Documente Academic
Documente Profesional
Documente Cultură
Managing Partner
eric@momentumcyber.com
Michael Tedesco
Managing Partner
michael@momentumcyber.com
Keith Skirbe
Director
keith@momentumcyber.com
Dino Boukouris
Director
dino@momentumcyber.com
Jeremy Isagon
Associate
jeremy@momentumcyber.com
Jay Keswani
Analyst
jay@momentumcyber.com
Special Contributors:
Dave DeWalt, Bob Ackerman (AllegisCyber),
Yoav Leitersdorf & Ofer Schreiber (YL Ventures)
Cybersecurity Almanac | 2018
Cybersecurity Almanac | 2018 v1.0
Momentum Cyber Is Pleased To Release Its Inaugural 2018 Almanac.
▪ We are dedicated to consistently providing valuable insights on the fast growing and rapidly evolving Cybersecurity landscape
Purpose ▪ We publish the Almanac with the sole purpose of sharing the document with the growing Cybersecurity ecosystem to create awareness around
key industry topics and trends
▪ The 2018 Almanac takes a deep dive into the year that was and puts focus to key topics on the year ahead
▪ This year’s edition is our most in-depth industry review compared to prior years as we present you a detailed view on key industry trends,
private and public market activity, major news and events, and all things “Cyber”. Some key highlights include:
- A revamped copy of our often referenced CYBERscape to accurately capture the continuously evolving industry taxonomies
- An examination of the past 10 years of Cybersecurity transactions (M&A and VC / PE) to provide valuable insights, identify key industry
Background trends, and 2017 competitive performance
- Profiled some of the year’s high-profile data breaches and provided a rich summary and timeline of events
- Focused on key regulatory changes as well as industry sectors that are center stage with higher than average strategic activity
- Spotlighted leading, Cyber-focused investors that increasingly play an integral role in the industry’s most innovative startups
- Highlighted key M&A and financing transactions as well as IPOs and public market performance
▪ We maintain the industry leading proprietary M&A and Financing Transaction Database – unrivaled in its accuracy, quality, and scale
Disclaimer ▪ We complement our proprietary database with data from various industry leading databases and research publishers, primarily from North
America and around the world, representing millions of data points and decades of institutional industry knowledge and experience
1
Key Cybersecurity Trends & Predictions
Trends & Predictions – Looking Back And Ahead.
2017 Was The Year Of Ransomware While High Profile Automation Will Be More Widely Adopted As Skills Shortage
Data Breaches Continued To Make Headlines Is Exacerbated; Emphasis On Efficacy of Big Data Analytics
Public Markets Were Active and Performed Well – 3 IPOs, Consolidation Will Accelerate Across Highly Fragmented &
Strong Stock Performance & Increased Valuations Competitive Sectors Including Endpoint & Authentication
Attack Surface Continued To Increase, More Than Doubling Stricter Compliance Requirements Will Bring Data Centric /
Vulnerabilities – Driven by Migration To The Cloud & IoT Privacy Assets Into Focus – GDPR Is Approaching
MSSP Consolidation Reached New Heights And Was Stock Market Momentum And Strong IPO Pipeline Will Lead
The Most Active Sector To A Robust Cybersecurity IPO Market, Surpassing 2017
Private Equity Continued Its ‘Love Affair’ With Cybersecurity AI vs AI – We Will See A Rise In AI-Based Attacks With
Cybercriminals Leveraging Machine Learning For Attacks
2
Looking Back…A Snapshot of 2017
Records Are Meant To Be Broken – Another Banner Year For Cybersecurity.
7 ≥ $100M
consumers’ data
$6.5B Physical crosses over
to Cyber 145.5M 209.0K
Capital raises
4.4x
Cybersecurity multiples continue to rise
26
MSSP M&A
Transactions 5 Acquisitions
Completed
$6.9B bid tops
Barracuda goes private
led all
acquirers
$5.0B bid for again after 12 quarters
as a public company
…..2nd largest cyber transaction in history
About The Authors
Momentum Cyber Is Pleased To Release Its Inaugural Cybersecurity Almanac For 2018.
Momentum Cyber is the premier trusted advisor to the Cybersecurity industry providing 2018 33 $14B 200+ $200B+
bespoke high-impact advice combined with tailored senior-level access. The firm was Year Founded After Highly Successful Cybersecurity M&A Transactions & Total Deal Total M&A Transactions & Deal
Wall Street & Cybersecurity Executive Value Executed By Team Members Since 2002 Value As A Team Since 1994
founded by world-class operators and advisors and caters to the unique needs of both Careers
earlier stage Founders, CEOs, & Boards as well as the complexity of later stage & public
companies throughout their lifecycle – Incubation to Exit. $433M $140M $20B+ 70+
Average & Median Cybersecurity Value Creation To Shareholders As Combined Years In Cybersecurity As
M&A Deal Value CEO, Board, & Investor World-Class Operators & Advisors
The Founders
World Class Operators & Advisors
Cyber Exit Savvy – Deep Expertise Selling Unparalleled Access Across the Unrivalled Thought Leadership Through
to Strategic & Financial Buyers Cybersecurity Ecosystem with Executives, Insightful Research, Market Reviews, &
Board Members, Investors, & CISOs Speaker Engagements
41%
$433M Average 19% Selected Transaction Experience
Strategics PE / VC
59%
47%
34%
$140M Median
Buyside Sellside <$100M $100M - $400M >$400M
4
Special Contributors
We Would Like To Thank Our Special Contributors.
Dave has spent over 30 years in the Technology Bob founded Allegis in 1996 after a successful Yoav, Managing Partner at YL Ventures, Ofer is Partner and Head of the Israeli
industry holding a series of leadership positions in career as a serial entrepreneur, with a mission to has been a successful tech entrepreneur office at YL Ventures and has broad
some of the industry’s most innovative and build a seed and early-stage venture firm that would and investor for 25 years. He founded YL responsibilities across deal sourcing,
successful companies. He is a Founder & Chairman combine operational experience with an Ventures, which invests in early stage investment due diligence and portfolio
at Momentum Cyber and is a Managing Director at entrepreneurial spirit and a focus on forging true cyber and technology companies and company value-add.
Allegis Cyber where he conducts his early and partnerships with portfolio companies to build accelerates their evolution via strategic
growth stage investing activities. successful and sustainable cybertechnology advice and Silicon Valley-based Ofer currently serves as a board observer
companies. He has been recognized as a Fortune operational execution. of Medigate, Axonius, Karamba Security
Dave has been a successful CEO for 17 years, with 100 cybersecurity executive and also as one of and Twistlock. He served as a board
his most recent stint as FireEye’s Chief Executive “CyberSecurity’s Money Men” Yoav currently serves on the boards of observer of Hexadite until it was acquired
Officer from November 2012 to June 2016 and five YL Ventures portfolio companies: by Microsoft and FireLayers until it was
Chairman of the Board from June 2012 to January As an entrepreneur, Bob was the President and CEO Medigate, Axonius, Karamba Security, acquired by Proofpoint. Prior to YL
2017. Dave was President and Chief Executive of UniSoft Systems, a global leading UNIX Systems Twistlock, and Upstream Commerce. Ventures, he was at IVC Research Center
Officer of McAfee, from 2007 until 2011 when House and the Founder and Chairman of InfoGear Yoav's expertise and work has been where he spent nearly three years
McAfee was acquired by Intel Corporation. Technology Corporation, a pioneer in the original featured in The Wall Street Journal, researching and analyzing the technology
integration of web and telephony technology and Bloomberg Businessweek, Fortune, and venture capital industry specializing
Dave was named one of the 25 most influential creator of the original iPhone. Wired, TechCrunch, Re/code, in telecommunications, internet and
executives in high technology by the readers of the VentureBeat, InformationWeek and SC mobile sectors and also conducted
industry publication CRN. He has spoken at the Outside of Allegis, Bob teaches New Venture Magazine. research related to investment firms.
World Economic Forum on the issue of cyber Finance in the MBA program at the University of
security and keynoted at several technology industry California, co-manages his family’s small Napa
conferences including Interop and Software 2008 Valley winery – Ackerman Family Vineyards, and
and RSA. enjoys fly fishing.
5
Table of Contents
A Comprehensive Review Of The Cybersecurity Strategic Landscape In 2017.
I. Executive Summary 7
▪ Cybersecurity Market Year In Review ▪ A Summary of Strategic Activity | 2017
▪ The Cybersecurity Dashboard ▪ CYBERscape
II. Cybersecurity Industry Perspectives 12
▪ Private Equity Continues To Cybersecurity ▪ The Cybersecurity Skills Shortage
▪ Private Equity By The Numbers ▪ Data Privacy
▪ The State of Israel’s Cybersecurity Market ▪ Cloud Security
▪ CYBERscape | Israel ▪ Sector Focus: Cloud Infrastructure, Managed Detection & Response, Continuous Security Assessment, Security
▪ Data Breach Tracker: As of December 31, 2017 Analytics, Strategic Next-Gen MSSP
▪ A Tale of Two Breaches: Equifax & Uber ▪ Investor Spotlight: Cybersecurity Start-up Studios, Highly Specialized Cyber Investors, Corporate VCs
▪ The Cybersecurity Mega Cycle Aftermath ▪ Major Industry Conferences | 2018
▪ Cybersecurity Automation Is Coming To The Rescue
III. Public Company Trading Analysis 34
▪ Cyber Multiples Continue To Increase ▪ The Correlation Of Value To Growth & Profitability Continues To Rise…
▪ Significant Growth in Public Cyber Companies | 2010 to 2018 YTD ▪ …While The Correlation To Growth Alone Remains Weak
▪ Cybersecurity IPO Insights: Three Cybersecurity IPOs In 2017 ▪ Trading Multiples: High Growth & Low Growth
▪ Cybersecurity Sector vs Benchmark Performance ▪ Public Company Trading Analysis & Operating Metrics
▪ Public Cybersecurity Companies Stock Performance ▪ 2017 IPO Cybersecurity Profiles (SailPoint, ForeScout, Okta)
6
I. Executive
Summary
Cybersecurity Market Year In Review
Deal Activity Including IPO, VC / PE Financings, & M&A Surpassed 2016 Across The Board.
Records Are Meant To Be Broken – Another Banner Year for Cybersecurity
▪ The Cybersecurity market continued its torrid and record pace in 2017 with public and private market strategic activity reaching new heights – yet again!
▪ The acceleration of deal activity was driven by an ever-evolving threat landscape that resulted in…
- A number of high profile and unprecedented data breaches (e.g., Equifax and Uber) that levied significant personal impact
- As well as ransomware (e.g., WannaCry and NotPetya) that locked customers out of their data and shut down some organizations across the globe costing billions in damages
I. Public Market Valuations II. IPO Activity III. M&A Activity IV. Financing Activity
Still Off The “Peak” But Well Riding The Wave Of Interest Another Record Year, Led By Another Record Year, Mega
Above the “Trough” In Cybersecurity Increased Deal Velocity Rounds Led The Way
▪ Valuation multiples for our public Cybersecurity ▪ Turning the page from 2016 where there was only 1 ▪ A record 178 M&A transactions were completed ▪ A record 326 transactions and $5.1B in transaction
company universe continued to increase during 2017 Cybersecurity IPO (Secureworks), 2017 saw 3 totaling $20.4B in transaction volume, compared to volume compared to 278 transactions and $4.5B in
and have increased 43% from the “Trough” back in Cybersecurity IPOs (Okta, Forescout, and SailPoint). 158 transactions and $21.0B in volume in 2016 volume in 2016
June 2016 The last time we had as many IPOs was 2015 when
▪ 46% of deals with disclosed values were >$100M in ▪ YoY distribution of number of deals by stage was
Sophos, Rapid7, and Mimecast entered the public
▪ The Cybersecurity HACK index increased 19% during 2017 compared to 29% in 2016 relatively unchanged with 60% of deals Seed / Early
markets
2017, in-line with the S&P 500 at 18%, albeit Stage to Series A and the remaining 40% Series B+.
▪ Symantec continued its acquisition spree and was the
considerably below the NASDAQ at 27%. ▪ We expect to see as many, if not more, IPOs in 2018 Median deal sizes were unchanged across stages,
most active acquirer in 2017 completing 5
Momentum’s High Growth public Cybersecurity with a strong IPO pipeline – Zscaler (confidentially except for Series C+ which increased 27% YoY
acquisitions totaling $464M in disclosed transaction
company index on the other hand outpaced all filed 10/26/17), Carbon Black (confidentially filed
volume ▪ 30 companies raised $40M or more totaling $2.3B in
indices, increasing 35% 10/3/16), Tanium, Darktrace, Pindrop Security,
transaction volume, nearly 50% of volume for the year
Illumio, Cloudflare, and Avast
▪ The top stock price performance movers during 2017
($6.9B) ($1.4B) ▪ 7 companies raised $100M or more
were: ▪ Okta, Forescout and SailPoint have all outperformed
since their IPOs with each currently trading above
their IPO price as of January 25th, 2018 ($614M) ($548M)
8
The Cybersecurity Dashboard
$5.1 Billion 326 $20.4 Billion 178
2017 Financing Volume 2017 Financing Transactions 2017 M&A Volume 2017 M&A Transactions
Notable Financing Transactions Financing Activity Monthly Deal Count Pulse Financing M&A
M&A Activity Notable M&A Transactions
$21.0 $20.4 Target Acquirer Amount ($M)
Date Company Amount ($M) $5.1
$4.5 30
12/01/17 $211 25 $6,885
20
10/25/17 150 1,603
15
06/07/17 125 10 1,405
5
08/04/17 125 1,329
2016 2017 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 2016 2017
06/21/17 100 Deal Value ($B) Deal Value ($B) 1,150
Public Comps Cyber M&A Volume Distribution
Max 8.6x 2016 2017 178
06/06/17 100 326 Max 7.9x 158 950
278 Website Security
12% 14%
Median 4.4x 24% 614
05/25/17 100 8%
10%
Median 3.4x 42%
05/17/17 100 548
Min 1.5x
Min 1.3x 17% 13%
04/05/17 89 41% ~400
19%
2016 2017 2016 2017 2016 2017
09/05/17 88 (EV / 2016E Rev) (EV / 2017E Rev) 325
Deal Count Multiple as of 12/31/16 Multiple as of 12/31/17 $0-$25M $25M-$50M $50M-$250M $250M-$1B $1B+ Deal Count
Note: All Financing data does not include deals with disclosed values of less than $1M. Financings include primary & secondary transactions.
A Summary Of Strategic Activity | 2017
Strategic Activity Continued A Robust Pace In 2017.
12/17: $6.9B 11/17: $1.4B 11/17: NA 11/17: $60M 10/17: $150M / PE 10/17: $70M / D 10/17: $50M / C Filed Confidentially Filed Confidentially
on 10/26/17 on 9/30/16
11/17: NA 11/17: $110M 10/17: $548M 10/17: ~$400M 9/17: $27M / B 9/17: $26M / C 9/17: $88M / D
11/17: IPO: $240M
11/14: PE Buyout
10/17: $1.3B 10/17: $1.3B 9/17: $350M 9/17: $225M 8/17: $125M / PE 7/17: $35M / A 7/17: $75M / D
10/17: IPO: $116M
1/16: Series G: $80M
1/15: Series F: $30M
1/08: Series E: $4M
8/17: ~$150M 8/17: $950M 7/17: $245M 7/17: $200M 7/17: $28M / C 6/17: $125M / D 6/17: $100M / E 10/07: Series D: $14M $159M
3/03: Series C: $10M
12/01: Series B: $12M
9/00: Series A: $9M
7/17: $225M 7/17: $42M 5/17: $100M 4/17: $215M 6/17: $100M / D 5/17: $100M / Venture 5/17: $100M / D
Source: Momentum Cyber Proprietary M&A & Financing Transaction Database, Capital IQ, 451 Group, Crunchbase, and TechCrunch.
10
scape v2.5
Network & Infrastructure Security Web Security Endpoint Security Application Security
Advanced Threat Protection ICS + OT Endpoint Prevention WAF & Application Security
Vicarius
Network Analysis & Forensics Endpoint Detection & Response
Application Security Testing
Network Firewall
Deception
Risk & Compliance Security Ops & Incident Response Threat Intelligence IoT Messaging Security
Risk Assessment & Visibility Security Ratings SIEM IoT Devices
Automotive
Pen Testing & Breach Simulation GRC Security Awareness & Training
Connected Home
Identity & Access Management Digital Risk Management Security Consulting Blockchain
Authentication
Privileged Management
Cloud Security
Infrastructure CASB
Identity Governance Container
Consumer Identity
II. Cybersecurity
Industry
Perspectives
II. Cybersecurity Industry Perspectives
Section Content.
x. Data Privacy 23
xii. Sector Focus: Cloud Infrastructure, MDR, Continuous Security Assessment, Security Analytics, Strategic Next -Gen MSSP 25-29
xvii. Investor Spotlight: Cybersecurity Start-up Studios, Highly Specialized Cyber Investors, Corporate VCs 30-32
13
Private Equity Continues To Cybersecurity
The Highly Fragmented Cybersecurity Market Lends Itself To the PE Platform / Roll-Up Playbook.
None
($971M / 2.7x) ($1.9B / NA) Acquirer
($550M / 1.9x)
Beep Science ($890M / 2.0x)
EV $119M ~$150M NA $325M $1.9B $1.3B $488M $1.5B NA
─
(NA / NA)
Series A Series D PE / PE Series D Series D Series F Series B Series G / PE
None ─ $180M $100M $150M / $96M $100M $125M $75M $250M $148M / $100M
($1.4B / 3.7x)
─
($600M / NA)
─
($4.2B / NA)
Series D Series F Series E Series D Series D Series C Series D Series C
─ $110M $89M $100M $100M $75M $70M $88M $70M
(NA / NA)
─
(NKA )
▪ PE / late stage and public / cross-over investors have strong appetite for break-out cybersecurity
None ─ stories that could exit via an IPO in 12 – 24 months
($1.3B / 4.4x)
Source: Momentum Cyber Proprietary M&A & Financing Transaction Database, Capital IQ, 451 Group, Pitchbook, and Crunchbase.
14
Private Equity By The Numbers
Private Equity Activity Has Increased Significantly in Cybersecurity.
M&A Activity By Type of Buyer | 2007 M&A Activity By Type of Buyer | 2017
Private Equity Private Equity
Strategic Strategic
11% 32%
4% 19%
68%
81%
89%
96%
Total Deal Count: 73 Total Amount Spent: $6,126 Total Deal Count: 178 Total Amount Spent: $20,392
Source: Momentum Cyber Proprietary M&A & Financing Transaction Database, Capital IQ, 451 Group, Pitchbook, and Crunchbase.
15
The State of Israel’s Cybersecurity Market
Israel’s Cybersecurity Industry Continues Its Tremendous Growth.
Second only to the U.S., in terms of cybersecurity investment 2017 was another excellent year
for Israeli cybersecurity startups, with dozens of companies being formed, breaking fundraising
records and producing solid exits. The 2017 data also suggest that the Israeli cybersecurity
industry is maturing, as we see a shift in funding towards later stage companies.
In 2017 we witnessed 60 newly founded cybersecurity startups emerge in Israel, a 28% decrease
from the 83 companies founded in 2016. Conversely, the average 2017 seed round increased
16% YoY, growing from $2.85 million to $3.3 million. This is Israel’s fourth consecutive year of
increasing round sizes at the seed stage – a trend that we are observing and contributing to as
we write larger checks to invest in great cybersecurity entrepreneurs.
The global cybersecurity incursions of 2017 illuminate the continuing role that innovation plays
in information security and defense. Looking forward to 2018, we believe Israeli startups will
continue to leverage the immense pool of local talent to build comprehensive solutions
addressing global markets. As the local industry matures, we anticipate that recent trends will
continue in 2018, with fewer startups forming, while large amounts of capital pour into later
rounds to fuel growth and expansion.
Vicarius
Network Firewall
Deception
Risk & Compliance Security Ops & Incident Response Threat Intelligence IoT Messaging Security
Risk Assessment & Visibility Security Ratings SIEM IoT Devices
Automotive
Pen Testing & Breach Simulation GRC Security Awareness & Training
Connected Home
Identity & Access Management Digital Risk Management Security Consulting Blockchain
Authentication
Privileged Management
Cloud Security
Infrastructure CASB
Identity Governance Container
Consumer Identity
Data Breach Tracker: As of December 31, 2017
After A Record Year For Hackers In 2015, The Pace Followed In 2016, & 2017 Set Record Again.
ClixSense
Equifax
Department
Carefirst
164,000,000 All Mandiant External Internal
57,000,000
AshleyMadison.com British
Airways
145,500,000 Network Wendys Investigations Notification Discovery
Experian / T- 415,000,000 US Office of 99 days 107 days 80 days
mobile Hacking
Banner Health Team
IRS MSpy Weebly
Personnel
Equifax UBER
Timeline of Key Events Timeline of Key Events
▪ Vulnerability in Apache Struts is identified and disclosed ▪ Initial breach occurs
Mar 2017
by U.S. CERT; Equifax's Security organization is aware
▪ Hack started at GitHub, a leading software
Updated estimate of U.S. 145.5M ▪ Company internally instructed personnel to install a fix Initial estimate of global 57.0M development platform where developers can go to host
consumers affected: (as of Oct 2, 2017) Mar 9, 2017 to Apache Struts , application which supports users affected: (as of Nov 21, 2017) Oct 2016 and review each other's code
U.S. online dispute portal ▪ Hackers found the usernames and passwords on
Level of Breach: Category 5 Level of Breach: Category 2 GitHub to access Uber user data stored in an Amazon
May 13, 2017 ▪ Initial breach occurs server
Source: Company Press Releases, Public Press Releases, “Categorizing Data Breach Severity with a Breach Level Index.”.
19
The Cybersecurity Mega Cycle Aftermath
“During The Past Decade, We have Witnessed A Virtual Explosion In The Cybersecurity World.” – Dave DeWalt
Virtual Explosion in the Cybersecurity World “Great Chinese IP War” What About Cyber Defenses?
Dave DeWalt General (Ret.) David Petraeus ...5,570 based companies from 2008 to 2017 ▪
strategy
Hundreds of security vendors deployed point
solutions to counter the changing threat landscape
▪ During the past decade, we have witnessed a ▪ Chinese military agencies have fed this IP to state-owned enterprises - With each security vendor producing
virtual explosion in the Cybersecurity world (SOEs) to close the gaps in China’s innovation relative to the hundreds or thousands of alerts on average per
▪ While serving as CEO of McAfee and FireEye, and western world day
a U.S. Army commander and CIA director, - The typical organization now has to monitor
respectively, we have lived through and witnessed “Great Russian Information War” and respond to millions of alerts daily; just
first-hand exponential growth in: needs to miss one to be breached
2007 2017 ▪ Compounding the monitoring and response
problem, the hundreds of security companies
Threat Actors <50 >1,000
Threat Types <50 >1,000,000 - Often don't share intelligence
Alerts / Day (Average Per Firm) <1,000 >1,000,000 - Don't integrate their products
Security Vendors <100 >2,300 ▪ Russian military and intelligence agencies have attacked, - Infrequently cooperate when responding to
VC Investments <$500M >$6B manipulated and successfully altered information and could cause threats
Security Spending <$3B >$80B issues for decades
▪ In addition, there is insufficient government and
▪ Outlook
commercial cooperation, a lack of security
– The situation is dire by any measure standards and many outdated regulatory
– The western world is contending with ▪ Hundreds of major breaches of social media platforms, news compliance requirements
significant cyber threats on both its eastern and outlets, political organizations, email providers, telecommunication
western fronts – a virtual cyber sandwich systems and satellite providers have created a very challenging ▪ Collaboration is key; breaches are inevitable, and
situation the consequences are increasing in severity
– The “offense” is clearly winning
Source: Dave DeWalt: The Cyber Security Mega Cycle Aftermath, and General (Ret.) David Petraeus.
20
Cybersecurity Automation Is Coming To The Rescue
Organizations Are Turning To Automation & Analytics To Aid Cyber Specialists & “Force Multiply” The Effective Size Of Cyber Staffs.
Source: RSA Blog (September 2017): Cybersecurity Automation Is Coming to the Rescue (Robert Ackerman Jr).
21
The Cybersecurity Skills Shortage
A Cybersecurity Talent Gap Exists Across The Entire Country.
123-595
Nationwide Job Postings By Category
596-1,417
Operate & Maintain
1,418-1,765 6%
Risk Manager / Analyst Systems Administrator IT Auditor Cyber Security Engineer Software Developer / Engineer Network Engineer /
Architect
Cyber Security Manager / Administrator Systems Engineer Cyber Security Analyst / Specialist Vulnerability Analyst / Penetration Tester
Source: Cyber Seek: Cybersecurity Supply / Demand Heat Map.
22
Data Privacy
The EU General Data Protection Regulation (GDPR) Is Driving Growth In Software-Based Privacy Solutions.
Companies must be able to automatically discover and map all personal of recent Gartner client inquiries on
information across networks (unstructured and structured) and apply policies to
the information
70% privacy relate to GDPR
2017 Washington, DC -- Justin Antonipillai
Why Cloud-Based Security Vendors Are On The Rise Worldwide Cloud-Based Security Services Forecast by Segment (Millions of Dollars)
SIEM, IAM and emerging technologies such as cloud-based malware IAM, IDaaS, User Authentication Other Cloud-Based Security
sandboxes, cloud-based data encryption and web application firewalls Secure Web Gateway Secure Email Gateway
are fastest growing cloud-based security services segments Application Security Testing SIEM
Remote Vulnerability Assessment
Source: Gartner: Gartner Forecasts Worldwide Cloud-Based Security Services to Grow 21 Percent in 2017 (2017).
24
Sector Focus: Cloud Infrastructure Security
A New Breed Of “Cloud Security” Vendors, Providing Both Visibility And Protection.
▪ The migration to the cloud significantly increased the attack surface, spawning a new breed of Cloud Infrastructure Security vendors, who provide
visibility across workloads, applications, processes, containers, machines, and / or users
▪ Advanced analytics, breach detection, and seamless deployment underpins some of the leading vendors in the space
▪ Compliance across multiple cloud infrastructure environments drives additional adoption and growth in the sector
▪ Lacework brings automation, speed and scale to cloud ▪ RedLock platform dynamically discovers cloud infrastructure
security, eliminating manual, repetitive tasks and enabling changes, correlates them with configuration, network and
security teams to keep up with DevOps user data, and applies machine learning to create a visual
map for risk visibility, policy monitoring, and incident
▪ Specifically designed for the cloud, the Lacework security response
Founded: 2015 platform monitors workloads, applications, processes, Founded: 2015
containers, machines, users and accounts to automatically ▪ It provides ease of use with frictionless deployment; instant
HQ: Mountain View, CA HQ: Menlo Park, CA visibility by getting a view into all activity across all of a
surface anomalous behaviors out of billions of events per hour
company’s cloud infrastructure environments; continuous
Amt Raised: $8.4M ▪ Lacework provides unprecedented visibility, automates breach Amt Raised: $11.3M monitoring of all workloads regardless of where they are
detection, delivers one-click investigation and simplifies cloud deployed; and easy auditing and investigation tools for
CEO: Stefan Dyckerhoff compliance
CEO: Varun Badhwar
security and compliance teams
Source: Momentum Cyber Proprietary M&A & Financing Transaction Database, Pitchbook, and Company Website.
25
Sector Focus: Managed Detection & Response
New Entrants To MDR Space Are Targeting Smaller Midsize Organizations.
Leading MDR
Companies
▪ HQ: Scottsdale, AZ ▪ HQ: Houston, TX ▪ HQ: Ontario, Canada ▪ HQ: Lake Mary, FL ▪ HQ: Sunnyvale, CA ▪ HQ: Cincinnati, Ohio ▪ HQ: Reston, VA
▪ CEO: Michael Malone ▪ CEO: Gray Hall ▪ CEO: J. Paul Haynes ▪ CEO: Paul Perkinson ▪ CEO: Brian NeSmith ▪ CEO: Brian Minick ▪ CEO: Rajat Mohanty
▪ Offering: Datashield Managed ▪ Offering: Cloud Defender, ▪ Offering: eSentire Managed ▪ Offering: Virtual SOC Service, ▪ Offering: AWN CyberSOC: ▪ Offering: Morphick Managed ▪ Offering: Paladion Managed
Detection & Resposne, Log Manager, Threat Manager, Detection & Response Automated Threat Intelligence Managed Threat Detection Detection & Response Detection & Response,
ShieldVisionTM ActiveWatch Platform Security Consulting & Testing
MDR: A Catalyst To The Transition To ASOC Where MDR Service Providers Sit In Relation To Traditional MSSPs
MDR BENEFITS
ASOC
ADVANCED SECURITY
MSSP MDR
Leverages intelligence Focuses on people, process, OPERATIONS CENTER Enables 24x7 security Communicates patterns and
analysts versus vendor and & technology in collaboration Coverage without requiring trends rather than event-by-
alert reaction full time staffing event analysis
Automated Threat
Knowledge
Intelligence
Management
Incident
Analysis Intelligence Reporting
Threat Gathering Incident
Monitoring Response
Incident
▪ MDR services are still focused at the enterprise and upper-
Analysis
Reporting midmarket customer, but new entrants are targeting smaller
Activity
Monitoring
midsize organizations
SOC
Incident
SECURITY
Response
OPERATIONS
CENTER ▪ By 2020, 15% of midsize and enterprise organizations will be
using services like MDR, up from less than 1% today
▪ Automated, evidence-based security ratings ▪ Discover and manage internal and external ▪ Continuous security validation and automated
▪ Some quantify cyber risks in terms of attack paths to valuable network assets penetration testing, at scale
probabilities and dollars, utilizing internal data ▪ Contextualize threat intel and business criticality ▪ Simulations utilize real-world breach methods
Founded: 2011 Founded: 2015 Founded: 2014
Headquarters: Cambridge, MA Headquarters: Albuquerque, NM Headquarters: Sunnyvale, CA
Raised: $94M Raised: $14M Raised: $19M
Source: Momentum Cyber Proprietary M&A & Financing Transaction Database, Capital IQ, and Pitchbook.
27
Sector Focus: Security Analytics
The Security Analytics Sector Has Finally Begun To Consolidate After Months of Speculation.
Transaction & Target Overview Transaction Rationale Other Leading Analytics Candidates
“The LightCyber team’s vision to bring automation and machine
▪ HQ: San Mateo, CA
Date: 2/28/2017 learning to bear in addressing the task of identifying otherwise ▪ Amt Raised ($M): $23.0
▪ CEO: Idan Tendler
undetected and sophisticated attacks inside the network is well-
HQ: Ramat Gan, Israel aligned with our approach. This technology will complement the
acquires existing automated threat prevention capabilities of our platform to ▪ HQ: Redwood City, CA
▪ Amt Raised ($M): $23.7
Founded: 2011 help organizations improve & scale their security protections” ▪ CEO: Matt Jones
– Mark McLaughlin, Chairman & CEO of Palo Alto Networks
CEO: Gonen Fink “With LightCyber added to our platform, it can further prevent ▪ HQ: San Francisco, CA
command-and-control activity and data exfiltration by detecting ▪ Amt Raised ($M): $31.0
$105 Million anomalous behavior.” – Palo Alto Networks Press Release
▪ CEO: Feris Rifai
“Integrating Niara’s advanced behavioral analytics with ClearPass is a ▪ HQ: Los Angeles, CA
Date: 2/1/2017 natural extension that will now deliver network-wide, real time ▪ Amt Raised ($M): $29.0
▪ CEO: Sachin Nayyar
visibility and predictive assessment of potential risks inside the
HQ: Sunnyvale, CA enterprise.” – Sriram Ramachandran, CEO & Co-Founder of Niara
acquires ▪ HQ: San Mateo, CA
“Niara integrates with Aruba’s ClearPass network security portfolio ▪ Amt Raised ($M): $68.0
Founded: 2013 within the wired & wireless network infrastructure market for ▪ CEO: Nir Polak
Source: Momentum Cyber Proprietary M&A & Financing Transaction Database, Capital IQ, 451 Group, and Pitchbook.
28
Sector Focus: Strategic Next-Gen MSSP
A Market Poised For Significant Strategic Activity Ahead.
▪ HQ: Reston, VA
HQ: Cambridge, Ontario HQ: Zurich, Switzerland ▪ Amt Raised ($M): $9.6
acquires majority stake in acquired ▪ CEO: Rajat Mohanty
CEO: Michael Malone ▪ Mid-market and enterprise organizations are increasingly ▪ HQ: Sunnyvale, CA
finding the need for managed and monitored threat ▪ Amt Raised ($M): $43.3
▪ CEO: Brian NeSmith
hunting solutions that address their threat detection and
Undisclosed response use cases
Source: Momentum Cyber Proprietary M&A & Financing Transaction Database, Capital IQ, 451 Group, and Pitchbook.
29
Investor Spotlight: Cybersecurity Startup Studios
U.S. / Maryland (DataTribe) & Tel Aviv (Team8).
DataTribe, is an innovative StartUp Studio, co-building the next generation of commercial Team8, Israel’s leading cybersecurity think tank and company creation platform, develops
Cybersecurity, Analytics and Big Data products with game-changing technology and teams disruptive companies that challenge the biggest problems in cybersecurity and give
coming out of the Intelligence Community and research labs in the Washington, D.C. area. organizations the advantage over cyber attackers. We work with innovation leaders and
Overview Overview
The team is a mixed team of Silicon Valley & Intelligence Community founders, investors & entrepreneurs alongside a research group with intimate knowledge of cybersecurity, access
entrepreneurs. Unlike a VC firm or an incubator, DataTribe co-builds a small number of to the best cyber talent and a cyber syndicate of leading global brands that provide access
companies each year and work alongside each one to boost the chances of success. to customers, partners and key influencers.
Team Team
Bob Ackerman Dave DeWalt Mike Janke Steven Witt Wes Blackwell Yonald Chery
Co-Founder & Investment Board Co-Founder & Co-Founder & Fellow CTO Yuval Shachar Nadav Zafrir Israel Grimberg Liran Grinberg Assaf Mischari
Investment Board Investment Board Investment Board Executive Chairman Co-Founder & CEO Co-Founder & CIO Co-Founder & CMO Head of Research
Locations Fulton, Maryland; San Francisco, California Locations New York, New York; Tel Aviv, Israel
Strategic
Investors
Partners
Portfolio Portfolio
Companies Companies
HQ: Palo Alto, California HQ: Palm Beach, Florida HQ: Boston, Massachusetts HQ: San Mateo, California
Partners: Bob Ackerman Jr., David DeWalt, Pete Partners: Jay Leek, Alex Weiss, Peter Kuper, and Partners: Alex Doll and Mark Hatfield Partners: Alberto Yépez, Sean Cunningham, Ken
Bodine, and Spencer Tall Patrick Heim Gonzalez, and Donald Dixon
Latest Fund Size: $200M+
Latest Fund Size: $200M-$400M (Target) Latest Fund Size: $300M (Target) Fund Size: $300M
Overview: TenEleven Ventures is a venture capital
Overview: AllegisCyber is a venture capital firm that Overview: ClearSky is a venture capital / growth firm that invests in Cybersecurity companies and is Overview: Trident Capital Cybersecurity is a venture
specializes in seed / early-stage investments. It seeks equity firm that has been operating since 2012. dedicated to helping them thrive. The firm invests capital fund dedicated solely to cybersecurity early
to invest in banking, retail, consumer, financial ClearSky is currently investing through two funds: globally and specializes in early and growth-stage stage investing. It is a spin-out of Trident Capital and
services, industrial, manufacturing, healthcare, cyber ClearSky Power & Technology and ClearSky investments. TenEleven Ventures has a joint prefers to invest in the internet of things, secure
security and its applications in emerging technology Security. ClearSky Security invests in companies investment alliance with KKR payments and fraud, next-generation identity
markets with a focus in the related areas including that offer transformative solutions for cybersecurity, platforms, behavioral analytics and privacy and
big data analytics, Internet of things (IoT) and industrial security and critical infrastructure security security
virtualization
Source: Firm Press Releases, Capital IQ, Pitchbook and Company Websites.
31
Investor Spotlight: Corporate VCs
A Number of Notable Large Cap Companies Announced A Cybersecurity Focused Corporate Venture Fund.
HQ: Menlo Park, CA HQ: Palo Alto, California HQ: Mountain View, California HQ: Tokyo, Japan
Partners: Murray Graingers Partners: Chad Kinzelberg (PANW), Jim Goetz Partners: Ken Schneider Partners: Eva Chens
Focus: Early Stage High-Growth (Sequoia), Asheem Chandna (Greylock) Focus: Early Stage Focus: Early Stage
Type: Companies that are strategically Focus: Early Stage & Growth Type: Companies that are strategically Type: Emerging technology markets,
relevant or disruptive to Honeywell Type: Innovative Security Applications for the relevant or disruptive to Symantec especially the IoT market
Other: The group will concentrate on PANW Next-Gen Security Platform Other: Startups will be given access to Other: Portfolio startups will gain access to
partners where Honeywell can accelerate Other: The fund will collaborate with Greylock Symantec’s technology as well as threat the company’s technology and its channel of
their growth through its global presence, Partners and Sequoia Ventures to identify and intelligence data, used for product testing, more than 28,000 partners
access to proven technologies and installed evaluate innovative security applications for validation, machine learning algorithm
base of customers and channels potential strategic co-investment training, and AI system creation
Source: Firm Press Releases, Capital IQ, Pitchbook and Company Websites.
32
Major Industry Conferences | 2018
Momentum Cyber Will Be Speaking At A Number of Cybersecurity Conferences Worldwide.
▪ RSA Conference provides an opportunity ▪ Black Hat is the world's leading information
to learn about new approaches to info security event, providing attendees with the
April 16-20, 2018 security, discover the latest technology and August 4-9, 2018 very latest in research, development and
San Francisco, CA interact with top security leaders and Las Vegas, NV trends, including four days of technical
Moscone Center pioneers Mandalay Bay training followed by a two-day conference
▪ Cyber Investing Summit is an all-day ▪ Structure Security highlights the best
conference focusing on the financial practices used to protect the world's largest
May 15, 2018 opportunities, trends, challenges, and September 2018 companies & institutions, and examines the
New York, NY investment strategies available in the high South San Francisco, CA future of security products, services, and
Convene – Financial District South SF Conference Center the threats that aim to take them down
growth cyber security industry
Gartner Security & Risk ▪ Gartner Security & Risk Management ▪ SINET Showcase provides a platform to
Management Summit Summit provides you with proven practices SINET Showcase identify and highlight “best-of-class”
June 4-7, 2018 and strategies needed to maintain cost- November 7 & 8, 2018 security companies that are addressing the
National Harbor, MD effective security and risk programs to Washington DC most pressing needs and requirements in
Gaylord Convention Center support digital businesses National Press Club Cybersecurity
33
III. Public Company
Trading Analysis
III. Public Company Trading Analysis
Section Contents.
35
Cyber Multiples Continue To Increase
Public Market Valuations For Cybersecurity Continue To Increase Since Their Rapid Decline From ‘The Peak.’
Min % Change Median % Change Max % Change Company EV / 2016E Revenue EV / 2017E Revenue % Change
The Peak 2.4x 8.5x 14.8x
56.2% 63.5% 51.0% 3.8x 6.9x 83.6%
The Trough 1.0x 3.1x 7.3x
4.6x 8.5x 82.7%
2016 2017
3.4x 5.0x 49.1%
Max 8.6x
2.8x 3.7x 34.5%
Max 7.9x 6.4x 8.6x 34.3%
9.4% Increase
2.6x 3.4x 32.3%
Note: The Peak shows EV / 2015E Revenue Multiple as of 6/23/15, The Trough shows EV / 2016E Revenue Multiple as of 6/30/16. Excludes figures for OKTA, Sailpoint, and ForeScout given all three companies completed IPOs in 2017.
36
Significant Growth in Public Cyber Companies | 2010 to 2018 YTD
Public Cyber Markets Are Thriving.
Explosive
Public Company Stats | 2010 Public Company Stats | 2018 YTD 210%
Growth in Market
Growth Market Market Capitalization
$42.2B $129.7B
in Public Capitalization ($B) Capitalization ($B)
Cybersecurity 182%
Companies Number
of Companies 11
Number
of Companies
31
Growth in Number of Public
Cybersecurity Companies
Implied Multiple At IPO 5 ‘Take Private’ Deals from 2016-2017 IPO Backlog
$1.5B 3.4x
PE Backed Raised: $182M
$0.5B 3.8x
Raised: $184M Raised: $268M
$1.3B 4.4x
17.7x
$1.4B 3.8x Raised: $133M Raised: $407M
11.2x 11.5x
8.3x
5.6x 6.2x
Current Median: 6.5x
3.6x 3.1x 4.5x 3.7x 4.8x 4.2x 3.5x
3.5x 2.9x 3.1x Median: 4.4x
*
IPO Timing 2012 2013 2014 2015 2016 2017
Stock
Performance 440% 669% 274% 431% 103% 23% 53% 55% 173% 189% 43% 221% 31% 80% 54% 42%
(since IPO)
EV / LTM Rev
(Current)
10.4x 9.2x 7.2x 9.6x 4.0x 3.7x 3.5x 1.8x 5.1x 7.7x 4.9x 7.9x 1.5x 12.5x 6.1x 8.9x
Total Raised
(In IPO)
$230M $82M $260M $91M $128M $304M $64M $100M $86M $554M $103M $78M $112M $187M $116M $240M
Source: Capital IQ. Stock performance and valuation multiples as of January 25th, 2018.
Note: All IPO figures exclude overallotment shares exercised and associated net cash proceeds. *All figures shown related to Gigamon are as of 12/26/2017 as all financial data was no longer available thereafter.
38
Cybersecurity Sector vs Benchmark Performance
High Growth Performance Out Grows All 3 Indices While Low Growth Out Grows S&P 500 & HACK Indices.
27.2%
125 26.6%
18.7%
18.4%
115
105
95
Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
11% 6% 3% 2% 9% 16%
$53 $7
$5 $16 $13
$51 $55
$7 $16
$49 $15 $53 $12
$6
$47 $15 $51
$6
$45 $14 $49 $11
$4 $5 $14
$43 $47
$5 $13 $10
$41 $45
$13
$39 $4 $43
$12 $9
$37 $4 $41
$12
$35 $3
$3 $11 $39 $8
J F M A M J J A S O N D J F M A M J J A S O N D
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D
R2
10.0x 4Q17: 62.4% 3Q17: 50.7%
6.0x $14,452 mn
$1,839 mn
$7,684 mn
$1,004 mn
4.0x $1,478 mn $16,833 mn
$2,846 mn $7,897 mn
$758 mn
2.0x $389 mn $1,454 mn $1,515 mn
$588 mn
$782 mn
0.0x
0% 10% 20% 30% 40% 50% 60% 70%
2018E Revenue Growth + 2018E Operating Margin
10.0x
$16,993 mn
$2,415 mn
8.0x
$12,993 mn
$4,177 mn
$14,452 mn
$4,485 mn
EV / Revenue 2018E
6.0x
$16,833 mn
$7,684 mn
$7,897 mn $1,839 mn
R2
$2,846 mn
4Q17: 28.7% 3Q17: 18.0%
4.0x $1,515 mn
2Q17: 14.3% 1Q17: 16.7%
$758 mn
$1,004 mn
$1,478 mn :32.4%, 8.6x
0.0x
0% 5% 10% 15% 20% 25% 30% 35%
11.4x
9.7x
9.2x
8.6x 8.3x 8.6x
8.3x Median: 7.8x 7.8x 7.7x 7.9x 7.8x
7.3x 6.7x 6.7x
6.8x 6.4x
5.7x 5.9x 5.7x Median: 6.3x
4.8x 4.7x 4.5x 4.7x
4.2x 4.4x 4.1x 4.1x
4.6x 3.7x 3.5x 3.5x Median: 4.0x 3.9x
3.1x 3.8x 3.4x 3.3x Median: 3.7x
2.9x 2.8x
2.3x 2.1x
1.8x 1.5x 1.6x 1.4x
OKTA SPLK PFPT SAIL MIME PANW FSCT RPD QLYS CHKP SOPH CYBR TREND FTNT SYMC FEYE CUDA IMPV FSC1V VDSI MOBL SCWX OKTA SPLK SAIL PFPT MIME PANW FSCT RPD QLYS CHKP SOPH TREND SYMC CYBR FTNT FEYE CUDA IMPV FSC1V VDSI MOBL SCWX
58%
32%
30%
39% 25% 24%
36% 24% Median: 24%
22%
31% 31% 30% Median: 31% 21% 21% 20% 19%
17% 16%
27% 26%
22% 14%
19% 17%
16% 10% 9% 8%
14% Median: 9%
8%
12% 8% 8% 7% 7%
8% 7% 7% 6% Median: 8% 6%
4% 3%
-2%
OKTA MIME PFPT SAIL SPLK FSCT RPD PANW IMPV CYBR FTNT QLYS SOPH TREND SCWX FSC1V CUDA CHKP MOBL FEYE VDSI OKTA PFPT SPLK SAIL MIME RPD FSCT PANW SOPH CYBR IMPV QLYS FTNT FSC1V VDSI SCWX FEYE TREND MOBL CUDA CHKP SYMC
Access Request & Automated Provisioning Data Access Governance Top Customers Include:
Ensure the right people have the right access Govern access to all data; 80% of
to the right applications at the right time corporate data is unstructured
Offer Price: $12.00 (Filing range was $9.00 - $11.00) LTM Revenue ($M): $162.6 $13.50
Amount Raised: $240,000,000 LTM EBITDA ($M): $17.9
$13.00
Ownership: Thoma Bravo owns 60.5% of outstanding shares EV / LTM Revenue: 8.9x $12.50
11/17 12/1 12/15 12/29 1/12
Directors
Board of
Leverage & Expand Existing Partner Network Continue To Invest In Platform
▪ Partnerships with global SIs and resellers have helped ▪ Continue investing to extend its position as the leader
extend SAIL’s reach to serve customers more effectively in identity governance by developing or acquiring Mark McClain Marcel Bernard William Bock Seth Boro Jim Pflaging Chip Virnig
▪ Product revenue is directly tied to the number of (remote and visitor devices), data centers, Julie Cullivan, CIO and Senior Vice President, Business Operations
licensed devices managed. As of June 30, 2017, branch offices, geographies, and public cloud ▪ Julie has extensive operational and technical leadership experience, having held
FSCT sold products with licenses covering over environments prior roles at FireEye, Autodesk, McAfee and Oracle
42 million devices
Grow Global End-Customer Base Increase Sales Of Extended Module
▪ Invested in sales organization to drive new end- ▪ Strong demand for FSCT’s third-party product
Directors
Board of
customer adoption and to introduce our products integrations, or Extended Modules
to new markets ▪ Continue to productize these integrations and
▪ These investments will allow FSCT to pursue new leverage joint go-to-market efforts with channel Theresia Gouw David DeWalt James Beer Hezy Yeshurun T. Kent Elliot
large enterprise opportunities locally & globally partners
Okta operates an integrated system that connects persons via devices. The company’s identity cloud connects various companies to pre-integrated apps and
devices every day. It offers single sign-on, mobility management, adaptive multi-factor authentication, lifecycle management, and universal directory products
for IT customers; and complete authentication, user management, flexible administration, API access management, and developer tools for developers.
Class A Common Stock
Secure Remote User Access Platform Integration Secure User Management Industry Services
$17.00 Per Share
▪ Implement strong authentication ▪ Integrate all business ▪ Deploy one user database and ▪ Industry specific solutions for
$187,000,000 policies to verify users and applications and technologies authentication system for any Healthcare, Government,
reduce security incidence threats into one entity set of connected applications Education, Energy, Financial
▪ Give employees secure access to ▪ Maintain security while ▪ Create one consolidated profile Services, Technology, and
needed tools while maintaining connecting with all parties that for each user, then analyze their Non-Profit Institutions
control of IT environment your company interacts with engagement
Amount Raised $187,000,000 (Net Proceeds: $173,910,000) LTM EBITDA ($M) ($105.1) $22.00 $23.51
Directors & Executive Officers owns 51.1% of EV / LTM Revenue 12.5x $22.19
Ownership
outstanding shares and have 61.8% of voting $20.00
Structure EV / LTM EBITDA NM
power 4/7 5/12 6/16 7/21 8/25 9/29 11/3 12/8 1/12
($20)
$100
$85.9 J. Frederic Kerrest, COO & Co-Founder
▪ He previously worked at Hummer Winblad Venture Partners and
$41.0 ($40)
$50 Salesforce.com
($60) ($49.3)
$0 ($63.0) ($61.2)
FY 15 FY 16 FY 17 ($80) Charles Race, President, Worldwide Field Operations
▪ He brings leadership experience from serving as EVP of
Growth Strategy Worldwide Field Operations at Informatica
Directors
cross-selling and upselling additional products research and development, hiring top talent,
Board of
▪ Focus on current customers that limit use cases to and maintaining an agile organization
internal identity management and further their ▪ Address new use cases and offer increasing Ben Horowitz Patrick Grady Michelle Wilson Michael Stankey Michael Kourey
use of Okta platform for external use cases value to existing and potential customers
General Partner Partner Board of Director Vice Chairman CFO
Note: Fiscal Year Ends January.
4 56
IV. M&A Activity In
Cybersecurity
IV. M&A Activity In Cybersecurity
Section Contents.
vi. Backup Data: M&A Transaction Disclosed Deal Values | 2016 to 2017 64-69
viii. Backup Data: M&A Transaction Undisclosed Deal Values | 2016 to 2017 71-81
58
Cybersecurity M&A Activity | 2010-2017
Cybersecurity Company M&A Transactions of $94.5 Billion Across 1,043 Deals Since 2010.
Annual M&A Deals And Volume Quarterly M&A Deals And Volume
($B) (2010 – 2017) ($M) (Q1 2010 – Q4 2017)
$25.0 200 53 $11,985
177 178
$21.0 180 46
$20.4 45 44
$20.0 160 47 46 42
39 38
158 $9,081 39
140 34 45
34 35
135 32 $7,747
29 30 36 32
$15.0 120
$12.6 26 26 27 27 $6,349
113 $12.5 25 $6,305
$11.5 100 23 22 22 29
105
20 $4,845
$10.0 90 $8.6 80 18 17 $4,385 $4,544
87 $4,397
15 $3,881
60 $2,960
$3,334
$2,910
$12.1 $11.1
$2,660 $2,260 $2,675
$5.0 $4.0 $4.3 $11.2 40 $1,931
$8.6 $1,809 $1,483 $1,656
$7.7 $1,396
20 $1,047$818 $580 $887
$486 $748
$3.8 $264 $480
$2.3 $2.8 $252 $184 $158
$0.0 -
2010 2011 2012 2013 2014 2015 2016 2017
Q1'10
Q2'10
Q3'10
Q4'10
Q1'11
Q2'11
Q3'11
Q4'11
Q1'12
Q2'12
Q3'12
Q4'12
Q1'13
Q2'13
Q3'13
Q4'13
Q1'14
Q2'14
Q3'14
Q4'14
Q1'15
Q2'15
Q3'15
Q4'15
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
Q2'17
Q3'17
Q4'17
Private Co. Volume ($B) Public Co. Volume ($B) Number of Deals Volume ($M) Number of Deals
▪ Number of deals reached new heights in 2017 with ▪ Over the last eight quarters financial and strategic buyers have completed $41B in M&A transactions
178, just above the previous record of 177 in 2015 ▪ Q4’17 was the strongest quarter for transaction volume since Q3’13 totaling $12B; surpassed previous high of
▪ Public company acquisitions / divestitures surpassed $9B set in Q3’10
2016 figures with 15 deals completed (up 114%) at a ▪ Though transaction volume remained low earlier in the year, 2017 was a milestone year for M&A transactions
combined deal value of $12.7B (up 27%) with some of the biggest deals closing in the last quarter (e.g., Gemalto / Thales)
Source: Momentum Cyber Proprietary M&A & Financing Transaction Database, Capital IQ, 451 Group, and Pitchbook.
Note: Includes private and public company M&A transactions including acquisitions of public companies and divestures of assets / operations / business units from public companies. 59
Closer Look at Recent Cybersecurity “Exits” | Part 1
Breaking Down The Cybersecurity “Exits” In 2016 And 2017.
Time to Exit
4.4% Selected Companies
<2 Years
25.4% 2 to 5 years
40.5%
5 to 7 years
14.7%
15.1% 7 to 10 years
10+ years
Deal Value
Selected Companies
6.0%
$0-$25M
9.5% $25M-$50M
38.1% $50M-$100M
16.7%
$100M-$250M
14.3% $250M-$500M
15.5%
$500M+
Note: Excludes deals with undisclosed deal values (typically < $50M). Deals with undisclosed deal values account for 66% of total exits.
Source: Momentum Cyber Proprietary M&A & Financing Transaction Database, Capital IQ, 451 Group, and Pitchbook.
Note: “Exits” excludes targets that were previously acquired or listed on a public exchange. 60
Closer Look at Recent Cybersecurity “Exits” | Part 2
Breaking Down The Cybersecurity “Exits” In 2016 And 2017.
24.2% Series B
25.0%
Series C+
Selected Companies
17.0% $1M-$10M
33.7% $10M-$20M
29.0% $20M-$50M
$50M+
21.0%
54.0%
23.1% 24.2%
70
▪ The average and median enterprise value for Cybersecurity transactions since 2010 ▪ Valuations for M&A Cybersecurity targets vary for many reasons – growth, market
was $229M and $42M, respectively leadership, customer validation, technology, team, and transaction dynamics
▪ M&A exits in Cybersecurity are typically below $100M 68.2% of the time ▪ Transactions >10x are a minority (15.1%) where the buyers are typically cash rich and
willing to pay what it takes (median cash balance of the buyers at time of acquisition
▪ Transactions > $1B are rare, representing 5.5% of all deals (13 public* and 9 private
was $1.1B and median market cap was $12.8B)
company transactions)
Source: Momentum Cyber Proprietary M&A & Financing Transaction Database, Capital IQ, 451 Group, and Pitchbook.
Note: *Includes acquisitions of public companies and divestures of assets / operations / business units from public companies. 62
Notable Cybersecurity M&A Transactions | 2016 to 2017
Cybersecurity M&A Transactions With Disclosed Transaction Values.
Source: Momentum Cyber Proprietary M&A & Financing Transaction Database, Capital IQ, 451 Group, and Pitchbook.
63
Notable Cybersecurity M&A Transactions | 2016 to 2017
Cybersecurity M&A Transactions With Undisclosed Transaction Values.
(SST Unit)
(Identity Biz)
(iDefense Security)
For Additional Information on Backup Data (Pages 71-81) Supporting Transaction Data, Please Contact Momentum Cyber at almanac@momentumcyber.com
Source: Momentum Cyber Proprietary M&A & Financing Transaction Database, Capital IQ, 451 Group, and Pitchbook.
70
V. Financing Activity
In Cybersecurity
V. Financing Activity In Cybersecurity
Section Contents.
83
Financing Activity Since 2010
Cybersecurity Startups Raised $20.7 Billion Across 1,626 Deals Since 2010.
Annual Investment Deals And Dollars Quarterly Investment Deals And Dollars
($B) (2010 – 2017) ($M) (Q1 2010 – Q4 2017)
$1,804
326
350 96
278 $1,531 $1,466
300
$5.1 $1,239 71 $1,238 80 $1,427
229
201 208 250
$4.5 $1,124 79
59 60 73 75
200 51 49 57 $949 $921 71
156 $3.8 47 49 $844 53 49 49
42 $818 59
120 40 66
108 150 35 33 36 $545 54 $653
$2.7 27 30 28 30 31 $510 $515 $513 $520
23 24 $500
100 $446 $427
$259 $264
$1.7 $212 $236 $219 $242$248 $269 $261
$1.2 50 $197 $141 $130
$0.8 $0.8
0
Q1'10
Q2'10
Q3'10
Q4'10
Q1'11
Q2'11
Q3'11
Q4'11
Q1'12
Q2'12
Q3'12
Q4'12
Q1'13
Q2'13
Q3'13
Q4'13
Q1'14
Q2'14
Q3'14
Q4'14
Q1'15
Q2'15
Q3'15
Q4'15
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
Q2'17
Q3'17
Q4'17
2010 2011 2012 2013 2014 2015 2016 2017
▪ 2017 reached record levels yet again, with $5.1B ▪ Over the last eight quarters investors have poured $9.6B into Cybersecurity
raised across 326 transactions ▪ After a slow start in Q1, Q4 closed out 2017 with funding totaling $1.5B across 79 transactions
▪ 2017 outpaced 2016 by $594M in funding volume ▪ 4Q17 ended strong with 24 deals ($654M raised) in September, 25 deals ($285M raised) in August, and 30
and 48 transactions deals ($528M raised) in December
Source: Momentum Cyber Proprietary M&A & Financing Transaction Database, Capital IQ, CBInsights, and Pitchbook.
Note: Data for 2014 – 2017 includes only deals with amounts raised >$1M. 84
Cybersecurity Startups And Investors
List of Most Well-Funded Startups And Most Active VC Investors.
Top 15 Most Well-Funded Cybersecurity Startups ($M) Top 15 Most Active Investors in Cybersecurity*
$407
32 32
31
Confidentially 30
For Filed IPO
$331 27
26
$305 $301
$288 $281 $274 $268 22
20 20 20
$237 $236 19
17
$198 $198 $190 16
$187 $184
14
12
▪ The top most well-funded startups have raised $3.9B over their lifespan ▪ During 2017 NEA & Accel became the most active investors in Cybersecurity, having
▪ Tanium continues to top the list of most well-funded ahead of Lookout, having raised invested in 32 company rounds since 2010
$100M in 2017 & $212M in 2015, totaling over $400M since 2007 ▪ 4Q17 was an active quarter with Trident Capital Cybersecurity making 3 investments
while Accel Partners, Sequoia Capital, Intel Capital, and Battery Ventures made 2
▪ An additional 23 companies have raised between $100M and $180M for a total of $3.0B,
including Zscaler ($183M), Cloudflare ($182M), Cylance ($180M), Armor ($150M), investments each
Forgerock ($148M), Code42 ($138M), Pindrop Security ($133M), Bracket Computing
($132M), Silent Circle ($130M), Digital Guardian ($126M), Ionic Security ($123M),
LogRhythm ($122M), Duo Security ($130M), Bromium ($116M), and SentinelOne ($110M)
Source: Momentum Cyber Proprietary M&A & Financing Transaction Database, Capital IQ, and Pitchbook.
Note: *Total number of investments made in rounds with a minimum of $5 million raised. 85
Cybersecurity Funding By The Numbers
A Breakdown of Capital Raises By Stage in 2016 & 2017.
89 88
97 Early
75
70 68 Stage
50
40
2016
2017
2016 $1,053
$781 $689 $916
2017 $169 $304 Series C+
Early Stage Series A Series B Series C+
Source: Momentum Cyber Proprietary M&A & Financing Transaction Database, Capital IQ, and Pitchbook.
Note: Includes investments of greater than of $1 million and excludes grants and straight debt/loan financings. Follow-on financings (e.g., A, A1) in same year combined to represent one deal for that stage. 86
Notable Cybersecurity Financing Activity | 2016 to 2017
Minority Investments >$10M.
$100M+
For Additional Information on Backup Data (Pages 89-105) Supporting Transaction Data, Please Contact Total Amount Raised ($M) $8,085.0
Momentum Cyber at almanac@momentumcyber.com Median Amount Raised ($M) $20.0
Source: Momentum Cyber Proprietary M&A & Financing Transaction Database, Capital IQ, and Pitchbook.
87
Notable Cybersecurity Financing Activity | 2016 to 2017
Minority Investments >$10M.
$100M+
For Additional Information on Backup Data (Pages 89-105) Supporting Transaction Stats, Please Contact
Momentum Cyber at almanac@momentumcyber.com
Source: Momentum Cyber Proprietary M&A & Financing Transaction Database, Capital IQ, and Pitchbook.
Note: Represents total size of funding rounds participated by each investor. 88
VI. Transaction
Profiles
VI. Transaction Profiles
Section Contents.
107
Selected Momentum
M&A Transactions
1
▪ “In an era of constant connectivity and eroding boundaries between a professional and personal HQ: Tel Aviv, Israel
digital life, it is critical to have email protection that is both broad and deep. The acquisition of acquired
Weblife gives us greater ability to help protect our customers from today’s rapidly evolving
Founded: 2014
has been acquired by cyberattacks, as cybercriminals look for new ways to abuse email channels. We are thrilled to
welcome Weblife’s employees to the Proofpoint team.” – Gary Steele, CEO, Proofpoint
CEO: Guy Guzner
▪ “Organizations are having to confront the reality that employees will check their personal
webmail from the corporate network, and will also use their corporate devices to check their $225 Million
webmail at home after work, on the road, and everywhere in between. By combining Proofpoint’s
advanced threat detection capabilities with our unique browser isolation solution, enterprises can Date: 05/09/16
now secure both corporate and personal email from advanced threats and compliance risks.”
– David Melnick, CEO, Weblife HQ: Los Gatos California
for total consideration of acquired
Transaction Significance
Founded: 2012
▪ By combining Weblife’s web-isolation technology with Proofpoint’s industry leading threat
$60M detection and intelligence, companies can now secure both corporate and personal email from
CEO: Branden Spikes
advanced threats and compliance risks
Momentum Cyber acted as exclusive - Unique combination of web-isolation and advanced threat detection delivers Undisclosed
financial advisor to Weblife comprehensive protection from both malware and credential stealing phishing links
▪ The integrated solution will become part of Proofpoint’s Targeted Attack Protection advanced Other Primary Competitors
threat solution suite, and will be available in the first half of 2018
Company Headquarters Amount Raised
Momentum’s Role
Mountain View, CA $14.2M
▪ Momentum Cyber acted as exclusive Financial Advisor to Weblife
November 29, 2017 ▪ This transaction demonstrates Momentum's continued success in advising innovative, next-
Baltimore, MD Undisclosed
generation Cybersecurity companies and further establishes the firm's leadership position as the
Menlo Park, CA $35.5M
‘go to’ advisor exclusively focused on Cybersecurity
110
Proofpoint Acquires Weblife (Continued)
Secure, Empower, And Simplify Employee Web Access.
Company Profile Product Overview
Weblife fundamentally changes how organizations approach employee Internet Weblife secures, empowers, and simplifies employee Internet use with a complete cloud-based service to isolate and
usage simply by providing a separate, private, and secure space for employees secure web use providing employees greater freedom and anonymity to conduct personal and high-risk web browsing
to conduct personal web browsing. Current employee web-use policies don't ONLY SAFE CONTENTS HIGH RISK CONTENTS
(HTML-CSS) (.JS, .EXE, ETC.)
address the fact that employees will continue to spend some portion of their
How It
Description time on personal web browsing. Weblife acknowledges this reality and brings Works
employees back into policy compliance by securely separating personal and SECURE CONNECTION ANONYMOUS
Browser (HTTPS) Weblife Service WEBSITE TRAFFIC Public Internet
business web activity. By doing so, this program provides an additional benefit
to employees, improves a company’s security posture, reduces its liability, and
Weblife Solutions
enhances its compliance with global privacy obligations.
Advanced Threat Protection Information Protection Archiving & Compliance Email Protection
Leadership
Targeted Attach Protection Email Data Loss Prevention Enterprise Archive Email Protection
Gary Steele Paul Auvil Marcel DePaolis Manish Sarin David Knight
CEO CFO CTO EVP, Corp Dev EVP/GM Small & Medium Business
Threat Response Email Encryption E-Discovery and Analytics
Threat Systems Essentials
Founded 2002
ET Intelligence SaaS Protection Intelligent Supervision Email Fraud Defense
HQ Sunnyvale, California
Employees 1,800+ Mobile Defense Data Discover Social Media Compliance Sendmail Sentrion
Source: Company Website, Capital IQ and Pitchbook. Public Market Data as of November 28, 2017.
112
ADT Acquires DATASHIELD
Momentum Cyber Acted As The Exclusive Financial Advisor To DATASHIELD & Strategic Cybersecurity Advisor To ADT.
▪ Momentum Cyber acted as exclusive Financial Advisor to DATASHIELD and is serving as ADT’s
HQ: Zurich, Switzerland
Strategic Cybersecurity Advisor
has acquired
▪ Momentum Cyber identified MDR as a strategic category to leverage ADT’s security footprint Founded: 1990
and sourced DATASHIELD as a proprietary target
November 14, 2017 ▪ This transaction demonstrates Momentum's continued success in advising innovative, next- CEO: Martin Bosshardt
generation Cybersecurity companies and further establishes the firm's leadership position as the
‘go to’ advisor exclusively focused on Cybersecurity Undisclosed
Leadership ASOC Network Visibility Cyber Analytics Threat Intelligence Incident Response Compliance
Michael Malone Joel Menk Maria Mastakas Eldon Jenkins Ben Johnson
Co-Founder & CEO Co-Founder & COO EVP Sales CTO Chief Security
Architect
Founded 2009 DATASHIELD Security Appliance™ with DATASHIELD Managed Detection and Response™
Locations Scottsdale, AZ (HQ, ASOC) & Salt Lake City, UT Built specifically to combat overwhelming resource and budget constraints that prevent companies
from establishing suitable cyber security programs for their businesses
ASOC vs. SOC: Proactive & Intelligence Driven Security
While most conventional security solutions provide REAL-TIME Threat Detection Leveraging
limited visibility and prevention capability, the People, Process & Technology
DATASHIELD Appliance is equipped with:
DATASHIELD
Threat Incident Automated Threat Knowledge Incident Appliance
Reporting
Monitoring Analysis Intelligence Management Response
Software
Exclusive Strategic & ▪ Acquisition strengthens Juniper’s leadership position in the next-gen firewall market and is
Financial Advisor To Cyphort a critical addition to Juniper’s Software-Defined Secure Network vision 02/28/17 105.0
▪ Cyphort will integrate into Juniper’s Sky ATP platform to provide customers with improved
performance, an increased range of supported file types and additional threat detection
capabilities
▪ Cyphort marks Juniper’s return to Cybersecurity M&A after an over 4 year absence 02/08/17 120.0
Momentum’s Role
▪ Momentum Cyber served as exclusive strategic and financial advisor to Cyphort
August 31, 2017 ▪ This transaction demonstrates Momentum's continued success advising innovative, next- 02/01/17 40.0
generation Cybersecurity companies and furthers the firm's leadership position as the ‘go-
to’ advisor exclusively focused on Cybersecurity
The Anti-SIEM
Importance of
Founded 2011 And Incident Responders Against Advanced Cyber Attacks
HQ Santa Clara, CA (HQ), Bangalore ▪ Quality of actionable info can eliminate hours of
2014 Leader in Forrester Wave™
▪ Cyphort’s ability to find the advanced threats that
Amt Raised $53.7M Automated Malware Analysis
manual work & accelerate the incident response others miss, then link related events to that threat, helps
▪ Productivity gains can eliminate the need to hire security teams not only improve productivity, but also
their security posture
The Quilt Security Ecosystem Business Overview additional staff & improve retention of staff
Features
Rami Rahim Pradeep Sindu Kevin Hutchins Ken Miller Bob Worrall
CEO Founder, CTO & SVP, Strategy & EVP, CFO SVP, CIO Instant Identification of Malware Quarantine of Systems
Chief Scientist Product Line Mgmt.
Threat Intelligence Spotlight Secure Integration
Founded 1996
HQ Sunnyvale, California Rich Reporting & Analytics Command-and-Control Data
Dec. ’17 | $6.9B Dec. ’17 Nov. ’17 | $1.4B Nov. ’17 Nov. ’17 | $119M Nov. ’17 | $110M Nov. ’17 | $548M Oct. ’17 | ~$400M
Oct. ’17 | $1.3B Oct. ’17 Oct. ’17 | $266M Sept. ’17 Sept. ’17 Sept. ’17 | $350M Aug. ’17 | $225M Aug. ’17 | $60M
Aug. ’17 | ~$150M Aug. ’17 Aug. ’17 Aug. ’17 | $950M Jul. ’17 | $50M Jul. ’17 Jul. ’17 Jul. ’17 | $200M
StackPath
acquires acquires acquires acquires acquires acquires acquires acquires
Feb. ’17 | $105M Feb. ’17 Feb. ’17 | $120M Feb. ’17 Jan. ’17 | $1.6M Jan. ’17 | $50M Jan. ’17 | $20M Jan. ’17 | $1.2B
Source: Momentum Cyber Proprietary M&A & Financing Transaction Database, Capital IQ, 451 Research & Pitchbook. Note: Palo Alto Networks / Light Cyber Deal Highlighted on Page 28.
Thales Group Acquires Gemalto
Acquisition Assists in Extending Thales’s Overall Capacity for Digital Identity and Data Security Technology.
Application Application
CEO: Olivier Piou Computing / Network & Connectivity
Sensors Connectivity Gateway Platform
& Big Data / & Analytics /
Critical Digital AI Platform AI
Decision Chain
TEV / LTM Rev: 1.8x
Source: Company Press Release and Website, Pitchbook, 451 Research, and Capital IQ.
121
Blackstone Acquires Majority Stake In TITUS
Blackstone Will Help TITUS Expands Its Geographical Reach & Accelerate Its Innovation Strategy.
Discover: Comprehensive search function to find data where it Most Valuable 5-star Review And
resides including the network, Office 365, and cloud file shares Partner 2014 Recommended Product
CEO: Tim Upton (including OneDrive, SharePoint Online, Box, and Dropbox)
Source: Company Press Release and Website, Pitchbook, 451 Research, and Capital IQ.
122
Thoma Bravo Acquires Barracuda Networks
Acquisition By Thoma Bravo Will Accelerate Growth of Industry-Leading Security Platform.
Source: Company Press Release and Website, Pitchbook, 451 Research, and Capital IQ.
123
McAfee Acquires Skyhigh Networks
McAfee’s Acquisition Of Skyhigh Networks Will Enhance & Boost Its Cloud Security Business.
Cloud-Wide Detection
CEO: Lior Samuelson
Cross-Vector Cross-Geo Real-Time
TEV / LTM Rev: 3.8x Full coverage of all internet threat Comprehensive view of global traffic ranging Leverage big data analytics, AI &
vectors including web, email & DNS across geographies, languages & protocols machine learning to identify threats
Web Security $119.3 Million
Transaction Commentary
▪ Warburg Pincus announced its intention to commence a Special Cash Tender Offer pursuant
to Israeli law to increase its ownership in Cyren, up to a maximum of 75% of Cyren's shares
▪ Warburg Pincus owns 21.3% of Cyren shares, following its previously announced purchase of
10.6M shares for $1.85 Exploits Bots Malware Apt
▪ The tender offer is conditioned upon a few things including:
- Cyren shares representing at least 5.0% of the issued and outstanding shares and voting
power of Cyren having been validly tendered
- German Federal Cartel Office has approved the purchase of the Cyren shares tendered
- 5,411,117 Cyren shares having been validly tendered and not properly withdrawn prior to Headquarters Branch Stores Factories Roaming Home Mobile Internet
the completion of the initial offer period Offices Employees Office Devices Of Things
Source: Company Press Release and Website, Pitchbook, 451 Research, and Capital IQ.
125
Proofpoint Acquires Cloudmark
Acquisition Will Better Protect Proofpoint’s Enterprise And ISP Clients With New Threat Intelligence Expansion.
Email Email
Blocks Threats
DNS DNS
CEO: Jason Donahue
Detects Anomalies
Messaging Security $110.0 Million Anti-Abuse Protection Highly Extensible Reduce Power Requirement Intelligent Flow Control
Features & Supports Authentication & Secure
External Data Source Integration Reporting and Analytics
Cloudmark Funding Snapshot Benefits Messaging Standards
Date Stage Amount Raised ($M) Investors Horizontally Scalable Flexible Policy Engine Unified Cluster Management
Threat Analysis
HQ: Tel-Aviv, Israel About the Company
Risk Assessment
Argus is the world’s largest automotive cyber security company, integrating
acquires innovative computer networking and security methods with a deep
Founded: 2013 understanding of automotive practices Vulnerability Analysis
Code Review
Total Raised: $30.0M
Safety Without Recalls Car Hacking
Penetration Testing
Given the potential for physical harm to Works with private and commercial
motorists, passengers and property in OEMs, Tier 1s, fleet managers,
Incident Response
CEO: Ofer Ben-Noon case of a breach, Argus’ mission is to dealerships and aftermarket
maintain road safety and to prevent connectivity providers to defend
costly vehicle recalls against vehicle hacking Cyber Threat Intelligence
Source: Company Press Release and Website, Pitchbook, 451 Research, and Capital IQ.
128
Elliott Management Acquires Gigamon
Elliott Management Will Drive Gigamon’s Long-Term Growth Through Product Development.
Source: Company Press Release and Website, Pitchbook, 451 Research, and Capital IQ.
129
Booz Allen Hamilton Acquires Morphick Cyber Security
The Acquisition of Morphick Extends And Complements Booz’s Existing Cyber4Sight Threat Detection Service.
▪ Iterative Incident Response Process: SCOPE, CONTAIN, ANALYZE, ▪ Managed by 24/7 Threat Intelligence Center Experts
HUNT ▪ Delivers complete analysis of all endpoints and identification of
HQ: Cincinnati, Ohio ▪ Immediately deploys NSA-CIRA Accredited Incident Responders to compromised systems
quickly assess the situation ▪ Technology Deployment, Threat Identification, and Actionable
▪ Implement a comprehensive approach to address the full extent Recommendations over a 6-week period
and impact of an attack
acquires Founded: 2015
Threat Hunting / Malware Reverse Engineering Security Defense
▪ Merger & Acquisitions Threat Assessment: Preventative threat ▪ Application & Network Security Architecture Tests
Total Raised: $10.0M assessment services as part of the due diligence process ▪ Compromise Assessment
▪ Threat detection system that learns progressively to proactively ▪ Network Security Visibility Assessment
identify breaches faster ▪ Incident Response Readiness Assessment
Transaction Commentary
Morphick Funding Snapshot ▪ “The talented teams at Booz Allen and Morphick share a common point of view: cyber defense is not a compliance only activity.
This is a multi-dimensional, quickly evolving threat requiring much more than automated, one-size-fits-all services. We’re pairing
Date Stage Amount Raised ($M) Investors Morphick’s leading platform and approach with Booz Allen’s reach and expertise in advanced cyber defense services – a move
that anticipates the client need for protection from the most advanced cyber threat actors.” – Brian Minick, CEO of Morphick
Sep 2015 Series A $10.0 ▪ “Morphick complements Booz Allen’s current managed threat intelligence service, Cyber4Sight – helping clients use their insight
into adversaries to better detect and respond to attacks. Morphick will initially support the firm's commercial clients, and in the
future, the capabilities will extend to support other client demands.” – Booz Allen Hamilton’s Press Release
Source: Company Press Release and Website, Pitchbook, 451 Research, and Capital IQ.
130
Guidewire Acquires Cyence
Transaction Will Assist Insurers in Addressing and Underwriting Modern Risks Through New Data-Based Service.
HQ: San Mateo, CA The Cyber Risk The The Economic The Data
Modeling People/Process Modeling Collection
Challenge Challenge Challenge Challenge
acquires Founded: 2014 ▪ Cybersecurity is not just a ▪ Cyber events are driven ▪ A comprehensive economic ▪ Cyence created a diverse
technical problem but a by human & behavioral model can accurately and scalable data factory
business risk factors, however, predict cyber risk to accurately and non-
▪ Challenges in building a technology must also be ▪ Insurers need to understand invasively collect human
Total Raised: $40.0M cyber risk model is data, analyzed alongside people the organization’s many and machine data
analyzing people & and processes for an possible threats & their ▪ This continually evolving
processes & economic accurate assessment of impact in dollars and behavioral and technical
modeling risk probabilities data drives the Cyence
CEO: Arvind Parthasarathi risk models
Transaction Commentary
Risk & Compliance $266 Million ▪ "Cyence is an exceptional technology company that, like Guidewire, focuses on serving the strategic needs of the P&C
industry. While Guidewire has focused on core operations, data management, and digital engagement, Cyence applies
expertise in data science and machine learning to the modeling needs of insurance product design, pricing, and
Cyence Funding Snapshot underwriting for 21st century risks. As traditional actuarial approaches struggle to address the unique characteristics of
emerging risks like cyber, Cyence’s next-generation approach will enable insurers to broaden the scope and value of the
Date Stage Amount Raised ($M) Investors
products their policyholders need.“ -Marcus Ryu, Co-Founder & CEO, Guidewire Software
▪ "Cyence started applying our data science engine to cyber risk given the significant demand from the insurance industry
Sep 2016 Venture $40.0 on what is an existential threat for their insureds. We are excited by the opportunity to power our approach with
operational data and policy lifecycle support from Guidewire’s core systems and to join forces with the technology leader
serving the P&C insurance industry.“ -Arvind Parthasarathi, Co-Founder & CEO, Cyence
Source: Company Press Release and Website, Pitchbook, 451 Research, and Capital IQ.
131
Google Acquires Bitium
Google Cloud Will Deliver Comprehensive Solution for Identity & Access Management to Its Enterprise Customers.
Federation & Credential App Directory Secure User Provisioning Reporting &
Bitium Funding Summary Single Sign-On Management Management Integration Access & Deprovisioning Compliance
Date Stage Amount Raised ($M) Selected Investors
Transaction Commentary
Aug 2016 Series A-1 $6.0 ▪ “With the acquisition of Bitium, Google Cloud will gain capabilities to help us deliver on our Cloud Identity vision. Our
enterprise customers want a comprehensive solution for identity and access management and SSO that works across
their modern cloud and mobile environments. Bitium helps us deliver a broad portfolio of app integrations for
Feb 2014 Series A $6.5
provisioning and SSO that complements our best in class device management capabilities in the enterprise. As we add
Bitium’s capabilities, we’ll continue to work closely with our vibrant ecosystem of identity partners so that customers are
Aug 2013 Seed $2.4 able to choose the best solutions to meet their needs. - Karthik Lakshminarayanan, Director, Product Management, G
Suite and Cloud Identity
Source: Company Press Release and Website, Pitchbook, 451 Research, and Capital IQ.
132
Marlin Equity Partners Acquires Appriver
Marlin Partners With AppRiver To Help Strengthen Their Product Offering & Expand Their Geographical Footprint.
Email
Employees: ~220 Office 365 Migration DNS Hosting Email Threat
Archiving &
Plus Services Plus Intelligence
Compliance
CEO: Michael Murdoch With Office 365 Plus, you Store your business records Complete migration Partnered with Akamai to Customizable, consultative
get expert migration securely and retrieve them solution will move calendar, put our customers' DNS service offered to
assistance along with easily contacts, emails, tasks, records on thousands of organizations that want to
Email & Web Security Phenomenal Care® journals, and notes from
one system to another
servers worldwide build or reinforce their cyber
defense capability
▪ “We are thrilled to partner with AppRiver & build upon its deep and long-standing customer relationships that have been
4/14/2015 $200M
established through a superior product offering and commitment to world-class support. AppRiver is ideally positioned to lead
and innovate in today’s security-conscious environment as businesses of all sizes continue to transition to a cloud-based
7/7/2014 $170M
deployment model.“ Peter Chung, Principal, Marlin Equity Partners
Source: Company Press Release and Website, Pitchbook, 451 Research, and Capital IQ.
133
SAP Acquires Gigya
Gigya Will Help SAP Hybris To Better Profile Individuals Across Different Channels.
Jun 2012 Series D $15.4 ▪ “Gigya brings a wealth of skills and expertise that will significantly enhance the SAP Hybris Profile solution & allow us to take leadership
of the emerging customer identity and access management market.” -Carsten Thoma, President and Co-founder of SAP Hybris
Mar 2011 Series C $16.0
▪ “This is a vital step for digitalizing businesses because companies need to be able to draw accurate conclusions seamlessly across all
Mar 2008 Series B $9.6 channels, including web, mobile, in-store or connected devices, and the Internet of Things, as well as collect data about consumer
preferences. Together we are well positioned to drive more effective marketing, sales and service through data, while the customer stays
Feb 2007 Series A $4.0
in control of how much data is shared.” -Patrick Salyer, CEO of Gigya
Source: Company Press Release and Website, Pitchbook, 451 Research, and Capital IQ.
http://fortune.com/2017/09/25/gigya-sap-hybris-israel/ 134
K1 Acquires SecureAuth & Merges With Core Security
Core Security + SecureAuth Brings Together Network, Endpoint, Vulnerability, & Identity Security.
Develops identity and access management software that utilizes adaptive authentication to provide
Date:
acquires9/20/2017 innovative secure access control solutions for cloud, mobile, web, and VPN systems. Solutions include
identity and access security, endpoint, network, and threat detection.
HQ: Irvine, CA
SecureAuth IdP Benefits SecureAuth Cloud Access Features
merges with
Founded: 2005 Single Sign-on
$5.0
Transaction Commentary
Sep 2017 Series E
▪ “SecureAuth is merging with Core to create one of the industry’s only security companies that incorporates
Jan 2016 Series D $9.0
identity with network, endpoint and vulnerability detection.” – Jeff Nolan, CMO at SecureAuth
Aug 2014 Series C $13.2 ▪ “The security industry must deliver an integrated and relevant approach to our customers. Despite the
incredible amount of money spent on security technology…We can now deliver an entirely new approach to
Nov 2013 Series B $4.1 integrating security operations and deploying advanced machine learning to achieve real automation in the
SOC (Security Operations Centers).” – Jeff Kukowski, CEO of SecureAuth
Jul 1997 Seed Round $0.6 Undisclosed
Source: Company Press Release and Website, Pitchbook, 451 Research, and Capital IQ.
135
Forcepoint Acquires RedOwl
RedOwl’s Analytics Will Bolster Forcepoint’s Existing Cybersecurity System and Other Technologies.
Source: Company Press Release and Website, Pitchbook, 451 Research, and Capital IQ.
136
Warburg Pincus Acquires Majority Stake In eSentire
Warburg’s “Significant Equity Investment” Will Be Used To Grow The Business & Expand Its Services To Customers Globally.
esLOG
CEO: J.Paul Haynes Log management for MDR
Virtual CISO
Vulnerability
Risk Assessment
Vulnerability Assessments Phishing Campaigns Executive Briefings Security Policy Guidance (SPG)
Mgmt.
Assessments to identify
Tailored assessments Simulated attacks based
unknown, active exploits
eSentire Funding Summary based on business &
regulatory requirements
within the network
on custom themes Security Program Maturity Assessment (SPMA)
Private
Transaction Commentary
Aug 2017 Undisclosed
Equity ▪ “With the ever-increasing complexity around cybersecurity and scarcity of security talent, more companies are
seeking comprehensive managed services that proactively detect and respond to cyber threats in real time.”
Feb 2016 Series D $19.5
▪ “eSentire provides the most complete suite of technologies and services in the MDR market and has
experienced industry-leading growth and impressive customer satisfaction. We are excited to partner with
Sep 2014 Series C $14.0
management to support the Company’s continued expansion and help them serve the complex cybersecurity
needs of their customers.”
Jul 2013 Series B $7.0
- Cary J. Davis, Managing Director, Warburg Pincus.
Source: Company Press Release and Website, Pitchbook, 451 Research, and Capital IQ.
137
Webroot Acquires Securecast
Acquisition Will Help Businesses Reduce The Risks And Costs Of Cyber Threats With End User Education.
▪ “The human factor is a consistent weakness in overall cyber defenses, and security awareness training is the only solution. As
09/19/2016 07/07/2010 cyberattacks like phishing become increasingly sophisticated, users are exposed to a variety of hidden threats that will
compromise their own data along with their employer’s data. Building on Securecast, Webroot will offer our MSP partners the
security awareness training they need to address this evolving threat landscape, and build a profitable new line of business.” -
EmailSystems
11/1/2010 03/10/2010 Chad Bacher, SVP of Product Strategy and Technology Alliances, Webroot
Scandinavia AB
Source: Company Press Release and Website, Pitchbook, 451 Research, and Capital IQ.
138
BlueteamGlobal Acquires BitVoyant, K2 Cyber Defense, & K2G Global
BlueteamGlobal Raises $125M and Acquires Three Companies.
Norton Secured Seal Seal-in-Search Daily Malware Scanning 24/7 Customer Support
Web Security $950.0 Million The #1 most recognized trust The Norton Secured Seal adds Built into every Symantec SSL/TLS Professionals are there whenever
mark on the web power to brand & click-through certificate for added protection you need help
rates against malicious infections
Key Milestones
Transaction Commentary
▪ VeriSign originally sold off its SSL/TLS Security
▪ Total purchase price: $950.0 million in cash and 30% stake in DigiCert
Certificate business unit to Symantec for $1.3
▪ “Transitioning our Website Security and related PKI solutions to DigiCert allows us to sharpen our enterprise focus on
billion in 2010 delivering unparalleled protection for the cloud generation through Symantec’s Integrated Cyber Defense Platform.”- Greg
Clark CEO, Symantec
▪ Thoma Bravo (private equity) took a majority
▪ “DigiCert is committed to providing the market with innovative products, the highest level of trust, and experienced
stake in DigiCert in 2015 for an undisclosed leadership in the SSL and PKI community. We are excited about the opportunities ahead, and will work toward a smooth
amount transition for customers and Symantec’s Website Security employees.” – John Merrill, CEO of DigiCert
Source: Company Press Release and Website, Pitchbook, 451 Research, and Capital IQ.
140
Rapid7 Acquires Komand
Acquisition of Komand Will Expand Rapid7 Insight Platform To Automate Reponses To Security Threats.
Respond to Threats Faster Save Time and Energy Improve Operational Efficiency
CEO: Jen Andre
Komand helps to
Komand utilizes your
Komand empowers your streamline security
team’s expertise to analyze
Security Orchestration $50.0 Million team to respond faster and
and decide, not manually
processes which make
with detailed analysis your team more efficient
fetch data
and productive
Founded: 2011 ▪ Ensure security in VPCs & public cloud ▪ Understand normal behavior for devices ▪ Enables operators to monitor & control
industrial processes
▪ Uses flow logs & cloud data as inputs ▪ Not dependent on threat signatures
▪ Overcomes legacy industrial control
▪ Platform-agnostic: Works with any cloud ▪ Successfully overcomes end-to-end systems challenges
environment, including hybrid infrastructure encryption security challenges
▪ Full management of Suricata IDS,
CEO: Bryan Doerr ▪ Integrates with AWS & Microsoft Azure ▪ Minimizes false positive alerts by including automatic definition updates
generating only amount of alerts required
to accurately report on a network’s activity
Deeper Security Intelligence Cloud Platform Managed Services Agility Saas Subscription Dynamic Endpoint Modeling 100% Endpoint Agnostic
Network Security
All Networks Sizes And Types DEM Passive Network Sensor Management Dashboard Omniview Visibility Robust System Security Flexible Integration Stack
Visualize, Search,
Discover
CEO: Paula Long File Count File Distribution With Sensitive Office Macros or
Activities
Identify & Secure
By Category By Size Data Risk Dangerous Data Sensitive Data
File Metadata Inputs Outputs
Active Directory Audit File &
Content User Activities
Data Security VM DGfV Achieve Behavior
Ransomware Dormant Data Tags Discovered Activities
Based Protection
Source: Company Press Release and Website, Pitchbook, 451 Research, and Capital IQ.
143
Symantec Acquires Skycure
Acquisition of Skycure Will Enhance Symantec’s Endpoint Protection Solutions For Enterprise Mobile Device Security.
Source: Company Press Release and Website, Pitchbook, 451 Research, and Capital IQ.
144
Symantec Acquires Fireglass
Fireglass’ Isolation Technology Will Strengthen Symantec’s Integrated Cyber Defense Platform.
Source: Company Press Release and Website, Pitchbook, 451 Research, and Capital IQ.
145
Honeywell Acquires Nextnine
Honeywell Will Deliver Industry’s Only Field-Proven Solution To Secure Connected Industrial Operations & IoT.
Founded: 1998 ▪ Asset Visualization: Provide clear view of all field assets by business & geography
Minerals & Mining 249 498 80
Connect: Enable Secure Remote Access
▪ Remote Access: centralized authentication, session accounting and control Machinery & Automation 42 413 9
▪ Password Vault: authenticate remote users without sharing device credentials
CEO: Shmulik Aran ▪ Secure file distribution & data transfer
Total 1,228 1,986 285
Source: Company Press Release and Website, Pitchbook, 451 Research, and Capital IQ.
146
Microsoft Acquires Hexadite
Microsoft Looks Again To Israel To Strengthen Its Cybersecurity Efforts (Adallom, Secure Islands, Aorato).
Solutions By Hexadite
HQ: Boston, MA
Alert: Prioritization Investigate: Investigate Decide: Evaluate, Remediate: Choose How
acquires Doesn’t Protect Everything. No Then Eradicate To Close The Loop
Exceptions
Founded: 2014 ▪ Allows existing security ▪ After receiving an alert, ▪ Aggregates data from the ▪ With semi-automated or fully
investments to operate at full Hexadite AIRS automatically most advanced and up-to- automated remediation
capacity launches an investigation date threat intelligence feeds capabilities, you can choose
▪ Integrates with any detection ▪ The result of one ▪ Uses proprietary algorithms the level of human
system via email, syslog or APIs investigation can trigger to inspect content and act on involvement
to expedite deployment and multiple parallel every threat
CEO: Eran Barak investigate every alert investigations
Sec Ops / Incid. Response $100.0 Million Strengthen Security Increase Productivity Reduce Costs
HEXADITE
Quickly shut down attacks and Free up resources and maximize Simplify operations and minimize
VALUE
THE
investigate all alerts to uncover hidden response effectiveness with automated damages and recovery times from attacks
Hexadite Funding Summary threats and protect against breaches IR processes and best practices through rapid incident resolution
Source: Company Press Release and Website, Pitchbook, 451 Research, and Capital IQ.
147
CyberArk Acquires Conjur
Deal Will Deliver Industry’s Only Enterprise-Class Solution To Secure The DevOps Lifecycle & Cloud-Native Environment.
Trust Management for Code, Machines, and People in the Cloud & Container Era
Date: 5/11/2017
Conjur enables security-conscious and regulated enterprises to deploy sensitive workloads to the cloud with confidence. It creates
and maintains trust in the code, machines, and people that make up today's digital business.
HQ: Newton, MA
Make Devops Safe
acquires Privileged access & secrets management
automation to secure continuous delivery
Founded: 2013
Ensure Trusted Access At Webscale
CEO: Elizabeth Lawler Between the thousands of elements that
compose modern cloud & IoT applications
Simplify Compliance
Identity & Access Mgmt $42.0 Million Define, implement, and enforce your
policies, and deliver reports to prove it
Source: Company Press Release and Website, Pitchbook, 451 Research, and Capital IQ.
148
EQT Partners Acquires Open Systems
EQT Partners Diversifies Its Tech & Cybersecurity Portfolio By Acquiring Majority Stake Of Open Systems.
Source: Company Press Release and Website, Pitchbook, 451 Research, and Capital IQ.
149
Thales Acquires Guavus
Combined Businesses To Strengthen Thales' Portfolio Of Analytic Solutions In Aerospace, Security & Defense.
Source: Company Press Release and Website, Pitchbook, 451 Research, and Capital IQ.
150
CA Technologies Acquires Veracode
Veracode Will Bridge CA’s Security Business With Its Broad DevOps Portfolio.
Source: Company Press Release and Website, Pitchbook, 451 Research, and Capital IQ.
151
Madison Dearborn Partners Acquires BlueCat
MDP Will Focus On Developing and Marketing BlueCat’s Automated DNS Solutions.
Enterprise DNS $325.0 Million BlueCat centralizes architecture by Automated DNS solutions result in BlueCat provides insights into all
connecting all endpoints, less reliance on manual, error- network activities, providing
providing full views of critical prone processes – allowing key IT organizations with visibility, control,
BlueCat Funding Summary network assets and clients. resources to focus elsewhere. and threat detection abilities.
Source: Company Press Release and Website, Pitchbook, 451 Research, and Capital IQ.
152
Accenture Security Acquires iDefense & ENDGAME’S Gov’t Svcs Biz
Deal Will Boost Accenture Security’s Defense Services Capabilities & Threat Intelligence Services / Enterprise Security Needs.
Provides vulnerability countermeasures, “The acquisition of iDefense augments Accenture Security’s existing Cyber Defense Services with targeted threat intelligence that
6/20/2016
cyber forensics & malware defenses Accenture will embed into services it manages for clients’ security operations. In addition to directly providing threat intelligence to
Fortune 500 customers, Accenture will fuel its cybersecurity platform with these capabilities to enhance its ability to inform clients
Supports U.S. federal govt & provides where threats are forming and coming from, and what actions to take – much earlier than other providers who leverage public data
8/4/2015
advanced cyber defense & response feeds.” – Accenture Press Release
Source: Company Press Release and Website, Pitchbook, 451 Research, and Capital IQ.
153
Sophos Acquires Invincea
Acquisition To Expand Sophos’ Next Generation Endpoint Protection Portfolio.
Key Features
Stop File-less Attacks
Founded: 2009 Signatures
Source: Company Press Release and Website, Pitchbook, 451 Research, and Capital IQ.
154
StackPath Acquires Highwinds
StackPath’s 5th Acquisition In The Last 12 Months, To Accelerate The Delivery of A Global Enterprise Security Platform.
Products
2002 CDN
Supports online storage needs with full CDN portal offers advanced analytics, Block attacks on your origin Bundle IP transit & colocation to create a
replication, guaranteed high availability & customized reports & real-time operations servers, protect your content, custom CDN to efficiently manage &
CEO: asset durability & ensure service continuity distribute content globally
Steve Miller
Source: Company Press Release and Website, Pitchbook, 451 Research, and Capital IQ.
155
Keysight Technologies Acquires Ixia
Ixia Will Complement Keysight’s Software And Security Portfolio, Allowing For Keysight’s Accelerated Growth.
HQ: Calabasas, CA 360 Testing Tools Strong Visibility Architecture Segments Served
acquires End-to-end testing: Spans Out of Band Monitoring:
every port, machine, and Powered by intelligent security
Founded: 1997
device that applications fabric improves the accuracy of
touch out-of-band network and
application security monitoring Enterprise Service
CEO: Bethany Mayer Providers
Continuous testing: helps Inline Security Resilience:
detect vulnerabilities not Failsafe visibility to physical,
Network Security $1.6 Billion visible in development and virtual, and encrypted traffic
verifies operation even maximizes the value of firewalls,
Ixia (NYSE:XXIA) Price Performance after deployment intrusion prevention systems and Government Network
Agencies Vendors
$21.00
other appliances
($ USD price per share)
$19.50
$19.00 Transaction Commentary
$17.00 Deal Announced ▪ “We are pleased to have quickly brought the Ixia acquisition to completion and excited to add Ixia’s deep
$15.00 (January 30, 2017)
bench of talent to the Keysight team. This complementary combination accelerates several of our strategies for
$13.00 growth, including expanding our software solutions and software engineering capability. We have also
$11.00 broadened our reach within the communications development lifecycle, and will build and grow Ixia’s
$9.00 established strong position in the fast-growing visibility and security markets.” – Ron Nersesian, President and
$7.00 CEO of Keysight
Jan-16 May-16 Sep-16 Jan-17
Source: Company Press Release and Website, Pitchbook, 451 Research, and Capital IQ.
156
LLR Partners Acquires BluVector
Acquisition By LLR Partners Should Widen BluVector’s Commercial Opportunities.
Transaction Commentary
▪ LLR Partners acquires BluVector from Northrop Grumman
▪ LLR Partners has committed $50M to BluVector to support the acquisition and future growth plans
▪ “As part of Northrop Grumman, we were able to create truly innovative threat hunting capabilities and disrupt the
market. Emerging as a standalone business now gives BluVector the opportunity to extend our leadership position in
both existing and emerging security sectors. Partnering with LLR brings to the equation a keen understanding of the
cyber market and the resources to help us accelerate growth in the commercial space.” -Kris Lovejoy, CEO of BluVector
Source: Company Press Release and Website, Pitchbook, 451 Research, and Capital IQ.
157
Amazon Acquires Harvest.ai
Amazon Web Services Strengthens Its Security-As-A-Service Platform With Acquisition Of AI-Based DLP Start-Up.
Source: Company Press Release and Website, Pitchbook, 451 Research, and Capital IQ.
158
Clearlake Capital Group Acquires LANDESK
LANDESK Merges With Clearlake’s HEAT Software To Create IT Solutions Company Ivanti.
HQ: South Jordan, Utah Improve productivity; Manage all user IT IT Service
automate workflows to devices; identify and Security Management
acquires better manage business solve any issues
efficiency immediately
Founded: 1985
IT Asset UEM/Systems
Management Management
▪ FrontRange merged with Clearlake portfolio company Lumension to form ▪ “Ivanti’s strength lies in its scale and the quality of its loyal customer base, people, and differentiated products.
We plan to aggressively accelerate growth by investing in the development of new products and sales and
Heat Software to become a comprehensive service management and
marketing as well as through acquisitions.” –Behdad Eghbali, Managing Partner Clearlake Capital
unified endpoint management software solutions provider
▪ “The combination enhances Ivanti’s unified endpoint management (UEM) solutions, increases its strength in the
▪ Heat assists with business operations, such as security and compliance, endpoint security market, and provides a rapidly growing SaaS service management platform. The combined
through its software suite, which services 8,700 customers worldwide company is well positioned to address IT’s growing needs as they deal with increasingly complex end-user
environments and transition services to the cloud.” –LANDESK Press Release
Source: Company Press Release and Website, Pitchbook, 451 Research, and Capital IQ.
159
Highlighted
Fundraising Activity
1
Private Equity Series E Private Equity Series B Series A Series C Series C Series C
Nov. ’17 | $65M Oct. ’17 | $25M Oct. ’17 | $150M Oct. ’17 | $30M Oct. ’17 | $8M Oct. ’17 | $30M Oct. ’17 | $70M Oct. ’17 | $50M
Series B Series D Late Stage Venture Series A Series B Series A Series B Series A
Aug. ’17 | $40M Aug. ’17 | $26M Aug. ’17 | $80M Aug. ’17 | $13M Aug. ’17 | $22M Aug. ’17 | $10M Aug. ’17 | $15M Aug. ’17 | $20M
StackRox
Series A Series B Series A Series B Series B Series C Series C Series D
Jul. ’17 | $35M Jul. ’17 | $23M Jul. ’17 | $14M Jul. ’17 | $23M Jul. ’17 | $32M Jul. ’17 | $42M Jul. ’17 | $40C Jul. ’17 | $75M
Series E Series C Series C Series A Series F Series B Late Stage / Debt Late Stage
Jul. ’17 | $36M Jul. ’17 | $29M Jun. ’17 | $30M Jun. ’17 | $12M Jun. ’17 | $75M Jun. ’17 | $33M Jun. ’17 | $70M Jun. ’17 | $100M
Series C Series D Series E Private Equity Series D Series B Late Stage Venture Series A
Jun. ’17 | $12M Jun. ’17 | $125M Jun. ’17 | $100M May ’17 | $100M May ’17 | $100M May ’17 | $15M May ’17 | $15M May ’17 | $12M
Series C Series C Series B Private Equity Series C Series F Series A-II Series A-II
May ’17 | $36M Apr. ’17 | $17M Apr. ’17 | $20M Apr. ’17 | $40M Apr. ’17 | $21M Apr. ’17 | $89M Mar. ’17 | $4M Mar. ’17 | $7M
The Process The Difference The Importance Nov 2015 Series B-I $9.5 Undisclosed
The MSIP uses adaptive The MSIP is transparent by The results from conventional
clientless rendering technology having no impact on user threat prevention products is Jun 2015 Series B $35.0
to connect the user’s running experience and easy to deploy ineffective because of how
session to the user’s native with no endpoint software innovative today’s attackers are Nov 2014 Series A $10.5
browser requirement
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
162
Raises $25.0M In Series B Financing.
that deploys automatically at elastic, unlimited scale and cloud-principled cost and rapidly
Description Uncompromised Security APEIRO IN THE CYBER KILL CHAIN
and efficiently secures today's complex, multi-cloud environments that feature high-
volume, lateral traffic, enabling enterprises to reduces customer risk and helps IT to end ▪ Microsegment & secure in minutes at scale
the unacceptable compromises between security, performance and cost. ▪ Inspect and protect in-depth with deep
packet inspection
▪ Express security intent with policy aligned to
risk and compliance
Founders /
Management Unlimited Scale
Dr. Ratinder Ahuja Harjinder Singh Manuel Nedbal Lovely Kaur John Parker
CEO & President & CTO & VP, HR & Biz Ops VP, Products ▪ Scale elastically to multi-terabits of inspection
Co-Founder Co-Founder Co-Founder & Co-Founder ▪ Automate, insert and orchestrate natively
Founded 2015 ▪ Deploy on and across multi-cloud
infrastructure
HQ San Jose, California
Total Amt. Raised $34.0M Unparalleled Economics
▪ Save time with automation and DevOps-
Key Highlights ready APIs
▪ Maintain SLAs with inherent high availability
Innovation Awards Partnerships ▪ Save infrastructure costs at only 2-4 cores per
microservice
Invented industry’s first For Cloud
microservices platform for Security Funding Summary
Cloud security that Date Stage Amount Raised ($M) Selected Investors
combines network-based
Top Innovator Dec 2017 Series B $25.0
security with latest
in Micro-
innovations in Segmentation Nov 2015 Series A $9.0
infrastructure tech for 2017
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
163
Raises $6.5M In Series A Financing.
Founders / Basic packages are up Saves hundreds of Save the average Can add as many team
Management to 40% less than some thousands in staff $15,000 in consulting members to platform as
Eyal Benishti Tsahy Shapsa Erez Fingerman Lomy Ovadia David Burnett Adam Hofeler other competitive salaries and manual fees, $10,000 - $35,000 desired for no
CEO & Founder Board Director COO Head of R&D VP, Sales VP, Sales
UK & Emea
applications phishing prevention in additional services additional costs or fees
Americas
Founded 2013
HQ Tel Aviv, Israel
Total Amt. Raised $8.0M Extended Phone Quick Email
Excellent Support FREE Support
Support Response
10 hours daily ranging Email response is Includes detailed There is no additional
IRONSCALES Product Overview from 8:00 AM to 6:00 available via the videos, articles, how-to cost for support, installs,
PM in the Eastern website, and is also and installation guides or updates included
The IRONSCALES email phishing defense suite is comprised of four fully integrated Standard Time available within the plus more resources with the product
& award-winning products that the company offers Dashboard
Funding Summary
Date Stage Amount Raised ($M) Selected Investors
Dec 2017 Series A $6.5
The Most Intelligent The First & Only The Fastest, Fully The Only Real-Time
Phishing Simulation Mailbox-Level Automated Phishing Automated Phishing Jan 2016 Seed $1.5
& Awareness Training Phishing Detection Incident Response Intelligence Sharing
Jan 2015 Accelerator Undisclosed
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
164
Raises $13.0M In Series B Financing.
Company Overview Product Overview
Prevoty is one of the leading developers of Runtime Application Self-Protection Security LANGSEC Features
(RASP). Its autonomous application protection technology is designed for applications to
defend themselves against real-time attacks, allowing enterprises to automatically protect Reduced Vulnerability Backlog Layered Defense
their applications while in production. The company integrates application security with Up to 100% of Application External protections
Description
agile software development practices, allowing both security and development teams to Security Testing backlog such as IPS and WAF as
will not need immediate first line of defense –
reduce risk and work more effectively.
remediation. with RASP as last line.
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
165
Completes $213.0M Recapitalization As Axxess Capital Sells 30% Stake To Vitruvian Partners.
Secondary
Dec 2017 $213.1
Transaction
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
166
Raises $25.0M In Series A Financing.
The fastest, most comprehensive More effective for malware Enables clients to share cyber
solution for threat detection & detection than standard file threat data with other
malware analysis hashing algorithms organizations
ReversingLabs Solution Key Capabilities
Funding Summary
Elastic File Analysis Malware Hunting File Reputation Services
Date Stage Amount Raised ($M) Selected Investors
World’s largest Whitelist
The only elastic Next generation YARA
and Blacklist on over 5
solution for real-time hunting platform with
billion unique files (6 Nov 2017 Series A $25.0
file and object analysis advanced pivots
million files added daily)
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
167
Raises $30.0M In Series C Financing.
Over 120+ feeds ranging from commercial cloud sourcing communities, open Funding Summary
source intelligence blacklists, and malware sandboxes Date Stage Amount Raised ($M) Selected Investors
Nov 2017 Series C $30.0
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
168
Raises $16.5M In Series B Financing.
Joep Gommers Raymon van der Velde Ionut Ionescu Jerome Robert Marko Dragolijevic
Founder & CEO Founder & VP Product VP Solution VP, Product Marketing VP Technology
Management Reports IT Integration Analysts
Founded 2014
HQ Amsterdam, Netherlands EclecticIQ Platform is a Threat Intelligence Platform (TIP) that empowers threat analysts to perform faster, better,
and deeper investigations while disseminating intelligence at machine-speed
Amount Raised $23.9M
EclecticIQ Platform Integrations EclecticIQ Platform allows analysts to focus on EclecticIQ Fusion Center merges a wide variety of open &
investigating threats in the context of the bigger picture, commercial intelligence sources in a targeted, human
EclecticIQ Platform fully integrates with essential threat intelligence providers, technical filling gaps left by artificial intelligence & automation qualified output feed that integrates security systems
sources, enterprise IT security solutions and ISACs
Funding Summary
Date Stage Amount Raised ($M) Selected Investors
Nov 2017 Series B $16.5
Oct 2014 Seed $0.2 Raymon van der Velde & Joep Gommers
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
169
Raises $65.4M In Private Equity Financing.
Funding Highlights
Industries Date Stage Amount Raised ($M) Selected Investors
Banking & Nov 2017 Private Equity $65.4
Retail Government Pharmaceuticals
Financial Services
Sep 2014 Growth $60.0
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
170
Raises $25.0M In Series E Financing.
Founders /
Management Real-Time Monitoring Relevant Insights Intelligence Sharing
Christopher Ahlberg Staffan Truve Scott Almeida Bill Ladd Matt Kodama Tune Recorded Future to your Collaborate on intelligence
CEO & Founder Co-Founder & CTO CFO Chief Data Scientist VP Product Drive faster and more accurate
corporate profile and analysis to improve your
incident detection with custom
technology stack, providing response by safely sharing with
Founded 2009 alerts directly relevant to your
context that allows you to your team, and getting insight
threat surface, brand, and
HQ Somerville, MA focus in on business specific from Recorded Future’s expert
infrastructure
threats threat analysts
Total Amt. Raised $59.0M
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
171
Raises $150.0M In PE Financing.
Founders / Streamline daily firewall change management tasks with an automated workflow
Skybox Change Manager
Management that speeds up processes from planning to execution.
Gidi Cohen Lior Barak Stewart Fox Michelle Johnson Cobb Moshe Raab
Founder & CEO CFO EVP, Sales CMO VP, R&D Use attack vector analytics to assess proposed network changes, and verify
Skybox Network Assurance network compliance every day with customizable reporting and metrics.
Founded 2002
Funding Summary
HQ San Jose, California
Date Stage Amount Raised ($M) Selected Investors
Total Amt. Raised $304.7M Oct 2017 Private Equity $150.0
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
172
Raises $30.0M In Series B Financing.
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
173
Raises $8.3M In Series A Financing.
Recognized By ▪ Hassle-free authentication that goes beyond 2-factor codes and legacy
Online Accounts
username / passwords
Only Averon
uses real-time ▪ Streamlines & secures user & access management protocols for mission-critical
Government applications and sensitive data, resulting in improved usability and a simplified
carrier path to meet and exceed government security standards
signaling &
requires zero Funding Summary
effort by users
Date Stage Amount Raised ($M) Selected Investors
Oct 2017 Series A $8.3
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
174
Raises $30.0M In Series C Financing.
Add The Contrast Agent To Any Application Server & It Starts Working Within Minutes. The Agent Reports To
Founders / The Contrast Teamserver, Available Either As Cloud Service Or Deployed On-premise.
Management
Arshan Dabirshiaghi Real-Time Vulnerability Detection & Expert
Alan P. Naumann
Jeff Williams Surag Patel Mike Keating Attack Protection
President & CEO
Co-Founder & CTO Co-Founder, Chief Chief Strategy Officer Vice President of Sales Guidance
Scientist
Contrast Fully Integrates Vulnerability Assessment with Attack Monitoring & SaaS or On-Site Deployment Non-Intrusive Agent
Protection into One Seamless Solution
Funding Summary
Date Stage Amount Raised ($M) Selected Investors
Application Risk Analytics & Visibility
Run-time Custom Code & Library Analytics Oct 2017 Series C $30.0
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
175
Raises $70.0M In Series C Financing.
Verify identity, enable Duo checks for out-of-date Limit access to all on-premises
enforcement of stronger user software and missing security and cloud-based applications
Founders / access policies controls based on type of user & device
Management
Two-Factor Endpoint Single
Dug Song Jon Oberheide Paul DiMarzo Raffaele Mautone
Authentication Remediation Sign-On
Chester Kustarz
CEO CTO CFO VP, Engineering CIO Strengthened security by Allows client to block risky
devices from accessing data and Lets users log in only once to
requiring two methods of ID securely access all of their
Founded 2010 apps, and allows them to notify
verification: something you enterprise cloud applications
HQ Ann Arbor, Michigan, United States know, plus something you have and/or require users to update
devices at login
Total Amt. Raised $119.8M
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
176
Raises $50.0M In Series C Financing.
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
177
Raises $27.5M In Series C Financing.
Founded 2013 Help organizations prove and maintain compliance with leading standards
Compliance
and regulations including PCI, NIST, SOX, GDPR, and many others
HQ New York, NY
Total Amt. Raised $63.4M
Funding Summary
SecurityScorecard Customers Date Stage Amount Raised ($M) Selected Investors
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
178
Raises $21.0M In Series C Financing.
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
179
Raises $27.0M In Series B Financing.
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
180
Raises $26.0M In Series C Financing.
Founders / Monitor widest range of sources A register of key assets that Intelligence operations analysts lift
Management across the visible, deep, and dark uniquely define organizations, signal from noise, strip out false
web. Identify a variety of digital subsidiaries and supply chains alarms & send priority cases, thus
risks, including cyber threats, data drives intelligence machinery saving time & money
Alastair Paterson James Chappell Daniel Moskowitz Daniel Lowden Rick Holland
CEO and Co-Founder CTO & Co-Founder CFO CMO VP, Strategy
exposure, & reputational risks
Digital Shadows
Configuration Service
Approach
HQ San Francisco, CA & London, United Kingdom
Understand what is important and Continuously monitor organization’s Enables swift action, to help
Total Amt. Raised $48.5M create a tailored configuration to digital shadow, identifying incidents minimize the loss of revenue,
tune SearchLight to meet your as they occur, delivering only brand damage, loss of
needs relevant alerts and reports customer trust & data
Digital Shadows Features
Funding Summary
Tailored Threat Intelligence Identification of Data Exposure Typosquatting Identification Date Stage Amount Raised ($M) Selected Investors
Dark Web Search Mobile App Monitoring Credential Compromise Real-Time Alerts Feb 2016 Series B $14.0
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
181
Raises $29.0M In Series A Financing.
Insider Threat Management Identity & Access Analytics Privileged Account Analytics Cyber Event Intelligence SIEM
▪ Data theft detection and ▪ Cleanup rogue access ▪ Continuous real-time Funding Summary
prevention privileges privileged account
▪ Fraud detection and ▪ Risk-based access reviews Analytics Date Stage Amount Raised ($M) Selected Investors
prevention ▪ Risk-based access ▪ Service account abuse
▪ VIP snooping detection and certifications monitoring
Sep 2017 Series A $29.0
prevention ▪ Risk-based access requests ▪ Securonix for Lieberman
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
182
Raises $25.0M In Series B Financing.
Funding Summary
Date Stage Amount Raised ($M) Selected Investors
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
183
Raises $45.0M In Series C Financing.
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
184
Raises $88.0M In Series D Financing.
Authorization and
Workflow Engine IoT Identity Gateway High Availability
UMA Provider
Founders /
Management
Self-Service & Profile Password Capture &
Mike Ellis Lasse Andresen John Fernandez Jeff Scheel Steve White Adaptive Risk Data Segmentation
Management Replay
Chairman & CTO & Co- CFO & EVP SVP Global Biz & VP Chief Security
CEO Founder Global Ops Corp Dev Officer
HQ San Francisco, CA
Total Amt. Raised $140.2M in 4 Rounds Social Reregistration Federated Service
Social Sign-On Directory Proxy
and Authentication Provider
Industry-Agnostic Solutions
Funding Summary: $140.2M
Date Stage Amount Raised ($M) Selected Investors
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
185
Raises $40.0M In Series B Financing.
Founded 2012
Continual Monitoring API Access
HQ San Francisco, CA
Continual monitoring ensures that clients API access enables us to deliver better
Total Amt. Raised $66.0M are aware of their true network boundary insights straight into your cybersecurity
and alerted to changes at any given time workflows and tools in real time
Understanding Your True Network Boundary – Why Qadium?
Core Networks Shadow IT Third Party Hosting Funding Summary
Large Organizations don’t know Employees often violate Infrastructure managed by 3rd Date Stage Amount Raised ($M) Selected Investors
their full surface area & rarely corporate policy in good faith parties and cloud pose challenges
Aug 2017 Series B $40.0
conduct IP ranges for central IT monitoring
Merger & Acquisition Leaked Internal Assets IoT Devices Jun 2016 Series A $23.3
M&A events involve opaque, labor Perimeter security Large organizations unknowingly
Aug 2015 Seed $6.0
intensive IT integration processes misconfigurations routinely result expose to public their IoT assets
with incomplete, asset lists in organizations placing internal like building automation devices, Jan 2012 &
Grant $1.2
assets on the web teleconferencing equipment, etc. Jan 2014
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
186
Raises $26.3M In Series D Financing.
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
187
Raises $80.0M In Late Stage VC Financing.
Company Overview Data Management-as-a-Service
Druva is a provider of data protection and IT-governance technology that is designed to Data Protection Data Governance Data Intelligence
create centralized data sets for an organization’s information. The company combines
Description data from endpoints, servers, and cloud applications into a single repository through its
data-management-as-a-service platform – allowing for centrally managed backup, data
protection, governance, and recovery.
▪ Backup, availability, disaster ▪ Enables archive, compliance, ▪ Predictive early assessment, data
recovery and workload mobility eDiscovery, and Data forensics, and information
▪ Ensures data is available and sovereignty lifecycle management
recoverable ▪ Simplifies process of data
Founders /
compliance
Management
Jaspreet Singh Mahesh Patel Milind Borate Mike Gustafson Matthew Morgan Funding Summary
CEO CFO CTO Executive Chairman CMO
Date Stage Amount Raised ($M) Selected Investors
Founded 2007
HQ Sunnyvale, California Aug 2017 Late Stage VC $80.0
Total Amt. Raised $198.0M
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
188
Raises $12.7M In Series C Funding.
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
189
Raises $21.7M In Series B Financing.
Founders /
Management
Actionable IoT
Xu Zou May Wang Jianlin Zeng Mayuresh Ektare Giancarlo Chavez Self-Learning Deep Learning Intelligence
CEO & CTO & VP, Engineering & VP, Product Head, Sales Uses AI and Deep Completely unsupervised Leverages existing
Co-Founder Co-Founder Co-Founder Management Learning Algorithms Deep Learning network and security
infrastructure
Founded 2014
HQ Mountain View, CA
Risk Exposure Trusted Behavior
Total Amt. Raised $31.9M Non-Disruptive Organization-level risk
Enforces acceptable behavior
Agentless, Seamless consistent with each device’s
assessment
profile
ZingBox IoT Guardian
50 TB of IoT traffic Seamless and Non-Disruptive
analyzed everyday The FIRST IoT security solution to eliminate the Funding Summary
cost & complexity of software agents Date Stage Amount Raised ($M) Selected Investors
Smart & Self-Learning
The ONLY unsupervised Deep Learning solution Aug 2017 Series B $21.7
to discern the individual personality of device
2.5 PB of total IoT Nov 2015 Series A $8.0
traffic analyzed to Service Protection
The industry’s FIRST solution to protect IoT
date services – not just data
Dec 2014 Seed $2.2
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
190
Raises $10.0M In Series A Financing.
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
191
Raises $15.0M In Series B Financing.
Funding Summary
Dramatically Reduce Time To Prevent Or Minimize Gain Unprecedented
Detect, Investigate And Damage And Data Theft, Visibility Into Data Center Date Stage Amount Raised ($M) Selected Investors
Remediate Attacks Saving Millions Activity
Aug 2017 Series B-1 $15.0
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
192
Raises $20.0M In Series A Financing.
Funding Summary
March 2015: Sept 2016: March 2017: Date Stage Amount Raised ($M) Selected Investors
Company Formed TechCrunch Disrupt SXSW Security &
Runner-up Privacy Winner
Aug 2017 Series A $20.0
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
193
Raises $35.0M In Series A Financing.
Authentication
Founders /
Management Biometric PIN OTP
Zia Hayat Ian Welch Paul Fletcher Christopher Hutton Julio Sevillano Srinivas Ketavarapu Replay resistant finger, face Secure PIN provides a OATH compliant OTPs are
CEO & Founder COO Head of Products Chief Solutions Head of Mobile VP, Bus. Dev. and voice recognition familiar user experience, in delivered to users in several
Engineer deliver the next generation line with the EMVCo ways, including Mobile App,
of authentication standard USB, LCD, SMS and Call
Founded 2011
HQ London, UK Technology
Total Amt. Raised $38.5M Crypto Engine Neural Engine Policy Engine
All cryptographic functions Uses more than 50 data By implementing critical
Callsign User Advantages across iOS and Android and elements in real-time to workflows, the Policy Engine
server sides are performed in a pinpoint suspicious activity, empowers risk officers to easily
fully audit-able manner accessing risk of device manage controls
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
194
Raises $23.0M In Series B Financing.
App Server
80 PX Risk Score
Founders /
Management 1. Deploy 2. Sense
Omri Iluz Ido Safruti Ophir Ashkenazi Jonathan Ferrell Amir Shaked ▪ Load Perimeter Bot Defender’s sensor to your ▪ Sensor collects and sends data to evaluate
CEO & Co- CTO & Co- CFO & Co- VP, Sales VP, Research
Founder Founder Founder
website browser, user and network activities
▪ Takes only five minutes to get started ▪ Dashboard shows all normal and malicious
Founded 2014 bot activities in real-time
HQ San Mateo, CA
3. Detect 4. Enforce
Total Amt. Raised $34.5M
▪ Evaluates sensor data in real-time using ▪ Risk Score is picked up by the PerimeterX
machine learning and behavioral analysis enforcer
PerimeterX Advantages ▪ Creates a Risk Score to identify whether a user ▪ Based on the score, the user is blocked or
is malicious or not, sent in an encrypted challenged
Diagnose the cookie back to the user’s browser ▪ Able to incriminate or exonerate the user
Defend Your
Detect Bot User as Deploy in based on the nature of the page and threat
Website and
Behavior Human or Minutes
Business
Malicious Bot Funding Summary
▪ Unparalleled accuracy ▪ Human vs. bot ▪ Prevent attacks that ▪ Hassle-free ongoing Date Stage Amount Raised ($M) Selected Investors
and precision behavior fingerprinting do not trigger maintenance
Jul 2017 Series B $23.0
▪ 100s of indicators and analysis security mechanisms ▪ Fully compatible with
from users, browsers, ▪ Detection of advanced ▪ Future proof against existing infrastructure Sep 2015 Series A $9.0 Andreas Bechtolsheim
devices and network automated attacks new automated including cloud and
attacks CDN solution Jan 2015 Seed $2.5
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
195
StackRox
Raises $14.0M In Series A Financing.
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
196
Awake Security Has Exited Stealth Mode With A Total Amount Raised Of $31.2M.
Founders /
Management
Michael Callahan
Keith Amidon Debabrata Dash Gary Golomb Rudolph Araujo
Co-Founder &
Co-Founder & Co-Founder & Co-Founder & Chief VP, Marketing
CEO
VP, Networking VP, Analytics SOC Whisperer
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
197
Raises $32.0M In Series B Financing.
D-Brain D-Appliance D-Client ▪ Enables on-device, connectionless, lightweight, ▪ Continuously learns to deliver unprecedented
real-time cyber threat prevention accuracy to secure all assets
▪ Core component of deep ▪ Provides visualization and ▪ Enables on-device, ▪ Acts proactively and automatically according to ▪ Instantly detects zero-day threats before an
learning solution management tool to configure connectionless, lightweight, real- organization policies attack can take place
▪ Continuously learns on malware organization’s security policy time cyber threat prevention
datasets from diver sources ▪ Enables in-depth monitoring of ▪ Scans the device and acts Funding Summary
▪ Hosted at company headquarters cyber threats proactively and automatically
▪ Manages devices, security events, according to organization policies Date Stage Amount Raised ($M) Selected Investors
and security compliance policy in
the same place Jul 2017 Series B $32.0
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
198
Raises $28.0M In Series C Financing.
HQ New York, NY
Subject Matter Experts Combined with Expansive coverage of Combination of in- Combines intimate
Total Amt. Raised $43.0M are embedded in illicit targeted Deep & Dark We provides a depth expertise with familiarity with
Deep & Dark Web Dark Web robust view into a complex techniques and insiders’ techniques
communities, monitoring, company’s ecosystem tactics to proactively with targeted
Flashpoint Features providing insights into Flashpoint’s expertise and rapidly assesses mitigate the most monitoring of Dark
malware development helps identify and risks complicated fraud Web to protect against
mitigate physical risk schemes insider threats
Funding Summary
Date Stage Amount Raised ($M) Selected Investors
Intelligence Reporting Curated Alerting Analyst Assistance API & Portal Jul 2017 Series C $28.0
Analysts most critical Comprehensive monitoring Directly access our analyst Tools to access and perform
Jul 2016 Series B $10.0
findings, hand-picked and relevant reporting, team for customized threat research on Deep & Dark
prioritized, and packaged in tailored to organization’s investigations Web data in order to
intra-daily reports needs discover valuable insights Apr 2015 Series A $5.0
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
199
Raises $40.0M In Series C Financing.
James C. Foster Mike Price Tim Bender Jon Fraleigh Gabe Goldhirsh
CEO CTO CFO EVP, WW Field EVP, Global Data Sources Policies & Rules Integrations
Operations Services ▪ Social networks ▪ Spear phishing ▪ Security Operations Center
▪ Deep & dark web ▪ Spoofed accounts ▪ SIEM platforms
Founded 2013
▪ Mobile app stores ▪ Credential compromise ▪ IBM QRadar & ArcSight
HQ Baltimore, MD ▪ Collaboration & chat platforms ▪ Account takeover ▪ Analytics platforms
▪ Web domains ▪ Brand impersonations ▪ Threat intelligence platforms
Total Amt. Raised $80.2M ▪ Facebook & Google ▪ Physical threats ▪ Firewall/IDS/IPS
Customer attacks Security platforms
ZeroFOX Platform ▪ ▪
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
200
Raises $75.0M In Series D Financing.
Network
Data
Threat Classifier
350+ Dimensions
Darkflow
Founded 2013
Data Capture
Virtual
Device Modeling 3D Threat
HQ San Francisco, California & Cambridge, United Kingdom Cloud
Visualization Notifications
Total Amt. Raised $179.5M SaaS Network Modeling
Enrichment Data API
Model Editor
Key Statistics Raw Packet Capture for Forensics
Funding Summary
48,000 Serious Cyber Deployed in 70
Incidents Reported Countries Date Stage Amount Raised ($M) Selected Investors
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
201
Raises $36.0M In Series E Financing.
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
202
Raises $28.5M In Series C Financing.
Deploy sensors wherever you need Detect evasive malware, regardless Respond Faster to new threats
unmatched malware visibility of how advanced more accurately
Founders / Collect malicious content in Unmatched accuracy: 100% threat Respond Smarter against latest
Management emails, web content, and network detection in NSS Detection Test malware
Christopher Kruegel Giovanni Vigna Engin Kirda Brian Laing George Chitouras traffic, including the cloud
Co-Founder & CEO Co-Founder & CTO Co-Founder & VP, Business Dev. VP, Engineering Global Threat Intelligence Respond Better and create new
Chief Architect & Products Collect from existing devices, Network: Malware is analyzed and workflows to automatically block
expanding your visibility shared with all Lastline customers new threats
Founded 2011
HQ Redwood City, CA Lastline Enterprise detects and defeats advanced malware that easily evades other security products to
Total Amt. Raised $52.2M infiltrate your network
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
203
Raises $30.0M In Series C Financing.
Jon Gelsey Matias Woloski Eugenio Pace Lewis Carpenter Chris Dukelow Auth0 Dashboard
CEO Co-Founder & CTO Co-Founder & VP, CMO CFO
Customer Success
Connect and Integrate with APIs, Enterprise
Founded 2013 and Different Databases
Everything can be controlled on the Auth0
HQ Bellevue, WA Dashboard; support more authentication options
Total Amt. Raised $54.3M become as simple as toggling a button.
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
204
Raises $12.0M In Series A Financing.
SENSE AUTOMATE
Founders / Within a single day, Operationalize the
Management JASK works to reveal speed at which similar
Greg Martin Damian Miller Mustafa Rassiwala Andrew Maloney attacks, developing a Acceleration Gives Analysts More attacks are addressed
Co-Founder, Co-Founder & VP, Head of Products VP, Field cumulative
President & CEO Customer Success Operations Leverage - And Yields Smarter, in the future, setting
understanding of the technology to hunt
Founded 2015 connected sequences More Strategic Hunting
HQ San Francisco, CA of events
Total Amt. Raised $14.0M
EVOLVE
With more routine hunting offloaded to the technology, analysts can
continually increase the effectiveness of their work
Unprecedented, Entire-Network Visibility Customize at Will, Built on Open Source Funding Summary
Date Stage Amount Raised ($M) Selected Investors
Tap Into the Intelligence Community Automate Learnings For Increased Leverage
Feb 2016 Seed $2.0
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
205
Raises $75.0M In Series F Financing.
Analyze all data in real Machine learning and Thousands of customers Jun 2017 Series F $75.0
time and monitor apps predictive analytics help rely on Sumo Logic for
and infrastructure in real- make sense of operational and business Jun 2015 Series E $80.0
time unexpected behavior insights
May 2014 Series D $30.0
Elastic Scalability Instant Value Secure by Design
Nov 2012 Series C $30.0
Multi-tenant architecture Pure SaaS offering; Industry’s benchmark
scales on demand to Provides access to in delivering secure Jan 2012 Series B $15.0 Shlomo Kramer
support rapid growth the latest capabilities SaaS
and cloud migration in minutes Dec 2010 Series A Undisclosed
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
206
Raises $32.5M In Series D Financing.
Founders /
Management
File Reputation & Multi-Vector Machine Natural Language
Detection & Response
Amir Husain Randy Printz David Asher Kenneth Wisian Usman Shuja Application Control Learning Processing
Founder & CEO COO Executive VP, Strategy Chief Architect, Defense VP, Market
Development
Founded 2013 ▪ Acquires and transforms sensor data ▪ Adds a cognitive layer of human intelligence at
HQ Austin, TX machine scale to traditional security solutions
▪ Applies proprietary classification and prediction
Total Amt. Raised $38.9M algorithms ▪ Identify new attacks automatically without relying
▪ Generate actionable insights and support root- on signature matching threats
Proprietary Algorithms cause analysis ▪ Collects massive amounts of structured and
unstructured data to learn and improve
Artemis Pythia
Funding Summary
▪ Autonomously build, test, and ▪ Automated model building algorithm
identify meaningful relationships Date Stage Amount Raised ($M) Selected Investors
▪ Uses machine learning techniques to
from thousands of combinations
distinguish noise from signals Jun 2017 Series B-II $32.5
▪ Find anomalies based on single or
▪ Combines Deep Learning and
combinations of variables Apr 2016 Series B $6.0
Genetic methods to develop models
that predict when the machine is
likely to fail Aug 2013 Series A $0.4 Undisclosed
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
207
Raises $70.0M In Debt Financing.
Founders /
Management
Mark Terenzoni Adam Fuchs Ely Kahn Ari Daskalakis Paul Lynch
CEO CTO VP, Business Dev VP, Field Operations VP, Sales
Founded 2012
HQ Cambridge, MA
Total Amt. Raised $26.5M
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
210
Raises $125.0M In Series D Financing.
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
211
Raises $100.0M In Series E Financing.
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
212
Raises $100.0M In Secondary Market Financing.
The Tanium
David Hindawi Orion Hindawi David Damato Scott Rubin Anirma Gupta Tanium’s unique architecture easily Designed for today’s rapidly Decentralized data aggregation and
Way
Co-Founder & Co-Founder & CEO CSO CMO General Counsel
Executive Chairman scales to millions of endpoints changing endpoints, we achieve distribution primarily across low-
without requiring ongoing 99%+ response rates from latency LAN traffic results in
Founded 2007
infrastructure additions, resulting in endpoints on the network. Every unparalleled speed and
HQ Emeryville, CA dramatic cost savings time performance
Total Amt. Raised $405.7M
Funding Summary
15 Second Visibility and Control Customers
Date Stage Amount Raised ($M) Selected Investors
May 2017 Private Equity $100.0
12 of the top 15 US banks Sept 2015 Series G $148.0
May 2015 Series F $64.0
Accuracy Completeness Confidence 4 of the Fortune 10 May 2014 Series E $90.0
99%+ of your 99%+ of your 99%+ of your
endpoint data is endpoints endpoints are May 2010 Venture $0.8 Undisclosed
current provide data with always in their #1 company across 11 Jun 2009 Venture Undisclosed
$0.9
every pass desired state industries
July 2007 Series A $2.0 Undisclosed
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
213
Raises $100.0M In Series D Financing.
✓ Continuous monitoring ✓ Always protected without troublesome Sep 2013 Series B $30.0
✓ Gain insight into adversaries attacking signature updates
endpoints ✓ Identify unauthorized systems &
Feb 2012 Series A $26.0
✓ Prevent sophisticated attacks instantly applications in real time
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
214
Raises $15.0M In Series B Financing.
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
215
Raises $15.0M In Financing.
Ajay Arora Prakash Linga Carmen Cerrelli Peeyush Rai Andy Zambito
Co-Founder & Co-Founder & VP, Finance & VP, Engineering VP, Worldwide
CEO CTO People Operations Sales
Founded 2014 Real-time Policy Enforcement Secure Any File, On Any Device Centralize Control & Analytics
HQ Palo Alto, California ▪ Change file permissions instantly ▪ Secure any type of file ▪ Full audit trail for regulatory
▪ Apply watermarks/screenshot defenses ▪ Security policies travel with your compliance
Total Amt. Raised $50.0M
▪ Lock or kill files, even after they’ve data & remain with your files ▪ Instant mapping of file location,
been sent to recipients anywhere they’re stored access points & attempted hacks
Industry Solutions Awards
Funding Summary
Date Stage Amount Raised ($M) Selected Investors
Financial Services Media & Entertainment Manufacturing May 2017 Undisclosed $15.0
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
216
Raises $12.0M In Series A Financing.
Founders /
Management Anomaly Detection
Contextual Alerting
Automatically detect suspicious user
Varun Badhwar Gaurav Kumar Upa Campbell Wayne Jensen Alok Tongaonkar Leverage highly contextual alerts for
and network behavior using
Co-Founder & CEO Co-Founder & CTO VP Marketing Chief Architect Head of Data Science prioritization and rapid response
machine learning
Founded 2015
HQ Menlo Park, CA
Total Amt. Raised $12.0M Compliance Reporting
Cloud Forensics
Report on risk posture to your
Key Stats The Five Step RedLock Process Go back to any point in time and
management team, board of
investigate issues within seconds
Discover Your Leverage 50+ APIs to continuously aggregate volumes of configuration, user directors, and auditors
Environment activity, and network traffic data without impeding DevOps
Sensitive
4.8 Records Connect The
Dots
Applies machine learning to connect the dots between configuration, user
activity, and network traffic data Funding Summary
MILLION Discovered
Comprehensive Applies data science to integrate with threat intelligence feeds, vulnerability Date Stage Amount Raised ($M) Selected Investors
Understanding scanners, and SIEM solutions
May 2017 Series A $12.0
$758
In Breach Quantify Your Scores each cloud resource for risk based on the severity of business
Costs Risks impact, policy violations, and anomalous behavior
MILLION Avoided Visualize Your Visualizes your entire cloud infrastructure environment with an interactive Feb 2016 Seed Undisclosed
Environment dependency map that provides insights into security and compliance risks
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
217
Raises $56.0M In Series C Financing.
Company Overview Features and Benefits
Signifyd provides a risk and fraud-prevention platform that is designed to make Zero Fraud Liability Automated Back Office Simple Set-Up
commerce safer. The company’s platform allows businesses to increase sales and reduce
fraud losses, solving challenges that growing e-commerce businesses face – billions of
dollars in lost chargebacks, customer dissatisfaction, and operational costs. The
Description
company’s platform aids customer-service agents, providing a 100 percent financial
guarantee against fraud and shifting fraud away from e-tailers.
Signifyd automates the Signifyd transactions are Quick set-up time that allows
back office, allowing guaranteed to contribute to clients to instantly see orders
Founders / for clients to auto- client’s bottom line. arrive. It includes plugins for
Management fulfill and auto-cancel Chargebacks are paid back popular platforms and APIs for
their orders. within 48 hours. easy integration.
Rajesh Ramanand Michael Liberty Chendong Zou Vahe Amirbekian Johannes Fischli
CEO COO Head of Engineering Head of Risk Product Head of Business Op.
Founded 2011
Funding Summary
HQ San Jose, California Date Stage Amount Raised ($M) Selected Investors
Total Amt. Raised $106.0M
Oct 2017 Series C $56.0
Selected Clients
Sep 2016 Series B1 $19.0
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
218
Raises $16.5M In Series C Financing.
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
219
Raises $20.0M In Series B Financing.
Fred Kneip Jonathan Simkins Patrick Gorman Bryan Smith Tony Urbanovich Scott Schneider
CEO CFO Head of Strategy, Product CTO COO CRO CyberGRX identifies largest risk Quarterly Three tiers of assessments offer
Mitigate exposures and recommends
Assessment comprehensive analysis
Founded 2015 prioritized remediation advice
HQ Denver, Colorado
CyberGRX ingests threat & business
Help company grow by leveraging
Total Amt. Raised $29.0M intelligence from top providers & Growth
Monitor first class cyber security as a
correlates back to third parties in your
differentiator
ecosystem
Future of Third Party Cyber Risk Management Industry Solutions
Funding Summary
Financial
Energy Healthcare
Services Date Stage Amount Raised ($M) Selected Investors
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
220
Raises $40.0M In Private Equity Financing.
Founded 1993 ▪ Access the relevance and impact of Microsoft™ patches and vendor bulletins
Patch ▪ Drive the patch testing and mitigation using workflows
HQ Houston, Texas Management ▪ Audit patch processes for internal and regulatory compliance
▪ Automate onsite and offsite backups for all major proprietary control systems
520+ Customers Including: Backup & ▪ Integrate proprietary system backups into disaster recovery plans
Recovery
13 of 15 ▪ Accelerate recovery from an outage or cyber incident
10 of 15 Funding Summary
Top Refining Companies Date Stage Amount Raised ($M) Selected Investors
5 of 15 Apr 2017 Private Equity $40.0
Top Power Companies
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
221
Raises $21.3M In Series C Financing.
Scale Your Team Evaluate Risk Efficiently Analytics and Trends Secure Your Assets
Feb 2015 Series B $25.0
Harness the power of a private, Understand where a Our real-time analytics provide Get a dynamic and holistic
global network of the industry’s vulnerability is and the impact it you with vulnerability trends overview of your ever-evolving
most sought-after security talent can have on your organization. across all your assets. This attack surface. The Synack Red
to diversify your team’s scope Synack also validates if coverage can help you spot Team works to identify any Apr 2014 Series A $7.5
and scalability for security vulnerabilities are closed, systemic problems and exploitable vulnerabilities across
testing creating a feedback loop understand where you can your internet facing assets
unmatched by point-in-time improve your security Aug 2013 Seed $1.5
assessments
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
222
Raises $89.0M In Series F Financing.
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
223
Raises $4.4M In Series A-II Financing To Close Out $11M Series A .
Convertible
Mar 2016 $0.4
Note
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
224
Raises $7.0M Series A-II Extension To Close Out $14M Series A Financing Round.
Funding Summary
Date Stage Amount Raised ($M) Selected Investors
Education Financial Services Media Telecom
Mar 2017 Series A-II $7.0
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
225
Raises $15.0M In Series A Financing.
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
227
Raises $40.0M In Series C Financing.
Mårten Mickos Alex Rice Ning Wang Michiel Prins Jobert Abma
CEO Co-Founder & CFO / COO Co-Founder & Co-Founder &
CTO Product Engineering
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
228
Raises $30.0M In Series C Financing.
Insider Threat User & Entity Data Loss Advanced Threat Compliance Breach Jun 2014 Series A $10.0 Shlomo Kramer
Evaluation Behavior Analytics Prevention Detection Reporting Investigation
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
229
Raises $70.0M In Series C Financing.
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
230
Raises $25.0M In Series B Financing.
Founders /
Management
Wisdom Engine ProtectWise Visualizer
Threat Intelligence and Automated Network Security Overview with Clear,
Scott Chasin Gene Stevens Michael Lipfield Ramon Peypoch David Gold Retrospection Capabilities Comprehensible Interface
Co-founder & CEO Co-Founder & CTO CFO CPO VP, Product Management
Founded 2013
HQ Denver, Colorado Analyzes and Detects real- Provides
inspects over time targeted collaborative Comprehensive Advanced Situational Full visibility
Total Amt. Raised $67.0M 4,000 applications attacks correlation of view of the threat reporting on into network
and protocols security events network visualization events by stage traffic &
Integration Partners across customers bandwidth
Funding Summary
Date Stage Amount Raised ($M) Selected Investors
The ProtectWise Grid: How It Works
Jan 2017 Series B-II $25.0
Oliver Friedrichs Sourabh Satish CP Morey Erich Baumgartner Dan Ramaswami Actions Are Exposed By Phantom Apps
Founder & CEO Co-Founder & CTO VP, Products & Marketing VP, Field Operations Dir. Security Engineering
Phantom is able to integrate with third party security products, adding it to the security operations
Founded 2014 interface and providing a comprehensive security ecosystem
HQ Palo Alto, California
Apps Connect To Assets
Total Amt. Raised $22.7M
Phantom coordinates security operations on security assets, such as firewalls, SIEMs, etc. Owners can
Phantom Is Revolutionizing Enterprise Security be assigned to certain assets so they can give permissions before any action is performed on that asset
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
232
Raises $45.0M In Series C Financing.
Security & Compliance For Any Cloud App Broad Industry Coverage Funding Summary
Financial Date Stage Amount Raised ($M) Selected Investors
Education Healthcare
Services
Source: Company Press Release and Website, Pitchbook, and Capital IQ.
233
VII. About
Momentum Cyber
VII. About Momentum Cyber
Firm Overview.
235
Momentum Cyber
Lifecycle Advisory For Cybersecurity.
The Founders
World Class Operators & Advisors Empathy
Momentum Cyber is the premier Dave DeWalt
Founder & Chairman Objectivity
trusted advisor to the Cybersecurity 30+ Years in Tech, 17 Years as CEO
>$20B in Value Creation
industry providing bespoke high-impact Action
Michael Tedesco
advice combined with tailored senior- Founder & Managing Partner
20+ Years M&A and Board Advisory Across
Enterprise IT, Board Member, & Investor
level access. The firm was founded by Tenacity
Eric McAlpine
world-class operators and advisors and Founder & Managing Partner
20+ Years Cybersecurity Board/CEO
caters to the unique needs of both Advisor, Founder & Engineer Innovation
earlier stage Founders, CEOs, & Boards
as well as the complexity of later stage
Keith Skirbe Dino Boukouris
Director
Long Term Loyalty
Director
236
About The Firm
World-Class Operators & Advisors.
Momentum Cyber provides world-class M&A and strategic advice combined with unparalleled senior-level access to the Cybersecurity
ecosystem. We advise on a broad range of strategic activities, including mergers and acquisitions, board & special situations, corporate strategy
& development, corporate finance, and operational excellence. We are a mission driven firm with a passion for Cybersecurity.
Cyber Exit Savvy – Deep Expertise Unparalleled Access Across the Unrivalled Thought Leadership In
Selling to Strategic & Financial Buyers Cybersecurity Ecosystem with Executives, Cybersecurity Through Insightful
Board Members, Investors, & CISOs Research, Market Reviews, Media
Appearances & Speaker Engagements
237
The Launch of Momentum Cyber
Testimonials About Momentum Cyber.
“The launch of Momentum Cyber is a monumental development for the cybersecurity industry, filling an unmet need for “The new partnership between Dave, Eric and Michael is
deep domain expertise combined with world-class strategic advisory and M&A experience, particularly for emerging extremely exciting as it will fill a significant gap by combining
growth companies. At Momentum Cyber, we will serve our clients as the premier firm singularly focused on providing the hands-on operational experience with advisory expertise, making
highest level of trusted advice to the ever-evolving cybersecurity ecosystem. I created this partnership with Michael and Momentum Cyber massively differentiated throughout the
Eric specifically for their combination of industry depth, unrivalled M&A track record, and pensive forward-thinking.” cybersecurity industry.”
– David DeWalt, Founder & Chairman, Momentum Cyber - Jay Leek, Managing Director & Co-Founder, ClearSky Security
“Momentum has been serving as ADT’s cybersecurity strategic advisor this year as we look to expand our “Dave’s experience and network as a visionary executive,
cybersecurity offering, We researched a number of advisors to serve this CEO-driven initiative and the choice was hands-on board member, and investor is without peer in
clear given Momentum’s unrivalled industry knowledge and experience advising both emerging companies and large cybersecurity. Creating Momentum Cyber with Michael and
enterprises like ADT. We have developed a winning cyber strategy with Momentum and very quickly moved from Eric as the industry’s first purpose-built advisory firm will be a
drawing board to execution given their experience and access.” tremendous asset to our entire ecosystem.”
- ADT’s Chief Administrative Officer, Dan Bresingham - Bob Ackerman, Founder, AllegisCyber
Momentum Cyber is the completion of a vision that Tedesco and McAlpine Momentum Cyber will provide life-cycle services to cybersecurity firms ranging
conceived in 2015 when the duo formed Momentum Partners. In just two years, from incubation and helping companies get started to developing and executing
Momentum has emerged to become the ‘go to’ M&A advisor to companies large an exit strategy via a merger, initial public offering or potential liquidation.
and small in the dynamic cybersecurity sector. This includes recent transactions
such as ADT’s acquisition of DATASHIELD, Weblife’s sale to Proofpoint, and The company's most significant advantage over major investment banks such
Cyphort’s sale to Juniper Networks. Earlier this year, Momentum’s team was as Citi, Morgan Stanley and J.P. Morgan is its domain knowledge of the
selected by ADT, the leading physical security provider to businesses and security space. Momentum Cyber is involved with an average of eight to 10
residences, to help drive its inorganic cybersecurity strategy and execute through cyber deals annually, while the big banks typically work on two or fewer cyber
M&A, investments, and partnerships. deals each year, according to an overview put out by the company.
─ Eric McAlpine & Michael Tedesco ─ Michael Novinson
Source: BusinessWire: Momentum Cyber Launches As Industry’s Premier Cybersecurity Advisory Firm, Momentum CYBER Press Release and CRN: Momentum Cyber Lands Dave DeWalt As Chairman, Goes All In On Security M&A, Advisory Services
238
Balanced & Highly Experienced Advisors
A Bespoke High-Impact Advisory Boutique With Unique Senior-Level Access.
Advice. Access.
▪ Mergers & Acquisitions 41%
59% Executives
- Sellside
- Buyside
Board Members
- Divestitures
Buyside Sellside
- Joint Ventures
Investors
▪ Board & Special Situation Advisory 19%
47%
Entrepreneurs
▪ Corporate Strategy & Development 34%
Policy Influencers
▪ Corporate Finance
<$100M $100M - $400M >$400M
239
Tremendous M&A Track Record In Cybersecurity
Significant Deal Experience And Comprehensive Coverage Across The Cybersecurity Landscape.
Network ● Vulnerability Mgmt. ● Web ● Email ● Cloud ● SIEM ● Analytics ● Threat Intel ● Mobile ● Endpoint ● MSSP ● IoT
Network / Web Network Email Vulnerability Email Managed Security Intrusion Industrial IoT
Security Security Security Management Security Services Detection Security
$465M $295M $274M $86M $695M $145M $135M $403M
240
M&A In Cybersecurity | A CEO’s Unique Perspective
Tremendous M&A Track Record As CEO, Chairman, & Investor For Three Decades.
Executive Insights Into: (i) Strategic Thesis Development, (ii) Board Communication & Management, (iii) Investor Messaging, and (iv) Merger Integration
ScanAlert
Email Application Network / Web Data Loss Web Endpoint Content Mgmt. Collaboration
Security Control Security Prevention Security Encryption Software Software
Note: Deals with disclosed deal values greater than $25 Million.
241
Momentum’s Vast Cybersecurity Network & Reach
A Unrivaled Global Network of Buyers, Innovators, Investors, & Security Professionals.
Executives Investors
7,500+ 1,800+
Companies CISOs
2,500+ 750+
242
Thought Leadership In Cybersecurity
Momentum’s Team Is Dedicated To Providing Thought Leadership In Addition To Our Dealmaking & Advisory Services.
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Advice. Access.
Momentum Cybersecurity Group, LLC
340 Brannan Street | Suite 501
San Francisco, California 94107