Multinational IT service company UST Global Inc. named Israel its global cybersecurity development center, according to company chairman Paras Chandaria. Mr. Chandria spoke to Calcalist in an interview during his visit to Israel last month.
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In January, UST Global, through its cybersecurity subsidiary Cyberproof, acquired Israel-based startup Bisec for around $5.8 million. CyberProof’s recently launched Tel Aviv development and service center will handle all of UST Global’s cybersecurity activity, Mr. Chandaria said.
Founded in 1998 and headquartered in California, UST Global has additional offices across the U.S. as well as India, Mexico, Spain, the U.K., Malaysia, The Philippines, and Singapore. The company provides end-to-end IT services for 1,000 companies and has over 14,000 employees worldwide.
Founded in 2017, California-based CyberProof focuses on machine learning and AI-based information security tools. Bisec was founded in 2016, and the technology it developed and is now being offered by CyberProof consists of a virtual “cyber expert” dubbed “Bibot,” that helps teams collaborate on pressing security issues.
UST Global has invested a total sum of about $10 million in three additional Israeli cybersecurity companies: Deep Instinct Ltd., Fortscale Security Ltd., and Fifth Dimensions Holdings Ltd. These companies’ technologies were integrated into the UST Global’s array of cybersecurity solutions. According to Mr. Chandaria, these investments are a way for UST Global to expand its selection of cybersecurity products. “When we invest in a company, it means we believe in the technology it has to offer and wish to distribute it and become partners,” he said.
A major part of UST Global’s U.S. activity is in the field of digital health and the company is eying Israeli companies for investment opportunities in this field as well, Mr. Chandaria said.