Microsoft has announced that it’s acquiring CyberX, a security startup that focuses on preventing security breaches on Internet of Things networks.
Details about the deal have not been revealed, but TechCrunch reports that it cost around $165 million USD (about $223 million CAD).
“CyberX will complement the existing Azure IoT security capabilities, and extends to existing devices including those used in industrial IoT, Operational Technology and infrastructure scenarios,” the tech giant wrote in a blog post.
Microsoft’s confirmation of the deal comes months after rumours started surfacing about the acquisition. The rumoured price of the deal has also gone up in the months leading up to the confirmation.
The tech giant’s acquisition of the company will help Microsoft build up its IT services for big corporations and advance cybersecurity that leverages AI to take on new challenges.
CyberX works with major telecom firms and other companies by using AI-based technologies to constantly monitor network activity to find potential threats and breaches.