Enterprise software company VMware, Inc. (NYSE: VMW) confirmed it acquired a security startup company called Intrinsic to better position itself to the cloud.
San-Francisco-based Intrinsic operates a platform that secures important data and allows software developers to securely tap serverless computing, according to CNBC. The startup is small in size with just 10 employees but backed by major Silicon Valley investors, including Andreessen Horowitz.
Under VMWare's umbrella, the acquisition of Intrinsic will give it "unique expertise and technology" to better expand its VMware AppDefense platform "into the public cloud," a company spokesperson told CNBC.
Why It's Important
VMware's acquisition is consistent with management's commentary at the RSA Conference in May. At that time the company explained its vision to help organizations "turn the advantage from attackers to defenders with a new security approach that focuses on applications more than infrastructure," The Fast Mode wrote.
VMware's prior acquisitions to help create its security vision and improve its exposure to the cloud includes Bitnami, a package application company, according to The Fast Mode.
Financial terms of the deal were not disclosed, but VMware CEO Pat Gelsinger told CNBC in July the company has "plenty of capacity" for M&A deals.
VMware's stock closed Tuesday at $144.42 per share.
Analysts Point To Pivotal Software's Sales Execution Issues Following Mixed Q1
Pivotal Software Rips Higher On Potential Acquisition By VMware
See more from Benzinga
- Report: Cold Breakfast Wars Are Heating Up
- Nomura On Semiconductors: Analyst Eyes Data Center, PC Trends
- Ron Baron Remains A Tesla Bull Despite Its 'Self-Inflicted Wounds'
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.