Splunk Inc. said Tuesday that it would acquire security firm Phantom Cyber Corporation for about $350 million in cash and stock. “Phantom’s employees and technology significantly expand and strengthen Splunk’s vision for the security nerve center and for business revolution through IT,” Splunk CEO Doug Merritt said in a release. Phantom specializes in Security Orchestration, Automation, and Response (SOAR), and Splunk says that the combination of its technology and Phantom’s will help reduce staffing and speed up incident response time. The company said the equity part of the deal will result in “less than one percent total dilution” for its shareholders. Mizuho analyst Abhey Lamba wrote Tuesday that the deal “aligns with product strategy.” Splunk shares are down 1% in Tuesday morning trading but up 50% over the past 12 months, while the S&P 500 has gained 17%.
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