At a glance.
- First Capital buying SVB.
- Britive raises $20.5 million in Series B funding.
- Executive moves.
- Company news.
- Labor markets.
Mergers and acquisitions.
Bloomberg reported Monday morning that First Citizens Bank has agreed to buy Silicon Valley Bank (SVB) after a bank run led to SVB's failure. AP News reported that the Federal Deposit Insurance Corporation (FDIC) had already promised depositors of SVB protection for their money, even if it was over the $250,000 insurable limit. “The news today is good, it’s a positive step forward to digging out of the hole of the collapse that SVB put us in,” said Aaron Klein, a senior fellow at the Brookings Institution and a former official at the Treasury Department. “But losses are substantial: $20 billion is real money, even in Washington.”
Maryland-based cyber security and electronic warfare services company Castellum has announced the completion of their acquisition of Global Technologies Management Resources, another Maryland based government contractor.
Cloud security company XM Cyber, based in Israel, has announced their acquisition of Confluera, a cloud cyber attack detection and response company. The acquisition allows XM Cyber to offer a comprehensive Cloud Native Application Protection Platform (CNAPP). “We work so well together because we’re both looking at the environment through attack path modeling,” said Boaz Gorodissky, co-founder and CTO of XM Cyber. “For example, XM Cyber shows our customers how an attacker could take advantage of a cloud secret found in the on-prem environment, move into the cloud, escalate privileges of an EC2, and compromise S3 buckets with sensitive information through a chain of events. Now with Confluera, we will detect if this attack path is actually happening in real time, alert our customers and help them stop the attack before it reaches the S3 buckets.”
Investments and exits.
Britive, a cloud identity security platform provider based in Los Angeles, has raised $20.5 million in Series B funding, led by Pelion Venture Partners with participation from Liberty Global Ventures, Crosslink Capital, and One Way Ventures. The funding is said by the company to help support customer growth and increased platform interest.
dope.security, a fly-direct Secure Web Gateway (SWG) headquartered in Mountain View, California, has announced the closure of a $16 million Series A funding round, led by Google Ventures, with participation from boldstart ventures and Preface. The funding is said by the company to go toward improvement of performance, privacy, and reliability of their fly-direct SWG.
Israel’s Backslash Security, a cloud native application security company, has announced their emergence from stealth with an $8 million funding round led by StageOne Ventures, First Rays Venture Partners, D. E. Shaw & Co. and a number of angel investors.
Deep Instinct has appointed Ed Carter as the company’s new Chief Revenue Officer.
Electrosoft Services has appointed Wes Postol as the Senior Vice President of Business Development for the company.
authID has appointed Rhon Daguro as the company’s newest chief executive, and has also named Joe Trelin as Chairman of the Board.
Orca Security has appointed the company’s Co-Founder, Gil Geron, as CEO.
HUMAN Security has named Kirsten Canton as General Counsel.
Christine Castro has been tapped as Vice President of Marketing for DoControl.
NinjaOne has appointed Robert Gibbons as Chief Technology Officer for the company.
Rogers Cybersecure Catalyst today released their Catalyst Cyber Accelerator Report, which tracks the growth of 39 cyber security startups and scale-ups in Canada. All companies included in the report graduated from the Rogers Cybersecure Catalyst's Cyber Accelerator program within the past two years. It was found that the Canadian cyber security startup workforce grew collectively by 72%, and saw the creation of 351 jobs. Participants also collectively raised CAD$100 million.
In movements within the labor market, Accenture has announced the lowering of its annual revenue and profit forecasts, and also has announced the decision to cut about 19,000 jobs or 2.5% of its staffing, Reuters reported. Those working in "non-billable corporate functions" are most likely to see the cuts, the outlet shared Thursday.