Schwarz Group, a German retail and cloud computing corporation, announced today the $700 million acquisition of Israeli cybersecurity firm XM Cyber. Tamir Pardo, the former Director of the Mossad, is the co-founder and president of XM Cyber.
To date, XM Cyber has raised $49 million from its first investor, Shaul Shani, former CIA Director David Petraeus, Australia’s Macquarie Capital, and Nasdaq Ventures. The investors, who did not include any Israeli funds, have thus received 14 times their investment back.
XM Cyber was founded in 2016 by former Mossad chief Tamir Pardo, Noam Erez, and Boaz Gorodiski. The company has developed a technology that replicates planned cyberattacks on businesses in order to assist them in improving their defenses.
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XM Cyber works in the attack path management industry to detect cyber threats by finding and warning about vulnerabilities in vital infrastructure. In order to simulate cyberattacks, the organization deploys an array of virtual sensors across the infrastructure network. As a result, XM Cyber tests structural vulnerabilities as well as human mistake in the assembly of hardware and software infrastructures, as well as employee behavior at the interface with the infrastructures.
XM Cyber supports large banks in the United States and Western Europe.
According to Schwartz Group, XM Cyber will continue to operate independently, offering its full suite of products under its current brand and support structure, and will remain committed to providing its global customer base with the same great service it already provides.
Noam Erez, co-founder, and CEO of XM Cyber stated, “We can speed up innovation and growth, as well as increase our position in the global cybersecurity sector, with the backing and international reach of Europe’s leading retailer. I’d want to take this opportunity to thank our investors for their help in establishing this one-of-a-kind firm.”
Christian Muller, chief information officer at Schwartz Group, adds, “XM Cyber brings strong technical understanding and creativity to our offering of advanced cybersecurity services, which complements it nicely. Finding and eliminating security flaws from an attacker’s perspective is a novel strategy to proactively protect organizations’ networks. XM Cyber’s solution expands on our strong IT security to further secure our customers, partners, and the firm as a whole.”
