Big data, machine learning drive Splunk's cybersecurity play

Splunk Inc. (Nasdaq: SPLK) wants to use its cybersecurity product offerings to help companies automate their threat responses. The data analytics provider has agreed to buy venture capital-backed Phantom Cyber Corp. for $350 million in cash and stock. Phantom, launched in Palo Alto, California in 2014, assists businesses to automate their security threat response tasks that are usually carried out by security personnel. The target previously received venture funding from Kleiner Perkins Caufield & Byers, Foundation Capital, and In-Q-Tel. "Splunk is committed to continuously pushing the limits of technology to help our customers get the answers they need from their data," says Splunk CEO Doug Merritt.