Tel Aviv-based ChameleonX has developed self-protection technology for websites to prevent fraud and theft.
US cloud services company Akamai Technologies Inc. is acquiring Israeli company ChameleonX, which has developed self-protection technology for websites to prevent theft of payment details and identity and credit fraud. Sources close to the deal say that the Israeli company is being bought for about $20 million.
ChameleonX was founded in 2015 by CEO Maor Hod and former CTO Shay Elkana, who left the company last year. The company began operations in data security for digital ads but moved to its current area of activities last year. Based in Tel Aviv, ChameleonX has eight employees. The company has raised $1.9 million to date from Ilan Shiloah, Jonathan Benartzi and Nir Tarlovsky’s First Time venture capital fund. The company was part of the Citi Group acceleration and before that thetime incubator.
ChameleonX is developing a platform to protect web applications against threats. The company’s solution analyzes the behavior of the site’s code and can identify and protect against suspicious activities and can reject malicious code, which takes advantage of security weaknesses of third parties.
Benartzi said, “ChameleonX is an example of a strong technological team that has built a technological breakthrough that a successful company like Akamai needs and the team will continue to work and develop it in Israel. From the fund’s point of view this is an excellent deal.”
Published by Globes, Israel business news – en.globes.co.il – on October 9, 2019
