At a glance.
- LevelBlue to acquire Trustwave.
- Cato Networks raises $359 million in Series G round.
Mergers and acquisitions.
Texas-based MSSP LevelBlue (formerly known as AT&T Cybersecurity) has agreed to acquire Chicago-headquartered managed detection and response provider Trustwave. The company stated, "This strategic acquisition complements LevelBlue’s recent agreement to acquire Aon’s cybersecurity consulting business, formerly known as Stroz Friedberg, and further strengthens the company’s market leadership, uniting two leading Managed Security Service Providers (MSSPs) to deliver unparalleled cybersecurity outcomes through a comprehensive and expanded suite of services designed to stay ahead of the rapidly evolving threat landscape. The acquisition will create the largest pure-play MSSP in the industry."
Boston-based developer security platform provider Snyk has acquired Swiss AI security research firm Invariant Labs. Snyk's CEO Peter McKay stated, "This acquisition is an important integration into Snyk’s recently launched AI Trust Platform that adds the ability to secure applications from emergent threats. Snyk can now offer customers a single platform to address both current application and agentic AI vulnerabilities." The company added, "The Invariant Labs acquisition will also provide a major advancement for Snyk Labs, the company’s new research arm focused on advancing AI security delivered through its AI Trust Platform. It brings a talented team of preeminent researchers, a proven track record of industry-first intelligence on agentic attack vectors, MCP vulnerabilities, tool poisoning and runtime detection techniques that are now shaping security standards across the industry."
Data security company Cyera has acquired Kubernetes security firm Otterize in a deal "estimated at tens of millions of dollars." Both companies are based in Israel with operations in the US. Cyera recently announced a $540 million Series E round at a $6 billion valuation. Tamar Bar Ilan, Cyera's co-founder and CTO, said the acquisition of Otterize "will accelerate our AI security, data lineage, and DSPM capabilities."
Paris-headquartered software development security firm AdaCore has merged with Maryland-based application security testing company CodeSecure. The companies stated, "Franco Gasperoni, currently CEO of AdaCore, will serve as CEO of the newly combined company. Under his leadership, the merged organizations will focus on accelerating innovation, expanding market reach, and delivering comprehensive solutions that address both functional safety and cybersecurity requirements."
Dutch private equity firm Main Capital Partners has acquired French encryption software provider Prim'X. The companies stated, "In the next chapter of growth, Main Capital and PRIM’X will collaborate to further elevate the company’s global presence, deepen expertise in existing markets, explore new industry verticals, and expand the product suite with innovative, complementary solutions allowing to serve its customers even better. Leveraging Main Capital’s local presence in amongst other the Benelux, DACH and Nordics and specialized expertise in international buy-and-build strategies, this partnership will accelerate PRIM’X’s growth and innovation, reinforcing its commitment to delivering great value to customers."
Investments and exits.
Israeli SASE provider Cato Networks has raised $359 million in a Series G round from Vitruvian Partners, ION Crossover Partners, and existing investors including Lightspeed Venture Partners, Acrew Capital, and Adams Street Partners. The funding brings the company's valuation to $4.8 billion. The company says it will use the funding to advance AI security, accelerate platform innovation, and expand its global reach.
Seattle-based autonomous offensive security firm XBOW has raised $75 million in a Series B round led by Apoorv Agrawal of Altimeter, with participation from existing investors Sequoia Capital and Nat Friedman. The company says the funding "will accelerate our go-to-market efforts and deepen our engineering capabilities."
San Diego-based voice-based risk assessment company Clearspeed has raised $60 million in Series D funding led by Align Private Capital, with participation from IronGate Capital Advisors, Bravo Victor Venture Capital, and KBW Ventures. Alex Martin, co-founder and CEO of Clearspeed, stated, “We’re doubling down on the markets where trust and speed matter most—government, defense, insurance, banking—and expanding globally to meet the growing demand for secure, high-integrity screening. We’re investing in our teams, accelerating innovation, and ensuring our technology stays ahead."
French open-source cryptography company Zama has raised €49 million (US$57 million) in a Series B round led by Blockchange Ventures and Pantera Capital. The funding round brings the company's valuation above $1 billion.
Dallas, Texas-based data governance startup DataBahn has secured $17 million in a Series A round led by Forgepoint Capital, with participation from S3 Ventures and existing investor GTM Capital. The company says the funding will accelerate its product roadmap for agentic AI and support global expansion.
Israeli content security platform provider Bonfy.AI has emerged from stealth with $9.5 million in seed funding led by TLV Partners, with participation by Saban Ventures.
San Francisco-based software supply chain security firm RevEng.ai has raised $4.15 million in a seed round led by Sands Capital, with participation from In-Q-Tel Capital, IQ Capital, and Episode 1. The company says it will use the funding "to accelerate its growth, enhance its proprietary AI models, and expand its team to meet the growing demand for proactive cybersecurity solutions, and increase its offering in the US."
Executive moves.
Bret Arsenault, Microsoft's Corporate Vice President and Chief Cybersecurity Advisor, is retiring from his full-time role after 35 years with the company.
AuditBoard has named Raul Villar Jr. as its new CEO.
Doppel has hired Bobby Ford as Chief Strategy and Experience Officer, Alex Hu as Vice President of Finance, and Alyssa Smrekar as Senior Vice President of Marketing.
Dataminr has appointed Tiffany Buchanan as Chief Financial Officer.
BeammWave has named Adam Andersson as VP of Business Development and Sales.