BitSight shuts down Israel office, lays off entire team
The American cybersecurity company acquired Israeli startup VisibleRisk in September 2021 to set up a local R&D center, but has decided to close it 17 months later and lay off all 40 of its employees
American cybersecurity company BitSight, which acquired Israeli startup VisibleRisk, a cyber risk ratings joint venture created by Moody’s and venture group Team8, is shutting down its local R&D center just 17 months after setting it up. The center employed around 40 people who are all set to lose their jobs.
Full list of Israeli high-tech layoffs in 2022-23
The transaction in September 2021 saw Moody’s invest $250 million in BitSight, with Team8 becoming a shareholder in the company valued at the time at $2.4 billion. Team8's stake in BitSight was estimated to be valued at hundreds of millions of dollars.
However, due to the financial crisis in general, and high-tech in particular, BitSight has decided to close its activity in Israel.
Co-founded by Derek Vadala and Yigael Berger in 2019, the VisibleRisk cyber risk rating and real-time monitoring platform enable organizations globally to continuously monitor and manage cyber risk as they would financial risk. The company had raised $30 million prior to the acquisition.
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Following the acquisition, BitSight, which has over 2,300 global customers including many Fortune 500 companies, government agencies, insurers, and asset managers, created a Risk Solutions Division headed by VisibleRisk co-founder Vadala.
