US security platform management developer Exabeam today announced that it is acquiring Israeli cloud application security company SkyFormation for an undisclosed sum.
SkyFormation was founded in 2014 by VP R&D Nadav Lavy, CTO Uri Ben-Dor, and CEO Asaf Barkan. The company has never raised money from investors, but received a grant in the tens of thousands of dollars from the Chief Scientist when it first started. The company has substantial revenue, which market sources believe amounts to millions of dollars. SkyFormation has seven employees in Ramat Hasharon.
Exabeam was founded in 2013 by CEO Nir Polak and VP products Sylvain Gil, former Imperva employees, and CTO Domingo Mihovilovic. The company has raised $190 million to date, including $75 million in its fifth financing round in May 2019. Investors in the company are Sapphire Ventures, Lightspeed Venture Partners, Cisco, entrepreneur Shlomo Kramer, Aspect Ventures, Northern Venture Partners, and Icon Ventures. The company, which is based in California, has 500 employees. With the acquisition, SkyFormation's offices will become Exabeam's development center in Israel, which will be enlarged to dozens of employees in the coming year.
Exabeam operates a smart security information and event management (SIEM) platform. Its technology is designed to enable corporations, organizations, and companies to identify, investigate, and respond to cyber attack threats with great effectiveness by using information gathering and behavioral analysis to automatically identify and respond to attacks. SkyFormation enables organizations to gather events from over 30 leading cloud services worldwide.
"We have been cooperating with them for a long time. Every time a customer of theirs tried to cover the threats with its cloud applications, we were the bridging platform and brought the information from the cloud into Exabeam's system," Barkan told "Globes." "We worked very successfully with them for years with their leading companies all over the world. They were very satisfied, and at a certain stage decided that it would be nice for us to be part of them."
"Exabeam plans to invest a lot of money here, enlarge its development arm here in Israel, and bring good talents," Barkan added. "There is a way to succeed without getting an investment - organic growth and a clear business model from the beginning, and achieving sales to large organizations. It's not the path usually followed by companies. What's important is the right cooperation at a very early stage. One excellent cooperation agreement can take a company forward."
SkyFormation
Founded: 2014
Founders: VP R&D Nadav Lavy, CTO Uri Ben-Dor, and CEO Asaf Barkan
Employees: 7
Offices: Ramat Hasharon
Financing rounds: None
Exabeam
Founded: 2013
Founders: Nir Polak, Sylvain Gil, and Domingo Mihovilovic
Employees: 500
Offices: California, London, and Singapore
Financing rounds: $190 million
Investors: Sapphire Ventures, Lightspeed Venture Partners, Cisco, Shlomo Kramer, Aspect Ventures, Northern Venture Partners, and Icon Ventures
Published by Globes, Israel business news - en.globes.co.il - on July 2, 2019
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