International Business Machines Corp. (NYSE:IBM) has acquired Israel-based financial security company Trusteer. The financial terms are undisclosed, but Israel based media company YNetNews speculates that the deal was at between $800 million and $1 billion. Trusteer creates software that can detect fraud in financial transactions.
International Business Machines Corp. (NYSE:IBM) said that 7 out of the top 10 banks in the U.S. and 9 out of the top 10 banks in the U.K. use Trusteer. International Business Machines Corp. (NYSE:IBM) will be opening a security lab in Israel as part of the acquisition. Around 200 IBM and Trusteer researchers and developers will work from there.
“Trusteer?s advanced fraud and malware protection are new and important capabilities for the IBM security portfolio. With this agreement, Trusteer?s solutions will integrate and compliment IBM security offerings in the areas of fraud protection, advanced persistent threat protection, zero-day vulnerabilities, endpoint security and threat intelligence services. The acquisition will strengthen IBM?s leadership position in enterprise cyber security and help protect web applications, computer networks and mobile devices,” said IBM in a statement.