Osage University Partners is in line for an exit as the anti-malware software developer, based on UCSB and Northeastern research, agrees to an acquisition.
Virtualisation software provider VMware has agreed to acquire US-based malware protection technology developer Lastline, allowing spinout-focused investment firm Osage University Partners (OUP) to exit.
Financial terms of the acquisition, which is expected to close by the end of July 2020, have not been disclosed. VMware is majority-owned by computer manufacturer Dell, an existing shareholder in Lastline.
Lastline has developed a software platform that uses artificial intelligence to protect network, email, cloud and web infrastructure from sophisticated malware attacks. It was co-founded in 2011 by faculty from Northeastern University and University of California, Santa Barbara.
The companies expect their combined offering will provide a comprehensive security suite to customers, with VMware already supplying cloud, data centre, end user and workload protection technologies.
About 40% of LastLine’s workforce, consisting of approximately 50 employees, will be made redundant, according to TechCrunch. It had received almost $50m in equity financing ahead of the acquisition.
The company last raised funding through a $28.5m series C round 2017 featuring cybersecurity software providers Barracuda and WatchGuard, and NTT Finance, telecommunications firm NTT’s financial services subsidiary.
Venture capital fund Thomvest Partners led the series C round, which included Osage University Partners, Redpoint Ventures and undisclosed existing backers.
The series C came after a $10m series B round featuring Dell Ventures, the subsidiary of Dell since superseded by Dell Technologies Capital, as well as Presidio Ventures, a corporate venturing vehicle of conglomerate Sumitomo, and existing backers Redpoint and E.ventures.
– A version of this article first appeared on our sister site, Global Corporate Venturing.
