Proofpoint snaps up zero trust security firm Meta Networks in $119m deal

The aim is to boost Proofpoint’s cloud security portfolio.

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Proofpoint has announced the acquisition of Meta Networks, a zero trust network access (ZTNA) specialist in a bid to bolster the firm's cloud security offerings.

On Monday, the cybersecurity firm said the deal had been agreed for approximately $111 million in cash and approximately $9 million in Proofpoint common stock and options.  

Meta Networks is a company which focuses on the development of ZTNA solutions, including Network-as-a-Service (Naas) options for enterprise clients. 

Among these offerings are software-based perimeters which can surround accounts, apps, cloud architectures, and data centers.

The focus is the creation of zero trust security systems which require strict ID verification, the concept of least privilege, and multi-factor authentication (MFA) principles. Zero trust systems are not a one-size-fits-all solution but rather a holistic approach which requires different layers of security. 

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California-based Proofpoint says the acquisition will result in a strengthening of its platform, "enabling customers to better protect their people and the applications and data they access beyond the traditional perimeter."

The company intends to integrate Meta Networks' ZTNA technologies with its cloud access security broker (CASB) and web isolation solutions.

Meta Networks' base, in Tel Aviv, Israel, may have also contributed to the purchase as Proofpoint is working to expand its presence in the country. Meta Networks' staff of roughly 20 specialists will join Proofpoint's team in Israel.

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"Protecting people and resources beyond the traditional perimeter is perhaps the most critical security requirement in the cloud era," said Etay Bogner, CEO of Meta Networks. "Together with Proofpoint, we will continue to realize a security vision that adapts to the way both threats and infrastructure are moving: to the cloud."

Meta Networks has previously raised $10 million through a single funding round. The investors involved in the Seed Round were Vertex Ventures Israel, Vertex Ventures, and BRM Capital.

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The acquisition is subject to regulatory approval and is expected to close in Q2 2019. Proofpoint says that the deal is not expected to have any real impact on the financial year ending December 31, 2019.

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