The California-based multinational networking technology leader Cisco has announced its intent to acquire CloudLock — founded in 2011 by three Israeli military veterans – for $293 million in the first quarter of fiscal year 2017.

CloudLock is a privately held cloud security company based in Massachusetts, with a development center in Tel Aviv. The 150-employee company specializes in cloud access security broker technology, which provides visibility and analytics around user behavior and sensitive data in cloud services.

CloudLock CEO Gil Zimmermann blogged: “From the day Ron [Zalkind], Tsahy [Shapsa] and I founded CloudLock we had a grand vision – build the cloud security platform that enables people and businesses to accelerate their goals, securely in the cloud. … Our cloud cybersecurity and CASB platform has been adopted by more than 700 customers with tens of millions of users. … We’ve been recognized as one of the 100 fastest growing privately held companies and as one of the fastest growing security companies in the US by Inc. Magazine.”

Rob Salvagno, vice president of Cisco Corporate Development, explained that as security increasingly moves off-premises to the cloud, “CloudLock brings a unique cloud-native, platform and API-based approach to cloud security which allows them to build powerful security solutions that are easy to deploy and simple to manage.”

Earlier this week, Cisco signed a financial technology MoU with Israel’s Bank Hapoalim “designed to speed up the digital revolution in Israel,” according to Globes. This follows a $15 million Cisco investment in Israeli storage software startup Elastifile and the acquisition of Israel’s Leaba Semiconductor for $320 million in March.