Nasdaq and Tel Aviv-Listed Cyber Company Safe-T Acquires Proxy Network Startup NetNut

Nasdaq and Tel Aviv-listed cybersecurity company Safe-T Group Ltd. has signed an agreement to acquire Tel Aviv-based IP proxy network startup NetNut Ltd. in a cash and equity deal, the companies announced Wednesday. Safe-T will pay NetNut shareholders $9.7 million, about 60% of which in equity. Safe-T intends to finance the cash portion of the acquisition with a $6 million convertible loan from two unspecified U.S. institutional investors.

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Founded in 2007 and based in Herzliya, a town in the Tel Aviv area, Safe-T offers anti-hacking services to financial institutions, mainly Israeli government and academic entities, as well as commercial companies. Safe-T has additional offices in New Jersey. The company is trading on Nasdaq at a market capitalization of $7.59 million.

NetNut offers secure business proxy network services, based on a partnership model with internet service providers.