Splunk to Purchase Security Orchestration Company Phantom Cyber Corporation
In a $350 million deal, San Francisco, California-based Splunk Inc. will purchase Phantom Cyber Corporation, a Palo Alto, California-based cyber security firm specializing in security orchestration, automation and response, known as SOAR. Splunk will acquire Phantom using a combination of cash and stock. The transaction is expected to close during the first half of 2018, subject to customary closing conditions and regulatory reviews. Oliver Friedrichs, Founder and CEO, Phantom will report to Haiyan Song, senior vice president and general manager of security markets, Splunk. "Phantom’s employees and technology significantly expand and strengthen Splunk’s vision for the security nerve center and for business revolution through information technology (IT)," said Doug Merritt, President and CEO, Splunk. "Splunk is committed to continuously pushing the limits of technology to help our customers get the answers they need from their data. I am very excited to reach this definitive agreement with Phantom and look forward to welcoming the team to Splunk."
"Sourabh Satish and I founded Phantom to give [cybersecurity] analysts a powerful advantage over their adversaries, a way to automatically and quickly resolve threats," said Oliver Friedrichs, founder and CEO of Phantom. "Combining SOAR with the industry’s leading big data platform is a revolutionary advance for security and IT teams and will further cut down the time it takes them to eliminate threats and keep the business running. We are thrilled to empower Splunk customers to solve these important challenges." Once integrated with the Splunk platform, customers will be able to use SOAR automation capabilities to help solve automation challenges in a widening range of use cases, including artificial intelligence for IT operations.