Quick Heal Technologies Limited, one of the leading providers of IT Security and Data Protection solutions for consumers, businesses, and government, has signed a definitive agreement to invest USD 2 million in L7 Defense. L7 is an Israel based cybersecurity start-up specializing in Application Program Interface (API) Security and Next Generation Web Application Firewall (NG-WAF). Quick Heal Technologies had invested USD 300k in L7 Defense in the previous financial year.
According to Gartner, by 2021, 90% of web enabled applications will be exposed to attacks due to API weaknesses, up from 40% of the apps in 2019. Hence, API Security has become one of the top cybersecurity concern for enterprises. 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.
The investment reiterates Quick Heal's ongoing efforts to invest in disruptive technologies that will shape the future of cybersecurity while supporting innovative start-ups.This is Quick Heal's third investment in the last 18 months and augments its commitment to secure the digital transformation journey of its customers. In addition to L7 Defense, Quick Heal had recently invested in Singapore based Ray Pte Ltd.
Dr. Kailash Katkar, Managing Director and Chief Executive Officer, Quick Heal Technologies, said, "At Quick Heal Technologies, we are always on the lookout for right investment opportunities by evaluating new platforms and technologies that enable us to support the digital transformation journey of our customers. 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."
Yisrael Gross, Co-Founder, L7 Defense, said," We are delighted to strengthen and further solidify our relationship and bond with Quick Heal Technologies. This investment is strategic, and will enable us to further extend our technological leadership, to increase our exposure and gain further market awareness. We are thrilled and energized to have support from Quick Heal Technologies. This vote of confidence reinforces our resolve and motivation to become the API security leader in this extremely dynamic market."
Shares of Quick Heal Technologies Ltd was last trading in BSE at Rs.168.1 as compared to the previous close of Rs. 168.55. The total number of shares traded during the day was 14150 in over 343 trades.
The stock hit an intraday high of Rs. 171.4 and intraday low of 166.05. The net turnover during the day was Rs. 2386870.