EQT is pleased to announce that EQT Private Equity, via its EQT Mid Market Europe fund, has agreed to make a ~USD 100 million growth investment in CYESEC (“CYE” or “the Company”). CYE’s founder and CEO Reuven Aronashvili will retain a significant share in the Company and will continue to lead the Company’s growth journey together with his management team building on its unique track record of growth and innovation. The investment, which marks EQT Private Equity’s first investment in Israel, will support CYE’s growth plans and help accelerate its go-to-market and product investments.
Headquartered in Tel Aviv, Israel and with offices in Europe and the US, CYE serves as trusted advisor to medium-sized and Fortune 500 companies around the globe, as well as to both EQT and numerous EQT portfolio companies. Since its foundation in 2012, CYE offers an automated and continuous approach to cyber assessments, geared towards an optimized mitigation plan. CYE supports its clients in building a more robust cybersecurity posture with cutting-edge AI and machine learning technology, coupled with professional services from world-leading cybersecurity experts – a combination which is unique in the market.
Florian Funk, Partner at EQT Partners, said: “The backing of CYE marks EQT’s first deal in Israel, which is a highly attractive market for technology investments, and a country in which EQT intends to increase its activity going forward. We have followed CYE’s development closely over the last years and we are truly impressed with the company Reuven and his team have built to date. Their approach of pairing AI-based technology, services and world-class cyber expertise is unique in the marketplace and well-positioned for continued accelerated growth. We are proud to support CYE with both capital and competence as this investment aligns perfectly with EQT’s thematic investment focus and ambition to back high growth companies by partnering with world class management teams. We are excited to embark on this journey of building a global cybersecurity champion jointly”.
Reuven Aronashvili, CEO of CYE, said: “As hackers increasingly deliver devastating attacks, causing millions of dollars in lost revenue and productivity, CEOs of companies around the world have come to understand that accurately assessing cyber risk begins with them. We are well past the point where companies can limit cyber threats to one department. Today’s attacks can hit the core of any business, essentially crippling the company. At CYE, we are laser-focused on building a company that fundamentally changes the way companies and organizations approach cybersecurity, enabling them to accurately assess the most urgent threats to their business. As we continue to build on this foundation, we are thrilled to welcome EQT as our new partner and are very excited to kickstart CYE’s next phase of expansion and innovation and look forward to working together to make today’s organizations safer”.
Read more/Source: Yahoo Finance
Can't stop reading? This and all news articles are property of their creators, many are not owned or provided by Private Equity Insider. As an event organizer and community platform, we curate content from reliable sources for your suggested reading, and advise you to read the full articles from the referenced authors and sources.