Earlier this month Israeli cybersecurity company Cybereason today announced the completion of a $100 million Series G financing round led by SoftBank Corp. At the time the assumption was that because the latest investment was from existing investors, the company's valuation has not significantly changed since the $2.7 billion valuation when it raised $355 million in December 2021.
However, Axios reports today that a Delaware stock authorization form seen by Nasdaq Private Market stated that the Series G shares were sold at a more than a 90% discount.
Cybereason was founded in 2012 in Israel by former CEO Lior Div, Yonatan Striem-Amit, and Yossi Naar - all veterans of the IDF's 8200 intelligence unit. In 2019, Cybereason moved its headquarters to Boston while development activities remain in Israel.
Cybereason's XDR platform combines endpoint prevention, detection, and response all in one lightweight agent. The company says that it recognizes, exposes, and end malicious operations before they take hold allowing users to end attacks in minutes.
Earlier this month Cybereason announced that former SoftBank EVP Eric Gan would replace Div as CEO. Gan told "Axios," "In a down tech market, the company looked at many alternatives, but ultimately our commitment is to the shareholders and being able to fully fund our business. Coupling this new round with a new management team and focus on product innovation sets the company up for long-term growth, making the overall share price or even valuation not as important as our disciplined focus on the company. The company was very disciplined in raising no more than it believes it needs, thus limiting the amount of dilution."
Published by Globes, Israel business news - en.globes.co.il - on April 24, 2023.
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