Info@NationalCyberSecurity
Info@NationalCyberSecurity

US company buys Bengaluru cybersecurity startup PingSafe for $100million | #hacking | #cybersecurity | #infosec | #comptia | #pentest | #ransomware


BENGALURU: NYSE-listed SentinelOne is acquiring Bengaluru-based cloud security platform PingSafe for $100 million is dubbed as the largest acquisition in the Indian cybersecurity startup space. Barclays, in its report, said the acquisition is a combination of stock and cash.
After the acquisition, PingSafe is set to mint a new crop of dollar millionaires.The deal is expected to close in the first quarter of FY25. Last year, it raised $3.3 million in seed funding led by Peak XV Partners.
PingSafe was founded by Anand Prakash and Nishant Mittal in 2020. PingSafe provides a centralised dashboard with real-time proof of exploitability by sending harmless payloads to hack customers’ infrastructure to discover those vulnerabilities immediately. PingSafe’s platform bridges the gap between attackers’ modus operandi and security solutions in the market by aggregating intelligence via cloud APIs and logs.

Prakash planned to raise around $20 million to expand the startup’s footprint in the US and began conversations with several investors including SentinelOne. “I never thought I would sell. SentinelOne’s AI security platform is a gamechanger in cloud security that protects enterprises across endpoints, identities, and clouds. It has nearly 12,000 customers and we would have taken three years to get there. It’s also about the scale,” he told TOI.
The 30 year-old hails from an agricultural family from Bain village in Churu district of Rajasthan. He is the first engineering graduate from his family and he didn’t have a computer till he went to Kota for his IIT-JEE coaching.
“I used to go to a nearby cyber centre and paid Rs 10 per hour to browse the internet,” he told TOI. Prakash was preparing for his IIT-JEE at the Resonance Eduventures in Kota in 2008-09 and his friend threw a challenge at him to hack his Orkut account. Even though he had no prior technical knowledge, he found a 10-step hacking tutorial on Google on how to hack an Orkut account. His hack mirrored his friend’s Orkut homepage that prompted a trigger to enter his credentials. That is when Prakash became interested in understanding a hacker’s mindset. He then went on to pursue his engineering degree in computer science from Vellore Institute of Technology.
Prakash started his career as a cyber security intern with the Haryana Police and thereafter landed his first job at Flipkart as a security engineer. After his stint at Flipkart, he cofounded a cyber security firm AppSecure along with his brother. “He continues to run the firm. My wife is a security engineer, my brother and cousins are into cyber security,” he said.
He was one of the top white hat hackers delivering bug bounty programmes for firms like Meta, Uber, Twitter, Tinder, and Salesforce. He thrived off “bug bounties” —cash prizes he earns from companies in exchange for showing them their security vulnerabilities. Prakash’s reputation as a hacker led to him being featured in 2017’s Forbes “30 under 30” for enterprise technology in Asia.



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