Magic Leap Acquires Israeli Information Security Firm NorthBit

Magic Leap, a U.S company that is working on simulated reality has acquired an Israeli cyber security company Northbit.

Magic leap has said that with this acquisition they will ensure that the products of Magic Leap meet the highest information security standards. Magic Leap has plans to further increase its operations in Israel. The financial details of the transaction have not been made public.

Israel is a hub of information security industry with more than 430 such companies at the end of 2015. The government and corporations worldwide have been facing ever increasing information security challenges to systems and software. Northbit recently discovered an Android vulnerability.

Magic Leap closed a funding round of $793.5 million in February, led by Alibaba. And previously a funding round of $542 million was completed in 2014, led by Google. Alibaba has estimated that the augmented reality and virtual reality industry is likely to grow to $110 billion by 2025.

Source: Bloomberg

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