Temasek Acquires Cyber Consulting Company Sygnia

Singapore's governmental holding company Temasek Holdings (Private) Ltd. has agreed to acquire Tel Aviv-based cyber consulting company Sygnia Inc, the latter announced Tuesday. The transaction is subject to customary signing and closing conditions, the company said in the announcement.

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The companies did not disclose the financial terms of the deal, but one person familiar with the matter said the deal is worth $250 million.

Sygnia offers cyber security consulting and incident response services to businesses and organizations. The company was founded in 2015, the third cybersecurity startup launched by Israel-based cybersecurity startup foundry Team8 LLC. Team8 said that Sygnia, which operated stealthily for two years, did not receive funding except for a Seed investment made by Team8. According to one person familiar with the matter, Seed investment in Sygnia totaled $4.3 million. 

Following the completion of the deal, Sygnia will maintain its operational independence, the company said. Sygnia co-founder and CEO Shachar Levy and chairman Nadav Zafrir will maintain their roles, while co-founders Ariel Smoler and Ami Kor will remain in key positions, the company said. Sygnia added it will leverage the deal to pursue collaborations with other Temasek portfolio companies and expand global reach.

Team8 was co-founded in 2014 by Nadav Zafrir, the former chief of Israel’s Unit 8200, the Israeli army’s equivalent of the NSA, along with Israel Grimberg, and Liran Grinberg, both veterans of the unit. The firm has already unveiled a number of cybersecurity startups hatched in the foundry including Sygnia, Illusive Networks Ltd. and Claroty Ltd. Team8 received backing from Temasek and other multinationals including Microsoft, Cisco, and Intel.