Security orchestration, automation and response provider, Phantom Cyber will merge into machine data solution firm, Splunk, in a $350 million deal.
Under the terms of the deal, Splunk will pay $350 million in cash and stock to acquire Palo Alto, CA-based Phantom Cyber.
Phantom Cyber, which has raised more than $23 million in funding, has developed a community-powered security automation and orchestration platform that currently has over 200 apps which integrate with security products.
These apps are available for a wide range of security tools from Cisco, McAfee, Palo Alto Networks, RSA Security, Symantec, Splunk, HPE, and IBM.
Splunk officials said IT teams will now be able to leverage automation capabilities to “help solve automation challenges in a widening range of use cases, including Artificial Intelligence for IT Operations (AIOps).”
Following the acquisition, Phantom founder and chief executive Oliver Friedrichs will report to Haiyan Song, senior vice president and general manager of security markets at Splunk.
The acquisition is expected to close during the first half of this year, subject to customary closing conditions and regulatory reviews.