US cyber risk management company Bitsight will pay $115 million to Israeli cyber threat intelligence data company.
American cyber risk management company Bitsight announced that it has signed a definitive agreement to acquire an Israeli cyber threat intelligence data company. cybersexgill For $115 million. Elron Ventures (TSE: ELRN) will receive $22 million from the acquisition for its investment in the company.
Cybersixgill was founded in 2014 by Avi Kaztan and Elad Lavi, with Sharon Wagner serving as CEO. The company has developed an automated cyber threat intelligence collection system, which scans closed forums and social media in order to identify threats and build profiles of attackers.
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The company raised $35 million in its most recent funding round in 2021 from More Investments and REV Fund and has raised $50 million in total. Elron owns a 23% stake in the company after investing $12 million.
As of May 2023, the company had 135 employees and generated tens of millions of dollars in revenue, but was forced to lay off 22 employees after terminating activities with a major customer. Cybersixgill’s main competitor is IntSights, which was sold to Rapid7 for $400 million in 2021.
The company currently has 80 employees, including 65 in Israel. Bitsight said it will retain Cybersixgill’s R&D operations in Israel, and all of the company’s employees are expected to remain under the new owners.
Published by Globes, Israel Business News – en.globes.co.il – on November 15, 2024.
© Copyright Globes Publisher Itonut (1983) Ltd., 2024.
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