Microsoft (Nasdaq: MSFT) has agreed to buy cybersecurity company RiskIQ for more than $500 million in cash as part of efforts to expand its products and safeguard customers from cyberattacks, Bloomberg reported Monday.
Bloomberg cited sources that say the transaction could be announced in the next few days.
Founded in 2009, RiskIQ is a San Francisco-based maker of cloud software that could help clients detect security threats by understanding how and where they can be compromised on corporate devices and networks. The U.S. Postal Service, American Express (NYSE: AXP), BMW and Facebook (Nasdaq: FB) are among the software company’s customers.
The deal comes as Microsoft ramps up cybersecurity efforts, such as adding new security features to Azure cloud and Windows services to prevent cyberattacks and hiring additional staff to help detect vulnerabilities in the company’s products. In June, Microsoft acquired ReFirm Labs, a provider of technologies meant to ensure the security of internet of things devices, for an undisclosed sum.