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More consolidation is afoot in the world of cybersecurity. BitSighta cybersecurity startup that was last valued at $2.4 billion when ratings firm Moody’s took a majority stake in the business in 2021, is Acquired Cybersixgill for $115 million.
Boston-based BitSight focuses on cyber risk management. It works with organizations to assess their risk profiles and specifically their likelihood of being hacked, which covers not only assessing a company’s attack surface across its network and other digital assets, but also the products it uses to defend them.
Cybersixgill will give BitSight another level of visibility into this effort: The smaller startup specifically analyzes dark web activity to proactively look for data leaks, indicators of potential breaches, and new technologies. The collective area it focuses on is called “Cyber Threat Intelligence” and says it covers invite-only messaging groups, code repositories, paste sites, and clear web platforms.
The two companies rely heavily on AI in their work, and it looks like they will complement each other in terms of what they focus on.
The smaller company, based in Israel, originally launched as Sixgill. It has raised just under $56 million from investors including CrowdStrike, OurCrowd and Terra Venture per Pitchbook Data. But PitchBook also notes that the startup was last valued in 2022 at just over $162 million. Cybersecurity has been a very hot area in the finance market in the past couple of years, but a rising tide does not lift all paper boats.
The deal will see more money invested in the technology that Cybersixgill has been building. “We are committed to investing in Cybersixgill’s industry-leading products and will continue to drive innovation to deliver greater customer value,” Steve Harvey, CEO of Bitsight, said in a statement. The company is bringing in both technology and team.
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