February 19, 2015 / 1:23 PM / in 3 years

Check Point buys Israeli cyber security firm Hyperwise

(This February 18th story has been refiled to clarify Shlomo Kramer did not co-found Hyperwise in the last paragraph)

TEL AVIV (Reuters) - Internet and network security provider Check Point Software Technologies has bought Israeli start-up Hyperwise, saying it will help it compete in the fast-growing cyber security market.

Check Point said on Wednesday it paid “tens of millions of dollars” for Hyperwise, a company with roots in Israel’s military intelligence and electronic espionage Unit 8200.

The company said the deal was not expected to have a material effect on its financial results.

Hyperwise, which was founded in 2013 and was close to launching its threat prevention product, will be integrated into Check Point’s threat emulation portfolio.

Its technology detects malware and other threats at the pre-infection stage and should increase Check Point’s malware catch rates, the company said.

Gil Shwed, Check Point’s chief executive, said the company was looking for more acquisitions as businesses want to buy from one firm.

“Today there are technological advances that can prevent many sophisticated attacks,” he told a news conference. “But most customers are not using them.”

Just 1-2 percent use the most advanced technology to prevent attacks, he said.

Chief Financial Officer Tal Payne said the company now has close to 1,000 customers for its new threat emulation products.

Shlomo Kramer, a co-founder of Check Point who left that company more than a decade ago, was a key investor in Hyperwise.

Reporting by Steven Scheer; Additional reporting by Ari Rabinovitch; Editing by David Clarke

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