BrazilIsraeli cybersecurity consultancy Sygnia picked up by Temasek
Israeli cybersecurity consulting startup Sygnia has been bought by Singaporean stste investment firm Temasek in a deal reportedly worth $250 million.
Describing itself as a provider of ‘military-grade’ cybersecurity, the Tel Aviv-based start-up Sygnia provides organisations worldwide with high-level cross-sector cyber resilience consulting and incident response support services: “We apply technological supremacy, digital combat experience, and a business-driven mindset to cyber security, enabling organizations to excel in the age of cyber.”
Co-founded in 2015 by current CEO Shachar Levy and launched by Team8, an Israeli cybersecurity ‘think-tank’ come incubator set up by former leaders of the Israeli Defense Force’s fabled technology and intelligence division Unit 8200, the cybersecurity start-up will now come under the ownership of Singaporean sovereign investment agency Temasek, which holds upwards of S$308 billion in assets.
While financial details of the deal remain undisclosed, sources reportedly close to the matter have placed the sale at $250 million, with Sygnia apparently not having received any further funding beyond its original $4.3 million seed investment. For Temasek, the deal marks a growing taste for cybersecurity investments, with the fund having led a $60 million Series B funding round closed in June for fellow Team 8 start-up Claroty, a cyberdefence software producer focused on factories and industrial plants.
According to the announcement from Sygnia, the company will continue to operate as an independent entity while pursuing collaborations with Temasek and its portfolio of companies, with Levy slated to remain at the helm and fellow co-founders Ariel Smoler and Ami Kor staying on in key roles. Team8 co-founder and CEO Nadav Zafrir will also hold on to his role as Sygnia chair, with both outfits to continue their collaboration.
“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. “Team8 will remain committed to Sygnia's success and we will continue to collaborate and work closely together.”
Speaking on Sygnia’s acquisition, Levy said; “Aligning with Temasek will strengthen our capability to provide end to end strategic support to organisations in meeting the specter of cyber threats, and allow us to accelerate building our global reach. I am incredibly proud of our team members - who have made this company into what it is. We will remain committed to the highest standards of professional excellence, client focus, decisiveness and speed.”
The purchase comes at a time when not only are there growing concerns for a shortfall in cyber preparedness around the world, and particularly in Southeast Asia, but also as tensions continue to simmer across the Middle East between long-time rivals – with state-sponsored cyber-attacks on real world infrastructure seen as a genuine threat. Recently, Accenture’s cybersecurity division outlined the rising global threat from agents in Iran, while Saudi Arabia has been busy ramping up its cyber-warfare capabilities. In Israel, the country's start-up sector is increasingly turning its attention to cybersecurity.
