Saturday, June 25 2022

Socure realizes a glow-up through its Series E. Investor group announces intent to acquire McAfee for $14 billion. M&A continues full steam ahead per deals with undisclosed terms. U.S. Infrastructure Bill earmarks super-sized sum for tech and cybersecurity investments; both at the level of research and infrastructure investments—keep an eye on what this flood produces. Exponentially smaller influxes of capital previously revolutionized the green energy industry.

Funding

The adversarial emulation startup, SCYTHE, closes Series A at $10 million. With a goal to validate an enterprise’s risk posture, SCYTHE focuses on the development and implementation of offensive security, defensive security, and hybrid “purple” teams to build and emulate real-world cybersecurity threats. This Series A was led by Gula Tech Ventures and Paladin Capital Group, with participation from Energy Impact Partners.  

Contrast Security raises $150 million in Series E granting unicorn status to this operation. As an Application Security Platform, Contrast Security works to remove security roadblock inefficiencies and works with its partners to quickly release secure application. This oversubscribed Series E was led by Liberty Strategic Capital, with participation from Warburg Pincus, Battery Ventures, General Catalyst, Microsoft’s M-12 Fund, AXA Venture Partners, and Acero Capital. 

SafeBreach doubles its historical funding by securing an additional $53.5 million in Series D funding. With an eye toward developing their breach and attack simulation platform, SafeBreach provides cyber resilience by reducing an enterprises attack surface and expediting its reactive response.  This Series D was led by Sonae IM and Israel Growth Partners, with additional participation from Sands Capital and Leumi Partners.

At a valuation of $4.5 billion, Socure closes its latest round at $450 million.  As more companies go digital and fraud escalates, investors are flocking to cyber security operations.  This Series E was led by Accel, Bain Capital Ventures, and Tiger Global, with participation from Commerce Ventures, Scale Venture Partners, and Sorenson Ventures.  This capital influx is earmarked to accelerate product development, enter new markets, and attract new talent.

Compliance-as-a-service provider, Drata, raises $100 million through Series B at a valuation of $1 billion.  By leveraging automation, Drata looks to aid companies’ security posture in real time and move compliance efforts to autopilot.  This round was led by ICONIQ Growth, with participation from Alkeon Capital and Salesforce Ventures.

MERGERS AND ACQUISITIONS

A hefty Investor Consortium announces its intent to acquire McAfee for $14 billion.  This price tag was determined based on a stock price at $26 per share; the consortium notes this acquisition relies on a 22.6% premium when compared to the stocks relatively recent closing price.  The consortium consists of Advent International, Permira Advisers, Crosspoint Capital Partners, Canada Pension Plan Investment Board, GIC Private Limited and a wholly owned subsidiary of the Abu Dhabi Investment Authority.

Open Text enters into a definitive agreement to purchase Dallas-based Zix Corp. for $484 million. With an eye to continue its growth trajectory, this acquisition follows Zix Corp.’s continuous acquisition of tech firms.  Zix Corp. focuses on SaaS-based email encryption, threat protection, and compliance cloud solutions for Small and Medium-sized Businesses. This acquisition looks to provide an additional portfolio of technology and a healthy stable of customers. 

NetApp finalizes acquisition of CloudCheckr pursuant to undisclosed terms.  This acquisition extends NetApp’s FinOps and SecOps offerings by combining cost visibility, analytics and reporting from the CloudCheckr platform.  NetApp intends to bring these capabilities together to enable organizations to better understand and continuously improve and control their use of cloud resources and realize the benefits of cloud faster and at scale.

Valeo Networks acquires On Time Tech pursuant to undisclosed terms.  This acquisition of a California-based Managed Service Provider furthers Valeo Network’s goal of creating a nationwide network of IT and cybersecurity networks.  As Valeo Network’s 5th acquisition, On Time Tech will continue to operate as a separate entity and maintain its San Francisco and Los Angeles locations.  

European private equity IK Partners inks deal to acquire Truesec from Soboro pursuant to undisclosed terms. Trusec maintains a diverse customer base consisting of predominately enterprise clients over various industries. IK Partners will focus on recruiting additional talent to further Trusec’s broad range of competencies and long-standing customer relationships.

Read more cybersecurity M&A and funding updates from SecureDisruptions here.

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