Cisco has announced that it will be acquiring the cloud-based security provider, CloudLock for $293 million in cash and equity.
CloudLock makes use of application program interface (API) technology to allow enterprises to apply and monitor the security of documents and other content that is accessible via cloud-based applications. The service works with Office 365, Google Drive, Salesforce applications and thousands of other apps and programs.
The focus of CloudLock is to protect documents and enforce security policies set by companies regardless of the device a user chooses to access their company's files on. It even can be configured to allow for specific controls based on the location where the documents are being accessed.
The service could be highly influential in allowing employees to work remotely and could even make the bring your own device (BYOD) movement more appealing to organisations that wish to implement it. Employees have begun to access company data on unsecured devices over unsecured networks such as public WiFi. CloudLock poses a possible solution to this problem that does not involve employers or IT departments educating their workforce about security and the dangers of accessing company files on unsecured devices and networks.
Luke Burns is one of the venture capitalists at Ascent Venture Partners who first backed CloudLock. Regarding the company's potential in cloud-based security, Burns said: “CloudLock rose to leadership in the cloud security sector with a pure play approach of being cloud-native while leveraging other cloud platform APIs in a collaborative fashion. They were a trailblazer of this approach while the competition often focused their efforts on extending legacy methods.”
CloudLock's employees will become a part of Cisco's Network and Security Business whis is led by SVP and GM David Goeckeler.
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