Monday, April, 15, 2024 01:43:55

Israeli cybersecurity startup Sygnia has announced that it will be acquired by Temasek Holdings, a Singapore-based investment firm, with the deal subject to customary closing and signing conditions. The cybersecurity company would be acquired for an amount of $250 million, claim sources familiar with the matter.

The company also stated that it would maintain its operational independently while working together with Temasek and its portfolio companies. It would still be led by Shachar Levy, Founder and CEO of the Israeli firm.

Shachar Levy was quoted saying that the company’s capability to deliver end to end strategic support to corporations would be strengthened by aligning with Temasek. The partnership will also allow the company to accelerate towards establishing a global reach, he added.

Levy mentioned that in the current magnitude, cyber is a new domain of business, a new domain of technology and a new domain of warfare, and companies are being confronted with the same level of risk today, as militaries and states were until now. He informed that the company also offers military grade security.

According to company reports, Sygnia works with the top organizations worldwide, including Fortune 100 companies, in industries like retail, law, finance and information technology. The company has, however, declined to reveal the names of its clients.

The company said its serves its clients by building cyber resilience to counter growing security threats. For instance, the company executes a service which simulates massive cyberattack scenarios to stress test networks and critical company assets. This helps decision makers understand how such attacks happen in real time, to pinpoint vulnerabilities within the company and enhance their security.

For the record, the start-up was launched by Team8, which is part-incubator, part-think tank, and part-venture creation foundry. It builds cybersecurity start-ups from scratch and is backed by some big players in the financial and technological services sectors, including Temasek.