August 6, 2019 / 5:09 AM / 20 days ago

Cyber defense firm Cybereason raises $200 million from Japan's Softbank

FILE PHOTO - Lior Div, chief executive of U.S.-Israeli cyber security firm Cybereason, speaks during Cyber Week conference in Tel Aviv, Israel June 25, 2019. REUTERS/Corinna Kern

JERUSALEM (Reuters) - U.S.-Israeli cyber security provider Cybereason said on Tuesday it raised $200 million from Japan’s Softbank and its affiliates, bringing the company closer to an initial public offering.

The new funds, which double the amount raised to date, will be used to fuel global growth and further innovate its cloud-based endpoint protection platform, Cybereason said.

The company made headlines in June when it uncovered what it called the largest nation-state cyber espionage attack on multiple telecom companies.

“The $200 million investment is a big step towards taking Cybereason to IPO,” CEO Lior Div told Reuters, saying a two-year timeline was reasonable.

Cybereason said it plans to increase investment in research and development and will also examine acquisition opportunities.

Softbank has invested previously in the company, along with venture capital firm CRV, Spark Capital and Lockheed Martin.

The company did not disclose a valuation for the funding round, but in an interview with Israel’s Globes financial newspaper in February, Div said they turned down an acquisition offer from an international buyer for more than $1 billion.

Reporting by Ari Rabinovitch; Editing by Tova Cohen

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