Israeli Cybersecurity Startup Sygnia To Be Acquired By Singapore Firm
Israeli cybersecurity firm Sygnia is set to be acquired by Singapore investment firm Temasek Holdings, known as one of the world’s biggest investors, US television business news channel CNBC reported.
The financial details of the deal have not been disclosed. The agreement is subject to customary signing and closing conditions. A source close to the matter told CNBC that Sygnia will be acquired for approximately $250 million.
Though the startup will work with Temasek and its portfolio companies, Sygnia will continue to operate independently and CEO and founder Shachar Levy will continue to lead the company.
“Aligning with Temasek will strengthen our capability to provide end to end strategic support to organizations in meeting the specter of cyber threats, and allow us to accelerate building our global reach,” he said in the report.
The Israeli cybersecurity think tank and company creation platform Team8 launched Sygnia in November 2017 and it came out of stealth after being part of the Team8 incubator. While Sygnia works with large organizations to build resilience and incident response to cyber threats and attacks, it has kept a relatively low profile and will not reveal the names of its clients, which include Fortune 100 companies.
Team8 co-founder Nadav Zafrir will continue to be chairman at Sygnia.
“Sygnia has built a powerful combination of professional proficiency, methodologies, technologies, and a culture of excellence, which is critically needed in confronting the growing complexity of cyber,” Zafrir said in a statement. “Team8 will remain committed to Sygnia’s success and we will continue to collaborate and work closely together.”
Temasek invested in cybersecurity company Claroty in June, another Team8 company which has come out of the woodwork along with Team 8 companies Illusive Networks and Hysolate.
While the company will now have a presence in Singapore, there are no plans to move its headquarters from Tel Aviv. It also has offices in New York.