Alphabet Inc.’s Google announced on Tuesday that it had acquired Israeli cyber security firm Siemplify. Although financial details were not released, Reuters reported that Google paid $500 million in cash for the firm.

The deal marks Google’s first major acquisition of an Israeli company since it bought navigation app Waze in 2013 for $1.1 billion, according to Globes.

Siemplify offers a security platform that streamlines operations and frees up security teams to focus on “more strategic priorities,” according to the company’s website.

It will join Google’s cloud division and will be integrated with the division’s own security offering, Chronicle.

“We’re excited to join Google Cloud and build on the success we’ve had in the market helping companies address growing security threats,” said Amos Stern, Siemplify CEO, in a Google press release announcing the deal.

Noting the “rapidly growing” threat of cyberattacks, Google stated that “we share the belief that security analysts need to be able to solve more incidents with greater complexity while requiring less effort and less specialized knowledge.”

Siemplify, founded in Tel Aviv in 2015, was ranked No. 212 in November on the Deloitte Technology Fast 500™, a ranking of the 500 fastest-growing tech companies, according to a company press release. Its revenue grew 645 percent between 2017 to 2020.

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