At a glance.
- Thoma Bravo acquires Magnet Forensics.
- Ongoing investments from Microsoft to OpenAI.
- Executive moves.
- Company news.
- Labor markets.
Mergers and acquisitions.
Thoma Bravo announced its entrance into a definitive agreement to acquire Magnet Forensics, a Canadian-based cybersecurity company servicing law enforcement and businesses, TechCrunch reports. The $1.8 billion CAD (approximately $1.34 billion USD) deal is expected to close by the second quarter of this year. “We look forward to bringing together the complementary capabilities of Magnet and Grayshift to create a leader in the digital forensics and cyber security space,” said Hudson Smith, a Thoma Bravo partner, in a press release. “Digital evidence is an increasingly critical aspect of investigations and the combined company will be well-positioned to further market expansion, accelerate innovation and provide even greater solutions to its customers.”
Automated security and compliance platform provider Vanta has acquired Trustpage. With the acquisition, Vanta says the company is "accelerating its product innovation and continuing to scale its industry-defining trust management platform for thousands of global customers to monitor, improve and demonstrate their security, and ultimately, establish and deepen trust."
Forter, a digital commerce fraud prevention platform, has announced the acquisition of Israeli bot detection company Immue. The addition of Immue, Forter says, will strengthen the company's existing fraud capabilities with the added benefit of bot-specific knowledge. “Successful bot attacks leave the world’s biggest brands exposed to account takeovers, service disruptions, reputational damage, loss of consumer trust and more,” said Michael Reitblat, chief executive officer and co-founder, Forter. “Immue’s cutting-edge technology will enable us to bring bot detection to the full customer lifecycle – stopping the most sophisticated bots and human fraudsters from account creation to checkout. We’re thrilled to welcome Shira, Amit and the entire team to Forter.”
Reuters reports that RSA Technologies is looking into a sale of Archer, the company's risk and compliance software unit. Formerly Dell's cyber division, RSA is reportedly looking for about $2 billion for Archer, according to those familiar with the matter.
Investments and exits.
Microsoft is reporting a new agreement in a partnership with OpenAI, making a "multiyear, multibillion dollar investment," in the company, SecurityWeek reports. While the amount in the latest investment has not been disclosed, this is the third stage in their work with OpenAI, following a $1 billion investment in 2019.
French quantum computing startup Pasqal has raised €100 million in Series B funding, led by Temasek. European Innovation Council (EIC) Fund, Wa’ed Ventures, and, Bpifrance all invested, with existing investors who’ve participating including Quantonation, the Defense Innovation Fund, Daphni, and Eni Next. “We are on a clear path to deliver a quantum computer capable of unlocking commercial advantage for our customers, and this latest investment round will help us reach this goal by 2024,” said Pasqal CEO and co-founder Georges-Olivier Reymond. “This funding round validates that neutral atom technology is a premier platform for delivering real-world quantum applications, and we are proud to see its potential recognised by top investors.”
Vannevar Labs, a California-headquartered defense technology startup has raised $75 million in Series B funding, led by Felicis Ventures, with participation from a multitude of backers, including DFJ Growth and Aloft VC, as well as previous investors General Catalyst, Point72 Ventures, Costanoa Ventures and Shield Capital. “We exist to bring the best engineering and product talent to the most important national security problems,” said the startup's Chief Executive, Brett Granberg. “This funding will allow us to much more aggressively invest in R&D for the products we’re fielding with the government.”
California-based hybrid cloud data management vendor Cloudian has raised $60 million in a funding round to scale the company, with investments from multiple firms. “We provide geo-distribution and security of data,” said Jon Toor, CMO of Cloudian, to CRN. “We try to emulate the cloud’s capacity on demand and security from ransomware, hackers and theft with software that can be deployed on any hardware.”
Cyber crisis preparedness and response management company CYGNVS (an acronym of CYber GuidaNce Virtual Space) has emerged from stealth with $55 million in Series A funding to scale the company's operations. The company's newly-launched platform is intended to "empower organizations to stay Connected, Confident, in Control and Compliant as they prepare for and respond to any cyber crisis."
Forward Networks, a network management and software-defined networking provider based in California, has raised $50 million in Series D funding, led by MSD Partners, L.P., with included investments from Section 32 and Omega Venture Partners, Goldman Sachs Asset Management, Threshold Ventures, A. Capital and Andreessen Horowitz. "We're creating a new technology category with a product that our customers deem indispensable as soon as it's implemented. We're excited to put this capital to work to grow sales and deliver a product that unlocks the power of the data inside everyone's digital infrastructure," said David Erickson, CEO and co-founder of Forward Networks.
Crypto research and development company =nil; Foundation has raised $22 million in funding, led by Polychain Capital. The funding will be used to expand the Ethereum-focused company's Proof Marketplace. “Proof Market, a trustless data accessibility protocol, enables layer 1 and 2 blockchains and protocols to generate zero-knowledge (ZK) proofs on demand for seamless data-sharing without reliance on centralized intermediaries,” says a statement obtained by CoinDesk.
Continuous access and business continuity platform Accsense, based in Ohio, has raised $5 million in seed funding for cloud identity and access management solutions. “The SaaS and cloud data protection market is growing fast as companies adopt cloud-based solutions and replace their legacy on-prem products. Scaling in conjunction with SaaS adoption are identity and access management solutions such as Okta. But as we’ve recently witnessed, the major IAM solutions are vulnerable to targeted cyberattacks,” said Muli Motola, co-founder and CEO of AccSense.
WatchGuard has named Simon Yeo as the company's Senior Vice President of Operations.
Contrast Security has appointed Andrew Vallila as the company's new Chief Revenue Officer.
CybeReady has appointed Jonathan Stone as Vice President of Sales for North America.
Quest Software added three executives to its leadership team last week: Carolyn McCarthy was promoted to Chief Operating Officer in tandem with her current role as Chief Financial Officer; Matt Deres was appointed as Chief Information Officer; and John Hernandez was appointed as General Manager of the Quest Microsoft Platform Management business unit.
[redacted] (and "[redacted]" is the company's name, and doesn't, here, mark a deliberate deletion) has named Adam Flatley as the company's Vice President of Intelligence, leading the [rTIC Ghost Group.
Vectra has brought on Rob Rosiello as the company's new Senior Vice President of Sales for Americas.
Seraphic Security has named Christof Baumgärtner as the company's Chief Revenue Officer.
Booz Allen Hamilton has appointed Rory P. Read to the firm's Board of Directors.
Trinity Cyber has added John Fraser to the team as Director of Federal Business.
Skyhawk Security has named Chen Burshan as the company's new Chief Executive Officer.
FireTail has added Timo Rüppell as an executive, naming him as the company's Vice President of Product.
Delinea has appointed David Castignola as the company's Chief Revenue Officer.
Forescout has named Barry Mainz as the company's Chief Executive, effective immediately.
LogicGate has named Nicholas Kathmann as the company's new Chief Information Security Officer.
Prancer Enterprises has appointed Mandana Javaheri to the company's advisory board.
SentinelOne has promoted a number of employees and made multiple additions to its team this week: Mitra Mahdavian has been appointed to Senior Vice President, Business Transformation; Bryan Gale has been appointed to Vice President, Product Marketing; Rajiv Taori has been appointed to General Manager, Dataset; Eric Tinker has been appointed to Vice President, Renewals; Joni Tsumas has been appointed to Vice President, Global Accounts & Programs; Jared Phipps has been promoted to Senior Vice President, Americas Sales and Solution Engineering; and Daniel Kollberg has been promoted to Senior Vice President, EMEA Sales and Solutions Engineering.
Phosphorus has named Martin LeRoy as the company's new Chief Financial Officer.
The US Department of Justice (DOJ) is suing Google's corporate parent Alphabet, Inc. over allegations that the tech giant is abusing its monopoly over digital advertising tech to drown out the competition. Eight states have joined the lawsuit, which claims that Google “corrupted legitimate competition in the ad tech industry by engaging in a systematic campaign to seize control of the wide swath of high-tech tools used by publishers, advertisers and brokers to facilitate digital advertising.” As Vox explains, the DOJ is accusing Google of forcing ad buyers and sellers to use Google’s advertising tech at less favorable terms for them than those another company might offer, meaning websites get less revenue from online advertising than they otherwise would, and advertisers are in turn paying more. In addition to asking Google to cease its anti competitive practices, the suit calls for Google to sell many of its ad tech products, which include software used for buying and selling ads, an advertising marketplace, and a service for displaying the ads on the web.
Crypto lender Genesis, along with two subsidiaries, filed for bankruptcy last Thursday night, the Wall Street Journal reports. This is another crypto lender down after the collapse of FTX, and another addition to the even longer list of crypto lenders falling victim to the economy after a price drop on crypto first seen in 2021. The losses from loans to Alameda Research and Three Arrows Capital are cited as primary reasons for the filing, noted by Wall Street Journal even days before the filing occurred.
The cybersecurity labor market (and the larger tech labor market) continuous to navigate tumultuous waters. Dark Reading reported last week that Sophos decided to cut around 450 jobs, with TechCrunch reporting that about 10% of the company's workforce is impacted. On Friday, the Wall Street Journal shared news on major staff cuts at Alphabet, Google's parent company, reducing the headcount by 12,000 employees, or about 6% of the company's total labor pool. Biz Journals reported cuts at credit firm CapitalOne, impacting over 1,000 tech staff members. After promise of cuts to only 201 workers last month, Intel is also reportedly cutting more than twice that in California, said the Silicon Valley Business Journal. Microsoft also reported cuts last week impacting around 5% of its worldwide labor force, Windows Central explains. Streaming giant Spotify is also whittling down its personnel, cutting 6% of its manpower, or 600 employees, after a "spending spree" over the worst of COVID, the Wall Street Journal reports. The Information also disclosed an internal message they viewed from the Gemini crypto startup, announcing layoffs of 10% of staff in what appears to be the third round of job cuts for the company. One click-checkout startup Bolt once again reduced its headcount by 10%, or at least 50 people, racking up a loss of over half of its staffing since May of last year, the Information divulged.