Microsoft has agreed to acquire RiskIQ, a security software maker, to expand its products and protect customers amid a rising tide of global cyber attacks, according to a Bloomberg report.
The deal is expected to be announced in next few days. Microsoft will pay more than $500 million in cash for the company.
RiskIQ makes cloud software that detects security threats, helping clients understand attacks on complex webs of corporate networks and devices. It has tech customers across popular firms like Facebook, BMW, American Express and the US Postal Service, according to the company’s website.
Known for its annual report on security called the “Evil Internet Minute”, RiskIQ has raised $83m from companies such as Summit Partners and Battery Ventures, according to Crunchbase. It was founded in 2009.
The report stated that a spokesman for Microsoft declined to comment and RiskIQ did not immediately respond to a request for comment.
Microsoft has been adding security features to products such as Windows and its Azure cloud services to protect individual machines and detect attacks on networks.
The company has also added personnel who probe Microsoft’s own products for vulnerabilities, help clients clean up after a cyber attack and runs a lab called the Microsoft Threat Intelligence Centre that closely tracks nation-state hackers.
The software maker has also acquired several companies to expand its security capabilities. Last month, Microsoft bought ReFirm Labs, a maker of technology to secure Internet of Things devices, for an undisclosed amount.
In a blog post announcing the deal, the company said it has 3,500 employees working on security at Microsoft and a mission to help protect customers “from the chip to the cloud”.