Identity security solutions provider Ping Identity announced today it has acquired API cybersecurity company Elastic Beam. This is the Colorado-based company’s second purchase since it bought UnboundID just months after it was acquired by Vista Equity Partners in 2016.
Elastic Beam boasts an AI-powered behavioral analytics solution that automatically detects and stops threats that use APIs to gain control of systems and data. This solution will offer Ping Identity insight into how users access and implement APIs and help the company identify and block cyberattacks that target APIs to compromise data and systems. Ultimately, Ping Identity will alert businesses to evolving API attacks without the need to set up predefined policies and security rules.
Andre Durand, CEO of Ping Identity said that the acquisition boosts Ping Identity’s expertise in the space by taking an intelligence-based approach to API security. “As an industry, it’s critical that we make decisions based on the ever changing nature of context and behavior versus pre-defined policies that attempt to capture when, where, and why a user is trying to access something,” he added.
The new capabilities will bolster PingIntelligence for APIs, a solution that offers businesses insights into how APIs are used. It offers quick reporting for audits and compliance. The tool is currently in beta and will be available later this year.
Founded in 2003, Ping Identity demoed at FinovateEurope 2012, where it showed how banks can increase conversion rates and reuse existing infrastructure by implementing social networking logins. Prior to being acquired in June 2016, Ping had raised a total of $128 million in funding and counts Draper Fisher Jurvetson, General Catalyst Partners, and Silicon Valley Bank among its investors.