Quick Heal announces USD 2 million strategic investment in Israel based L7 Defense, shares up 4.20%

Biznextindia : Indian IT security and Data protection solutions provider Quick Heal Technologies Limited on Thursday announced that it’ll invest USD 2 million in L7 Defence, an Israel based cyber security start-up. This investment is in addition to the company’s investment of USD 300 thousand in the start-up in FY 2019-20.

Quick Heal Technologies (QUICKHEAL) was at Rs.174.90, up by 4.20% on the National Stock Exchange (NSE) at 10.30 am.

L7 is known for specializing in Application Program Interface (API) Security and Next Generation Web Application Firewall (NG-WAF).

API Security has become one of the top cyber security concern for enterprises. According to Gartner, by 2022 Application Program Interface (API) abuses will be the most frequent attack vector resulting Data breaches for Enterprise Web applications.

L7 Defense’s proprietary AI powered Ammune™ technology provides protection against a range of attacks targeting APIs like distributed denial of services (DDOS), BOT attacks and other malicious threats helping customers secure their applications.

Since Quick Heal’s previous investment, L7 Defense has acquired customers in financial, telecom and IT industries across US and Europe. Moreover, the investment enables strategic alignments between both the companies for Quick Heal Technologies to expand its range of enterprise solutions under the ‘Seqrite’ umbrella and introduce L7’s flagship products in market stronghold of India as well as other regions in APAC and EMEA.

“… L7 Defense has proven its unique capabilities in the area of API Security and NGWAF which led us to further increase our investment. Simultaneously, this move enables ‘Seqrite’ to foray into application security and strengthen our solution stack to secure modern enterprises against the next-generation of cyber-attacks” Dr. Kailash Katkar, Managing Director and Chief Executive Officer, Quick Heal Technologies, said.