US cyber risk management company Bitsight has announced that it has signed a definitive agreement to acquire Israeli cyber threat intelligence data company Cybersixgill for $115 million. Elron Ventures (TASE: ELRN) will earn $22 million from the acquisition on its investment in the company.
Cybersixgill was founded in 2014 by Avi Kasztan and Elad Lavi with Sharon Wagner serving as CEO. The company has developed an automatic system for gathering intelligence on cyber threats, which scans closed forums and social media in order to identify threats and build profiles of attackers.
The company raised $35 million in its most recent financing round in 2021 from More Investments and the REV Fund and has raised $50 million in total. Elron holds a 23% stake in the company after investing $12 million.
As of May 2023, the company had 135 employees and reported revenue of tens of millions of dollars but was forced to lay off 22 employees after ending activities with a major customer. Cybersixgill's main rival is IntSights, which was sold to Rapid7 for $400 million in 2021.
The company currently has 80 employees, of which 65 are in Israel. Bitsight has said it will keep Cybersixgill's research and development operations in Israel, and all 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.
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