At a glance.
- Agile Security acquires XOR Security.
- Loews Corp invests over $10.5 million in CrowdStrike.
- Executive moves.
- Company news.
- Labor markets.
Mergers and acquisitions.
Virginia’s large-scale US Department of Defense and national security provider Agile Security has acquired fellow Virginian cybersecurity company, XOR Security, Intelligence Community News reports. XOR is a provider of cybersecurity for commercial and federal government enterprise systems, and the acquisition has allowed Agile access to an employee base of over 1,000 personnel. “The acquisition of XOR Security bolsters our already comprehensive suite of enterprise IT solutions with additional cutting-edge cybersecurity talent,” said Jay Lee, CEO of Agile Defense. “We are thrilled to welcome XOR Security’s talented employees, sophisticated capabilities, and customers to the Agile Defense family.”
Investments and exits.
Loews Corporation has invested approximately $10.53 million in CrowdStrike, purchasing 100,000 shares of stock in the company, MarketBeat reports. The CrowdStrike stock is reportedly the corporation’s 15th largest following the investment.
Denver, Colorado’s authID has closed its $8.2 million registered direct offering and private placement and $8.9 million notes exchange, the company reports. The direct offering and placement were led by existing investors. The company intends to use the proceeds for “working capital and general corporate purposes.”
Moving target cloud defense security company Hopr has raised $500,000 in funding from the Maryland Technology Development Corporation (TEDCO), who has added $300,000 to their initial investment last year of $200,000. “The outlook for startups has been rocky over the past 12 months due to liquidity and profitability concerns, but TEDCO’s second—and increased—investment in our company is evidence of strong investor confidence, which is a testament to both our company and its technology’s ability to generationally improve cybersecurity,” said Tom McNamara, Founder and CEO of Hopr.
Darktrace has welcomed Chris Kozup as the company’s chief of marketing.
Avalon has promoted Jon Bates to chief executive officer of the company.
Christopher Shafer has been appointed as vice president and head of North American cyber underwriting at OdysseyRe.
Lantronix chief executive Paul Pickle is resigning, effective on a date yet to be determined in June. If Mr Pickle’s last day ends without a replacement CEO, Lantronix chief of finance, Jeremy Whitaker, will serve as chief executive in the interim.
Avalon has welcomed Stephen Lee as the company’s new chief of sales.
Gregg Smith has joined the MISI team as CEO.
Bishop Fox has named Kevin Tonkin as the company’s first chief product officer.
Moody’s Investors Service discussed the credit impact of the actions of the Volt Typhoon advanced persistent threat (APT) actor. A joint cybersecurity advisory from global cybersecurity authorities was issued on May 24 on the activities of the state-sponsored Volt Typhoon, seen infiltrating critical infrastructure networks in the United States. Moody’s says that the advisory is credit negative for critical infrastructure, as well as related fields in the United States, such as communications, energy, utility, and transportation. “It exposes their vulnerability to unauthorized system use, which can affect operations. A cyber disruption could lead to reduced revenue and liquidity during an event, as well as longer-term reputational harm, increased regulatory oversight and litigation exposure.”
Online accelerator promising aid to startups, Newchip, has filed for bankruptcy and is facing insolvency, TechCrunch reports. Employees staged a walkout under the demand that chief executive Andrew Ryan step down, after a laundry list of complaints from eight former employees that boiled down to “mismanagement.” Complaints also included aggression against employees, and poor decision making in leadership.
Security Brief Australia has highlighted this past week some reasons that cybersecurity is a field worth taking interest in. They note that cybersecurity is always a field where there are positions in demand, as well as boasting competitive salaries. Opportunities for learning and growth are plentiful, and work within the industry itself can be rewarding. Cyber is also a welcoming field, with a strong sense of diversity and inclusion. To further expand on that point, the Upper Cumberland Business Journal reported significant growth in interest in careers within the cybersecurity field. An increased awareness of cybersecurity, growing from the beginning of 2022 to an all-time high this month, has “fueled a desire to protect personal and organizational data, hence growing interest in cybersecurity careers,” says Tech Digest.