NYSE-listed SentinelOne has said it is acquiring PingSafe, a Bengaluru-based cloud security platform, for an impressive $100 million. The acquisition stands out as the largest in the Indian cybersecurity startup space.
According to Barclays’ report, the deal encompasses a blend of stock and cash transactions. The anticipated closure of the deal is slated for the first quarter of the fiscal year 2025.
Founded in 2020 by Anand Prakash and Nishant Mittal, PingSafe’s centralised dashboard provides real-time proof of exploitability by deploying harmless payloads to simulate hacking attempts on customers’ infrastructure, enabling the immediate detection of vulnerabilities.
Emerging from stealth operations, PingSafe, the exclusive CNAPP platform driven by attacker intelligence, publicly debuted in July 2023. The company successfully secured a $3.3 million seed funding round, with Peak XV Partners leading the investment round. CNAPP is a software platform that simplifies monitoring, detecting, and acting on potential cloud security threats and vulnerabilities.
30-year-old Prakash, who hails from Churu in Rajasthan, is one of the top-ranked white hat hackers in the world. He has found vulnerabilities across companies like Uber, Meta, and Twitter. He was featured in 2017’s Forbes 30 under 30 for enterprise technology in Asia. Co-founder and CTO, Nishant Mittal is an IIT, Dhanbad graduate and has spent five years in the digital payments ecosystem with PhonePe.
