Ping Identity acquires Elastic Beam
Identity security solutions provider Ping Identity has acquired API cybersecurity company Elastic Beam. This is the Colorado-based company’s second purchase since it bought UnboundID just months after it was acquired by Vista Equity Partners in 2016, reports Julie Muhn at Finovate.
Financial details were not disclosed.
Elastic Beam offers an AI-powered behavioural analytics solution that automatically detects and stops threats that use APIs to gain control of systems and data.
This solution will offer Ping Identity insight into how users access and implement APIs and help the company identify and block cyberattacks that target APIs to compromise data and systems.
Ultimately, Ping Identity will alert businesses to evolving API attacks without the need to set up predefined policies and security rules.
Andre Durand, CEO of Ping Identity, says the acquisition boosts Ping Identity’s expertise in the space by taking an intelligence-based approach to API security.
“As an industry, it’s critical that we make decisions based on the ever changing nature of context and behaviour versus pre-defined policies that attempt to capture when, where, and why a user is trying to access something,” he adds.
The new capabilities will bolster PingIntelligence for APIs, a solution that offers businesses insights into how APIs are used. It offers reporting for audits and compliance. The tool is currently in beta and will be available later this year.
Prior to being acquired in June 2016, Ping had raised a total of $128 million in funding and counts Draper Fisher Jurvetson, General Catalyst Partners, and Silicon Valley Bank among its investors.