Japan is turning to Israeli cybersecurity experts in advance of the 2020 Olympic Games in Tokyo. Photo: Twitter

CTech – Nasdaq-listed cloud computing company Akamai Technologies has announced on Wednesday an agreement to acquire Tel Aviv-based cybersecurity company ChameleonX, set to close in the fourth quarter of 2019. The financial details of the agreement were not disclosed, but one person familiar with the matter who spoke with Calcalist on condition of anonymity put the sum at around $20 million.

Founded in 2016 by CEO Maor Hod and Shay Elkana, ChameleonX develops client-side protection technology. The company is an alumnus of Citi Group’s accelerator program. The company raised $1.9 million to date from venture capital fund Firstime.

ChameleonX’s employees will join Akamai’s research and development center in Israel. Akamai stated the acquisition will strengthen its security offering.