technology company, said on Wednesday it will acquire Bangalore-based startup PingSafe in a deal media reports said is worth $100 million,

PingSafe said in a press statement that integrating its Cloud native application protection platform (CNAPP) into SentinelOne's Singularity Platform will be a "paradigm shift" in security. Rather than relying on point solutions or a standalone Cloud platform, companies can access a unified service that will have real-time, artificial intelligence-powered operations to protect an entire enterprise.

“With the addition of PingSafe, we intend to redefine Cloud security by fusing best-of-breed cloud workload protection, AI (artificial intelligence) and analytics capabilities with a modern and comprehensive CNAPP,” said Ric Smith, chief product and technology officer at SentinelOne.

SentinelOne said it is expanding beyond Cloud workload security and the PingSafe acquisition will accelerate its strategy.

“SentinelOne is a pioneer and leader in AI-powered security, and we share a common mission to secure the cloud and make the Internet a safer place,” said Anand Prakash, founder and chief executive officer of PingSafe.

PingSafe’s customers include payment companies Razorpay and Groww. “With more than $100 billion in transactions flowing through our network, nothing is more important than ensuring the security of our environment,” said Ashwath Kumar, principal security engineer at Razorpay, one of the largest payment processors in India. “With PingSafe, we can cut through the noise delivered by many CNAPP solutions to identify and prioritise the most critical threats and take an offensive approach to preventing them before they impact our business.”

By buying PingSafe, SentinelOne will offer services such as advanced scanning of runtime and build-time environments and an attack surface management rules engine that runs breach and attack simulation scenarios against internet-exposed Cloud assets.