Mimecast splashes $88m on US security platform vendor

US vendor bolsters its offerings with purchase of Solebit

Mimecast has acquired US security vendor Solebit for a net fee of $88m (£66m).

The acquisition comes on the heels of the email and data security vendor's purchase of cybersecurity firm Ataata earlier this month. Both acquisitions were made to bolster Mimecast's cybersecurity offerings.

Solebit offers an advanced threat detection product that recognises where malicious code is embedded within active content and data files, scanning content as it enters an organisation's systems to determine whether it is infected with malware.

The firm's platform focuses mainly on preventing zero-day and unknown threats.

The $88m fee is "net of cash acquired", meaning that Mimecast will have also paid the equivalent of Solebit's cash balance on top of the disclosed amount.

Mimecast CEO Peter Bauer said the acquisition of Solebit will offer customers a new approach that will improve their cybersecurity in an efficient manner.

"Security methods such as signature-based anti-virus and sandbox detonation are too limited when it comes to today's most advanced threats. It's time for a more capable, efficient and durable approach," he said.

"We're excited to welcome Solebit into the Mimecast family, as it helps us to offer customers a new approach that fundamentally improves their cybersecurity and resilience efficacy in the most efficient way on the market."