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HomeStartup NewsIsrael-Based cloud security company Wiz Acquired Gem Security

Israel-Based cloud security company Wiz Acquired Gem Security

Israeli cybersecurity startup Gem Security is set to be acquired by Israeli cloud security company Wiz for a cash purchase of $350 million. It was less than two years ago when Gem Security was formed.

Israeli cybersecurity startup Gem Security is set to be acquired by Israeli cloud security company Wiz for a cash purchase of $350 million. It was less than two years ago when Gem Security was formed.

With this deal, Team8, an Israeli investment fund that was one of Gem Security’s primary investors, will have exited three companies for a total of $1.1 billion in the last five months; Talon and Dig Security, the other two, were sold to Palo Alto Networks for $457 million and $295 million, respectively.

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It is estimated that Team8 owns between 25% and 33% of the companies’ shares, bringing approximately $300–350 million. It makes sense why Team8 was able to raise almost $500 million for a new fund last month. Among Team8’s key figures are the seasoned CFO Sarit Firon, the former CEO of Bank Leumi Rakefet Russak Aminoach, and former commander of the IDF 8200 unit Nadav Zafrir. With these exits, a protracted phase of selling enterprises at low to average prices comes to an end.

Read also – Israel-based PVML Secures $8 Million in Seed Funding

Team8 was forced to sell promising cybersecurity businesses like Illusive Networks, Hysolate, and Spot for low sums in recent years. In actuality, Sygnia, the first company the fund sold back in 2018 and where several of Gem Security’s founders departed, recorded the highest exit recorded by the fund.

About Gem Security

Gem offers a consolidated method for addressing cloud native threats, starting with event preparedness and continuing with real-time threat detection, investigation, and swift action.

About Wiz

Wiz is used by businesses of all sizes and sectors to quickly locate and eliminate the most important risks in AWS, Azure, GCP, OCI, Alibaba Cloud, and Kubernetes, enabling them to develop more quickly and safely.

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