The world of cybersecurity is becoming more integrated. BitSight will acquire Cybersixgill for $115 million, which was previously valued at $2.4 billion when rating agency Moody's acquired a majority stake in the business in 2021.
Boston-based BitSight focuses on cyber risk management. We work with companies to assess their risk profile, particularly the likelihood that their risk profile will be compromised. This includes assessing your company's attack surface across your network and other digital assets, as well as the products you use to defend against them.
Cybersixgill provides BitSight with an additional level of visibility in its efforts. This small startup specifically analyzes dark web activity and actively looks for data leaks and signs of potential compromises and new technologies. The company's collective focus area is called “cyber threat intelligence,” and it says it covers invite-only messaging groups, code repositories, paste sites, and clear web platforms.
Both companies rely heavily on AI in their operations and appear to complement each other in terms of what they cover.
The small, Israel-based company was originally founded as Sixgill and had raised just under $56 million from investors including CrowdStrike, Terra Venture and OurCrowd, according to PitchBook data. But Pitchbook also notes that the startup was last valued at just over $162 million in 2022. Cybersecurity has been the hottest area in the funding market in recent years, but the tide is rising and won't lift all paper boats.
The deal will also see more money pumped into the technology Cybersixgill was building. “We are committed to investing in Cybersixgill's industry-leading products and continue to drive innovation to deliver even greater value to our customers,” Bitsight CEO Steve Harvey said in a statement. mentioned in. The company is deploying both teams and technology.