Email Security Company Mimecast Buys Cybersecurity Company Solebit for $88 Million

Nasdaq-listed email and data security company Mimecast Ltd. is acquiring Tel Aviv-based cybersecurity startup Solebit LABS Ltd. in an $88 million all-cash deal, the companies announced Tuesday. Solebit will continue to operate from Israel as a local outpost of Mimecast.

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London-headquartered Mimecast has over 30,000 customers and end users, including diamond mining and trading company De Beers Group and railway operator Eurostar. For the fiscal year 2018 ended March 31, 2018, Mimecast reported GAAP revenues of $261.9 million, up 40% year-over-year, and a GAAP net loss of $14.1 million.

Solebit develops cybersecurity solution for enterprises. Founded in 2014, the company raised $13 million in equity funding to date, $11 million of the sum in a March series A led by U.S.-based venture capital firm ClearSky. The company employs 34 people.

Mimecast was a customer of Solebit prior to the acquisition.