US private equity firm Stage Fund has announced the acquisition of Israeli cybersecurity startup Cymmetria. The financial details about the deal were not disclosed.
With offices in Tel Aviv and Denver, Cymmetria is a cyber deception startup founded in 2014 by Gadi Evron, Dean Sysman, Ran Harel, and Imri Goldberg. According to Pitchbook data, the company has raised $11 million to date from investors such as Sherpa Ventures and Y Combinator.
“We are thrilled with the opportunity to work with Stage Fund,” said CEO Gadi Evron. “They have already made a positive impact, and as a team, we are now poised for the long haul. Cyber deception is a growing market, and we’re well-positioned to make our mark.”
Cymmetria’s deception products, MazeRunner and ActiveSOC, provide organizations with the ability to hunt attackers, detect lateral movement inside the perimeter, automate incident response, and mitigate attacks. The company also offers deception as a service, enabling organizations to customize deception technologies for their business environment.
“This company has enormous potential to change the game in cybersecurity by giving defenders the upper hand,” said Stage Fund CEO Daniel Frydenlund, who has been appointed as Chairman of the Board for Cymmetria. “Cymmetria’s technology is the best in the market. With the combination of Stage Fund’s expertise in growth strategy and this impressive tech, Cymmetria will quickly become the leader in Cyber Deception.”
In a press release, Stage Fund said it would work with the Cymmetria team to bolster their Tel Aviv R&D operations while expanding sales and marketing activities in Denver.
[Sources: CTech, Globes]