It is always exciting to take a leap forward in delivering upon a vision. For Forescout, our vision is to help customers solve one of the biggest problems in cyber today – enabling a secure enterprise amidst the explosion of managed and unmanaged devices quickly infiltrating corporate networks. It is an important and growing problem. It is one of the main reasons I joined Forescout four years ago, and what still keeps me motivated today.
Managing the rapidly growing number and diversity of IoT devices in corporate environments requires organizations to apply advanced techniques to continuously understand the risks they bring to the security of their network. Forescout is the undeniable leader in device visibility and control. We created this market and remain committed to evolving and improving it through innovation of our technology platform and solving customers’ future security challenges.
Today, we took a step forward on that path with the signing of an agreement to acquire certain assets of Dojo, an IoT security company. This is a very small, non-material financial transaction for Forescout, but one we are excited about. Though Dojo has been focused on addressing the consumer IoT space, Forescout remains committed to the enterprise. With this acquisition, we will gain valuable intellectual property and approximately 20 new R&D team members with tremendous cloud and machine-learning expertise to accelerate the development of our future enterprise cloud offerings and innovation in our Device Cloud, a crowdsourced repository of data from more than 10 million devices that is continuously updated. It will also help us extend our core capabilities to devices outside the corporate network, such as through 5G connectivity.
Forescout plays a pivotal role in helping our customers secure their networks, and today’s transaction supports our longer-term vision and strategy for cloud-delivered products as part of our end-to-end device visibility and control platform. We are excited about delivering our first SaaS product, eyeSegment, later this year, as well as the future SaaS products that will follow. The valuable talent joining Forescout from Dojo enables us to quickly meet our R&D hiring plans and helps us deliver against our longer-term SaaS product roadmap.
We expect this transaction to close in October and will share more in the coming months. But for now, I want to convey my enthusiasm for the opportunity ahead.