XM Cyber, the Israeli hybrid cloud cybersecurity firm co-founded by former Mossad chief Tamir Pardo, will be acquired by Schwarz Group, the European retailer announced on Monday.
Founded in 2016 by former Mossad head Tamir Pardo, Noam Erez, and Boaz Gorodiski, XM Cyber has developed a platform that simulates organized cyber attacks so companies can learn of the best ways to respond to them. The platform finds new exposures, exploitable vulnerabilities and credentials, misconfigurations, and user activities that could potentially put organizations at risk of an attack. Last year, the company raised a $17 million Series B funding round in July.
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 supporting its global customer base, the announcement said.
Schwarz Group is the world’s fourth-largest retailer by revenue and a growing force in cloud computing, a sector the company entered last year by building its own cloud computing platform for retailers.
“The comprehensive knowledge in securing complex hybrid cloud networks” was “an essential aspect of this strategic acquisition” of XM Cyber, Schwarz Group said.
The Israeli company said the strategic partnership offers immense potential to further expand and develop its business model.”
“With the backing and international footprint of the largest European retailer, we can accelerate innovation and growth and further strengthen our position in the global cybersecurity market. I would like to take this opportunity to thank our investors who have supported us along the journey in building this unique company,” said Noam Erez, XM Cyber co-founder, and CEO.
“XM Cyber brings deep technical understanding and innovation that perfectly complements our portfolio for advanced cybersecurity services,” says Christian Müller, Chief Information Officer of Schwarz Group. “Finding and closing security gaps from an attacker’s perspective is a disruptive approach to the way organizations can proactively protect their networks. XM Cyber’s solution builds on our strong IT security to further protect our customers, partners, and ourselves as a company.”