Major tech giants joining hands together to invest in CloudFlare, which boosted their operations. Similar investments were done until 2022.
Baidu Inc. (ADR) (NASDAQ:BIDU), Google Capital, Microsoft Corporation (NASDAQ:MSFT), and QUALCOMM, Inc. (NASDAQ:QCOM) have decided to team up to invest $110 million in the Cybersecurity company, CloudFlare. Fidelity Investments led the strategic investment.
As a result of the latest round of investments, CloudFlare’s funds currently stand at $182 million. According to the company, the funding was important from a financial yet credibility perspective coming from an association of top companies.
The company provides security against hackers and Internet speeding. It is likely to go public by the end of 2015. It is also expected to get an initial public offering (IPO) by 2017.
The company attained $110 million in funds last December, but waited to officially announce the deal, following with a final deal with Baidu, last week. The partnership allows both companies to use CloudFlare’s website, while accepting the data laws of China.
CloudFlare’s association with Baidu will help it boost online traffic through the “Fire Wall,” filtering the Internet in and out of the home country. A structure dubbed as “Virtual Joint” indicates that the company does not work in China.
Bigger funds and larger investments from the venture capitalist have been recent in the cyber security companies. This is due to uncertain cyberattacks faced by many companies.
Sony Pictures faced data was breached along with Ashley Madison. After these incidents, boards of cyber security companies are tensed about the possibility of getting crippled and are ready to spend more on their security software to avoid any attack.
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