Cybereason looking for buyer after IPO falls through
According to The Information, the Israeli cybersecurity unicorn, currently valued at $2.5 billion, has abandoned its plan to go public and is seeking a sale instead
Israeli cybersecurity unicorn Cybereason is looking for a buyer and has hired J.P. Morgan to lead the search, according to a report on The Information.
Earlier this year, Cybereason confidentially filed for a U.S. initial public offering that could have valued it at more than $5 billion. Cybereason, which is backed by SoftBank's Vision Fund 2 and Alphabet Inc's Google Cloud unit, as well as former U.S. Treasury Secretary Steven Mnuchin's investment firm Liberty Strategic Capital, had finalized underwriters for its IPO, but market conditions have meant that it is now instead seeking a sale.
Cybereason laid off around 100 employees in June, including dozens of the employees at its headquarters in Israel, with the rest working out of the company’s offices in the U.S. and Europe. The company is active in over 50 countries across the world, employing a total of 1,500 people prior to the latest news.
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Cybereason, which was founded in 2012 by three Israeli partners, Lior Div, Yonatan Striem-Amit, and Yossi Naar, was valued at roughly $3 billion when it raised $275 million from investors last year. It has raised nearly $750 million from investors to date.
Cybereason, which competes with other cybersecurity players like CrowdStrike and SentinelOne, builds artificially intelligent software and offers a variety of services including ransomware protection and prevention of malware attacks. Cybereason's software is installed across computers, mobile phones and other tech systems. The company also created a subsidiary focusing on preventing malicious operations targeting U.S. government agencies.
