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October 24, 2018 11:27 am

Check Point Software Third-Quarter Profit Up, Acquires Cloud Security Firm

avatar by Reuters and Algemeiner Staff

Gil Shwed, founder and CEO of Check Point Software Technologies Ltd, speaks at a cyber security conference in Tel Aviv, Israel, Jan. 31, 2017. Photo: Reuters / Baz Ratner.

Network security provider Check Point Software Technologies reported third quarter net profit that beat expectations and said it has acquired Israel’s Dome9 to strengthen its position in cloud security.

Check Point earned $1.38 per diluted share excluding one-time items in the quarter, up from $1.30 a year earlier. Revenue grew 4 percent to $471 million, the Israel-based company said on Wednesday.

It was forecast to earn $1.36 a share on revenue of $466 million, according to I/B/E/S data from Refinitiv.

“Third quarter results reached the top end of our projections, with better than anticipated strength coming from the US and Europe,” Chief Executive Gil Shwed said.

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Founded in 2011, Dome9 enables security and compliance for rapid public cloud adoption.

Financial details of the acquisition were not disclosed, but Check Point said there was a cash consideration of $175 million.

Dome9 has raised a little over $25 million from investors including Japan’s Softbank. It has just over 100 workers and annual sales of several million dollars.

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