US cybersecurity company Datto Inc. (NYSE: MSP) has announced that it is acquiring Israeli cybersecurity company BitDam. No financial details were disclosed.
BitDam was founded in 2015 by CEO Liron Barak and her husband CTO Maor Hizkiev and according to Start-Up National Central (SNC), BitDam is one of only 11% of Israeli tech companies to be founded a woman and one of only 4% in the cybersecurity sector. Both Barak and Hizkiev served in the IDF 8200 intelligence unit. The company has 30 employees in its offices in Tel Aviv and New York.
BitDam has developed protective tools to defend against attacks from files, links or malicious text in emails through all communications devices. The company's product allows users to open files in a protected environment and alerts the user is there is an anomaly and a potential attack.
BitDam has raised $3.5 million to date in a financing round led by Check Point Software Technologies Ltd. (Nasdaq: CHKP) founder Marius Nacht, and former Microsoft Israel development center president and IGP founder Moshe Lichtman. The last known financing round was in 2017.
Datto is traded on the NYSE at a market cap of $4 billion and has 1,600 employees. This will be Datto's first Israeli acquisition.
Barak said, "We are thrilled to be joining the Datto team to help shape the security roadmap for MSPs as threats evolve globally," said Liron Barak, BitDam’s co-founder and Chief Executive Officer. "Thanks to the talented BitDam team, whose excellence in cybersecurity technology innovation has led our journey here, our patented technologies can help protect cloud-based remote workforces from unknown cyber threats at an even greater scale through Datto."
Datto CEO Tim Weller said, "Cyber resilience has been at Datto’s core since the launch of our flagship Continuity service and the Datto Cloud over a decade ago. This acquisition marks an important step on our security journey, coming on the heels of our recent launch of Ransomware Detection in Datto RMM. Both deliver new revenue and margin opportunities to our 17,000 MSP partners just as cyber attacks on SMBs are proliferating. We welcome the elite BitDam security team to Datto as we continue to execute on an ambitious security roadmap for our partners."
Published by Globes, Israel business news - en.globes.co.il - on March 10, 2021
© Copyright of Globes Publisher Itonut (1983) Ltd. 2021