Cybersecurity Market Review

1 

Cybersecurity 

Market Review 

Q3 2016 

Advisors & Dealmakers In Cybersecurity 

Momentum Partners 

• Momentum Capital Markets

About 

Momentum 

Partners

Momentum Partners 

Advisors & Dealmakers In Cybersecurity. 

Why Momentum Partners? 

Momentum Partners is a boutique Cybersecurity focused advisory investment bank based in 

Silicon Valley with operations globally. We employ a high-touch advisory model specifically 

designed to serve Founders/CEOs and their Boards – Series A to exit – where we are relentless 

in our pursuit for better outcomes for our clients. As advisors and dealmakers for two decades, 

we have closed over 200 deals totaling $200 Billion in value. 

Momentum’s Senior Cybersecurity Team 

Michael Tedesco 

Executive Chairman 

Founder 

Strategic and Capital Markets 

Advisor to CEOs, Founders & Boards 

Eric McAlpine 

Managing Partner 

Founder 

Senior Advisor 

Cybersecurity Lead 

Cybersecurity Enterprise IT Cloud & SaaS Defense & Government 

Mergers & Acquisitions* Capital Raising* 

Corporate Development Ecosystem Development 

200+ Deals $200+ Billion 

Petros Kitsos 


Strategic Advisor 

Direct Investor and Board Member 

Deep Defense & Aerospace Expertise 

Keith Skirbe 

Director 


Mergers & Acquisitions 

Deep Cybersecurity Expertise 

Timothy Lipton 

Partner 

Founder 

Start-Up Advisor 

iCFO 

Dino Boukouris 

Director 


Start-up Advisor 

VC & Private Equity 

CLIENT COUNTERPARTY CLIENT COUNTERPARTY CLIENT COUNTERPARTY CLIENT COUNTERPARTY CLIENT COUNTERPARTY 

(Rocketdyne) 

3

Executive 

Summary

Q3 2016: Market Update And Observations 

The Emergence of Private Equity Firms Have Significantly Increased Strategic Activity In 3Q16. 

Valuations 

§ 

§ 

Valuations increased across the board during Q3, driven by our High Growth Cybersecurity comps 

which were +21%. Our Low Growth Cybersecurity comps were +10%, relative to the NASDAQ 

which was +10%, the S&P 500 which was +3% and the HACK index which was +17% 

Valuations have rerated over the last 12 months, but were buoyed by a strong Q3. Median forward 

multiples are down 34% compared to down 50% at the end of Q2. Notables include Rapid7, 

FireEye and Fortinet whose forward multiples are down 61%, 55% and 34%, respectively 

Top 5 Movers in Q3 

91% 68% 

40% 

30% 28% 

Exits: M&A & 

IPO Activity 

§ 

§ 

§ 

Cybersecurity M&A activity through 3Q16 reached record levels of $14.3B; total announced M&A 

volume in 3Q16 totaled $7.6B and 31 Deals 

There were several notable M&A transactions led by PE buyers: Vista Equity acquired Infoblox for 

$1.3B, TPG acquired McAfee for $4.2B and Thoma Bravo acquired Imprivata for $488M 

Carbon Black confidentially filed for its IPO with the SEC. Optiv, Tanium, Forescout, Veracode and 

Tenable Network Security are all eyeing an IPO exit over the next 12 – 18 months 

Investment 

Activity 

§ 

§ 

§ 

Q3 saw an increase in large fundraising rounds – there were 5 deals of $50M+, led by StackPath’s 

$180M investment from Abry Partners, and 10 deals between $25M-$50M 

3Q16 saw funding volume total $1.3B across 80 deals, a record number of deals and the second 

largest funding volume since 2010; fundraising volume YTD has already exceeded 2015 

60% of deals were early stage (Seed – Series A) with a median amount raised of $4.5M; the 

remainder consisted of late stage (Series B+) with a median amount raised of $20.6M 

StackPath 

Industry 

Observations 

§ Private Equity ‘s Cybersecurity: 7 deals in the sector in 2016 representing a total of $8.0B in 

enterprise value have included Private Equity on one side or the other, led by TPG’s acquisition of 

McAfee from Intel 

§ 

§ 

Industrial / IoT security is emerging as one of the next big destinations for investment – we are 

tracking 16 companies that raised $110M in 2016, with 60% of funds ($70M) raised in 3Q16 alone 

Security teams are stretched thin and struggling with vender fatigue in many cases. SOC automation 

and orchestration tools are a welcomed promise if they can deliver on the hype 

5

Cybersecurity Dashboard 

$3.88 Billion 

Financing Volume YTD 

218 

Financing Transactions YTD 

$14.35 Billion 

M&A Volume YTD 

97 

M&A Transactions YTD 

Top Financing Transactions YTD 

Financing Activity 

Monthly Deal Count Pulse Financing M&A 

M&A Activity 

Top M&A Transactions YTD 

Date Company Amount ($M) 

1/13/16 187 

$3.8 

$3.9 

25 

$10.5 

$14.3 

Target Acquirer Amount ($M) 

4,722 

7/25/16 StackPath 180 

15 

4,200 

6/8/16 100 

2/3/16 96 

1/21/16 76 

1/28/16 75 

2015 2016 YTD 

Volume ($B) 

229 

218 

5 

Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 

Public Comps 

M&A EV/Rev Multiples 

Max 12.9x 

5.9x 

4.5x 

Max 8.6x 

Median 7.6x 

2015 2016 YTD 

Volume ($B) 

142 

97 

1,463 

1,254 

600 

488 

7/5/16 64 

8/30/16 50 

2015 2016 YTD 

# of Deals 

Median 5.0x 

Min 0.9x Min 0.9x 

2015 2016 

(EV / 2015E) (EV / 2016E) 

2015 2016 YTD 

2015 2016 YTD 

# of Deals 

293 

275 

Specialized Threat Analysis & Protection 

Identity & Access Management 

Threat Intel / SecOps / IR 

Cloud Security 

Data Security 

Mobile Security 

Endpoint Security 

Fraud Prevention / Transaction Security 

Application Security 

Risk & Compliance 

Web Security 

Industrial / IOT Security 

Network Security 

Messaging Security 

13 

17 

11 

17 

10 

9 

18 

7 4 

2015 

Total: 229 

19 

40 

19 

22 

23 

Financing Activity 

14 

5 

21 

12 

9 

13 

13 

6 4 

24 

2016 

Total: 218 

10 

25 

19 

16 

27 

12 

3 

14 

21 

4 

10 

6 

2015 

Total: 142 

6 

3 

5 

5 

16 

17 

13 

7 

M&A Activity 

2 

12 

2 

5 

15 

8 

6 

2016 

Total: 97 

3 1 

4 

3 

6 

3 

20 

7 

MSSP

Private Equity 

’s Cybersecurity 

The Highly Fragmented Cybersecurity Market Lends Itself To the PE Platform/Roll-Up Playbook. 

Major Cybersecurity PE ‘Platform’ Plays 

Recent Cybersecurity PE Activity 

PE Firm Platform Add-Ons Exit 

Acquired By 

Acquired By Acquired By Acquired By 

($2.4B / NA) 

($4.7B / 7.9x) 

($971M / 2.7x) 

None 

($1.9B / NA) 

$4.2B 

$1.3B $488M $1.5B 

§ Expect these companies and their sponsors to utilized M&A to complement organic growth 

($550M / 1.9x) Beep Science ($890M / 2.0) 

Late Stage / Pre-IPO Activity 

(NA / NA) 

(NA / NA) 

($710M / 6.0x) 

─ 

Series A 

$180M 

Series D 

$100M 


$96M 


$187M 

(NA / NA) 

─ 

(NA / NA) 

─ 

Series B 

$250M 

Series G 

$148M 

Series D 

$110M 

Series G 

$76M 

($600M / NA) 

─ 

§ PE/late stage and public/cross-over investors have strong appetite for break-out cybersecurity 

stories that could exit via an IPO in 12 – 24 months 

7

Summary Of Recent Strategic Activity In Cybersecurity 

Investing Activity Continues To Outpace Exits (M&A + IPO). 

Selected Acquisition Activity 

(Date: Implied Enterprise Value / LTM Rev Multiple) 

Selected VC Activity 

(Date: $ Raised / Pre-$ Valuation / Funding Stage) 

Equity 

(Date: $ Raised) 

9/16: $1.3BM / 3.5x 

9/16: $4.2B / NA 7/16: $1.5B / 3.4x 9/16: $488M /3.7x 

9/16: $40M / $300M / D 

8/16: $50M / NA / F 7/16: $64M / NA / C 

4/16: IPO: $112M 

Dell Spinoff 

StackPath 

6/16: $293M / 10.0x+ 

6/16: $4.7B / 7.9x 6/16: NA / NA 6/16: $600M / NA 

7/16: $180M / NA / A 

6/16: $20M / $71M / B 

6/16: $20M / NA / B 

11/15: IPO: $78M 

9/16: Secondary Offering: $66M 

2/16: $100M / NA 2/16: $45M / NA 2/16: $30M / NA 1/16: $275M / 6.9x 

6/16: $100M / $900M / D 

5/16: $41M / NA / D 

4/16: $15M / $52M / B 

9/12: Series C: $62M 

1/10: Series B: $21M 

12/08: Series A: $8M 

$91M 

1/16: $10M / NA 1/16: NA / NA 12/15: $35M / 1.9x 11/15: $78M / NA 

3/16: $30M / $245M / C 

2/16: $23M / NA / B 

2/16: $96M / NA / PE 

7/15: IPO: $103M 

11/15: $280M / NA 10/15: $453M / NA 10/15: $300M / 1.8x 

10/15: $400M / 7.5x 

2/16: $14M / NA / B 

1/16: $80M / $511M / C 

12/15: $27M / $43M / B 

12/14: Series D: $30M 

11/11: Series C: $50M 

2/10: Series B: $2M 

9/08: Series A: $7M 

$89M 

10/15: $116M / 10.3x 

9/15: $290M / NA 9/15: $425M / 2.0x 7/15: $190M / NA 

11/15: $20M / $60M / B 

10/15: $33M / NA / A 

10/15: $15M / $55M / B 

6/15: $635M / NA 4/15: $200M / 3.3x 4/15: $1.9B / NA 

4/15: $786M / 3.6x 8/15: $52M / $380M / E 7/15: $18M / $34M / B 6/15: $30M / $122M / C 

6/15: IPO: $553M 

5/02: Minority: $60M 

9/98: Venture: $4M 

$64M 

Source: Capital IQ, 451 Group, Crunchbase, TechCrunch. Momentum Partners maintains a proprietary Cybersecurity M&A deal database. 

8

Cybersecurity IPO Insights 

Large Private Equity Funds Have Set Their Sights On Underperforming IPOs In The Sector. 

Implied Multiple On The Day of Pricing For Each Cybersecurity Sector IPO 

(Multiple: EV / LTM Revenue) 

(7/17/16: $1.5B / 3.4x LTM Rev) (9/19/16: $1.3B / 3.5x LTM Rev) (7/13/16: $488M / 3.7x LTM Rev) 

20.5x 

Three ‘take private’ transactions so far in 2016 as Private 

Equity continues its love affair. Cybersecurity companies 

trading at a discount to the sector. 

13.0x 

13.4x 

3.9x 

4.4x 4.3x 

4.0x 

5.3x 

4.1x 

5.7x 

4.6x 

5.3x 

4.0x 

6.7x 

4.0x 3.3x 

Median: 4.5x 

IPO Timing 2012 2013 2014 2015 2016 

Stock 

Performance 

(since IPO) 

EV / LTM Rev 

(Current) 

─ 245% 65% 476% 279% 218% 188%* 26% 42% 69% ─ 210% 2% 10% 91% 11% 

─ 8.7x 3.4x 9.9x 9.9x 6.3x 6.4x 3.3x 3.5x 1.0x ─ 7.6x 4.2x 4.9x 6.3x 2.3x 

Total $ Raised $128M $230M $120M $82M $260M $91M $128M $304M $64M $100M $75M $86M $553M $103M $78M $112M 

Source: Capital IQ. Stock performance and valuation multiple as of September 30, 2016. 

9

Momentum’s 

CYBERscapes

CYBERscape: The Cybersecurity Landscape 

The Security Sector Is Dynamic And Vast. We Are Ceaseless & Vigilant In Our Coverage. 



Application Security 

Network Firewall 

Network Monitoring/Forensics 

Endpoint Prevention 

WAF & Application Security 

Intrusion Prevention Systems 

Unified Threat Management 

Endpoint Detection & Response 

Vulnerability Assessment 

Managed Security Service Provider 


Web Security 

Risk & Compliance 

Security Operations & Incident Response 

Mobile Security 

Data Security 

SIEM 

Threat Intelligence 

Industrial / IoT Security 

Security Incident Response 



Specialized Threat Analysis & Protection 

Fraud Prevention / Transaction Security 

Source: Momentum Partners. 

11

CYBERscape: The Investor Landscape 

Cybersecurity Is A Popular Investing Ground For Institutional Investors Around The World. 

Cybersecurity-Focused Investors 

Corporate Ventures 

Government 

Canada 

Pacific Northwest 

California 

Northern California 

New England 

Europe 

United Kingdom 

Europe (Ex-UK) 

New York 

Mid-Atlantic 

Israel 

SECURE OCTANE 

Southern California 

APAC 

Mountain 

South 

Midwest 

12

1

Momentum’s Watch List: Q3 2016 

Selected Private Companies With Tremendous Momentum. 

Company 

Commentary 

Company 

Commentary 

Raised: Private Funded 

HQ: San Francisco, CA 

Raised: $35.0M 

HQ: Palo Alto, CA 

§ OPSWAT provides an advanced threat detection and prevention platform to protect 

organizations from zero-day attacks. Metadefender leverages 100+ anti-malware, data 

sanitization, vulnerability and other security engines to protect organizations from known 

and unknown threats. Use cases include threat detection & prevention, email & proxy 

threat prevention and endpoint forensics & posture assessment. Its solutions are deployed 

by 1000+ enterprises & 50+ OEM customers to more than 200M endpoints 

§ Leadership: Benny Czarny (CEO), Tom Mullen (SVP, Bus Dev), Patrick Tan (CFO) 

§ Vera is a next-gen data security company that enables businesses of all sizes to secure, 

track, and share any kind of data – from Office files to video, no matter where it’s stored or 

how it’s shared – email, Box, Dropbox or local file shares. With robust policy 

enforcement, strong encryption, and strict access controls, Vera’s Dynamic Data Protection 

lets employees collaborate freely while ensuring the highest level of security, visibility and 

control 

§ Leadership: Ajay Arora (CEO), Prakash Linga (CTO), Robin Daniels (CMO) 

Raised: $7.0M 

HQ: Sunnyvale, CA 


HQ: Portland, OR 

§ RiskSense is a leader in proactive cyber risk management. It enables enterprises and 

governments to reveal cyber risk, quickly orchestrate remediation and monitor the results. 

This is done by unifying and contexualizing internal security intelligence, external threat 

data and business criticality across a growing attack surface 

§ Its SaaS platform shortens time to remediation, increases operational efficiency, strengthens 

security programs, improves cyber hygiene and minimizes cyber risks 

§ Leadership: Srinivas Mukkamala, Ph.D (CEO), Mark Fidel (Co-Founder/Corp Dev) 

§ ID Experts provides software and services to organizations for managing cyber risks and 

data breaches, and to consumers to protect and restore their identities from identity theft. 

It offers a Data Breach Response that provides digital forensics investigation, data breach 

notification and crisis communications, credit monitoring, identity monitoring and health 

monitoring services for healthcare, financial services, retail, higher education and 

government organizations in the U.S. 

§ Leadership: Bob Gregg (CEO), Rick Kam (President), Chris Kane (COO/CIO) 

Raised: $6.0M 

HQ: Austin, TX 


HQ: Boston, MA 

§ SparkCognition is the leading Cognitive Security Analytics company developing patented 

products that detect behavioral anomalies in streaming data sets from both industrial 

sensors and IT/OT networks. SparkSecure applies automated model building, Cognitive 

Fingerprinting (patented) and natural language processing to automatically detect, 

prioritize, assess, and remediate a wide range of the most advanced cyber threats. 

DeepArmor is the first cognitive antivirus solution to the market 

§ Leadership: Amir Husain (CEO), Randy Printz (COO) 

§ Onapsis is the pioneer in cybersecurity and compliance solutions for cloud and onpremise 

ERP and business-critical applications. Onapsis Security Platform is the most 

widely-used SAP-certified cybersecurity solution that delivers both preventative 

vulnerability and compliance controls, as well as real-time detection and incident 

response capabilities to reduce risks affecting critical business processes and data. The 

platform can be integrated with SIEM, GRC and network security products 

§ Leadership: Mariano Nunez (CEO), Juan Pablo Perez-Etchegoyen (CTO) 


HQ: Reston, VA 


HQ: Tel Aviv, IL 

§ Verodin is defining the emerging concept of Instrumented Security. Its platform empowers 

customers to measure and continuously validate the cumulative effectiveness of layered 

security infrastructures revealing true security postures. Through automated defense 

analysis, its customers achieve maximum value from security spending, better leverage 

existing security investments and measurably improve their cyber prevention, detection 

and response capabilities 

§ Leadership: Chris Key (CEO), Ben Cianciaruso (COO) 

§ Cato Networks has developed a revolutionary new network security-as-a-service (NSaaS) 

platform that is changing the way network security is delivered, managed and evolved for 

the distributed, cloud-centric, and mobile-first enterprise. Its Cato Cloud platform has two 

parts: Cato Cloud Network which consolidates and encrypts all enterprise network 

elements using a network of POPs and the Cato Network Security Services, which then 

adds security offerings (e.g., NGFW) on top of the network 

§ Leadership: Shlomo Kramer (CEO), Gur Shatz (CTO) 


HQ: Boston, MA 

§ BioCatch is a provider of behavioral biometric, authentication and malware detection 

solutions for mobile and web applications. Available as a cloud solution, it proactively 

collects 500+ parameters to generate a unique user profile. Organizations use the platform 

to continuously authenticate users during their online sessions, protecting against cyber 

threats and fraudulent activity, such as account takeover and RitB 

§ Leadership: Eyal Goldwerger (CEO), Avi Turgeman (CTO), Uri Rivner (Strategy) 


HQ: Leesburg, VA 

§ PhishMe is a provider of human-focused phishing defense solutions. Its intelligence-driven 

platform turns employees into an active line of defense by enabling them to identify, report 

and mitigate spear phishing, malware and drive-by threats. Its phishing incident response 

platform and phishing threat intelligence enables SOC and IR teams to respond faster to 

real threats – decreasing the risk of data breaches 

§ Leadership: Rohyt Belani (CEO), Aaron Higbee (CTO), Jim Hansen (COO) 

Source: Momentum Partners, PitchBook Data, CrunchBase, Company Press Releases. 

14

Momentum’s Watch List: Q4 2015 to Q2 2016 

A Look Back At Those Companies With Momentum From Previous Quarters. 

Q2 2016 

Q1 2016 

Q4 2015 

Series B (04/20/16): $15M 

(04/26/16): In-Q-Tel Investment 

Series A (07/06/16): $10M 

Series C (08/02/16): $21M 

Series B (08/23/16): $12M / $3M Debt 

Series B (08/24/16): $15M 

Series B (07/12/16): $10M 

15

Notable 

Strategic 

Activity

1 

acquires 

acquires 

acquires 

$1.3 Billion 

September 19, 2016 

Not Disclosed 


$4.2 Billion 


acquires 

acquires 

acquires 

$18 Million 

August 24, 2016 

$488 Million 

July 13, 2016 

$1.5 Billion 

July 13, 2016

Vista Equity Acquires Infoblox 

Marks Vista’s Second Cybersecurity Acquisition This Year Having Acquired Ping Identity In June. 

Transaction Overview 

Date: 

EV / LTM Rev: 

acquires 

EV / NTM Rev: 

EV / LTM EBITDA: 

EV / NTM EBITDA: 

9/19/2016 

3.5x 

3.4x 

NM 

18.0x 

Share Price ($) 

28 

26 

24 

22 

20 

18 

16 

Infoblox Overview 

Vista Purchase Price @ $26.50 / Share 

§ 33%premium to closing share price over last 60 days 

§ 16% premium to price of $22.83 on day prior to announcement 

§ 73% premium to unaffected closing price as of May 11, 2016 when media 

first reports of interest in acquiring Infoblox by Thoma Bravo 

14 

Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 

With Infoblox Actionable Network Intelligence, you gain a platform that provides all the capabilities you need to more 

easily control, secure, and analyze your network 

CONTROL SECURE AUTOMATE 

Infoblox Network Automation Infoblox Network Security Infoblox Network Automation 


$1.25 Billion 

Repor&ng & 

Analy&cs 

Private Cloud/ 

Virtualiza&on 

DNS Traffic 

Control 

Threat 

Insight 

Advanced DNS 

Protec&on 

DNS 

Firewall 

NetMRI 

Vista Equity Partners Security Portfolio 

Date Company Amount ($M) 

September 2016 

1,254.3 (acquisition) 

June 2016 

600.0 (acquisition) 

April 2015 

335.0 (20% stake) 

December 2015 

Series F Lead ($35M) 

Rationale 

“Vista has an excellent track record of supporting and adding value to technology companies, and we are thrilled to bring on 

a partner of their caliber and strategic expertise. This transaction will provide immediate and substantial value to Infoblox 

stockholders, while also giving Infoblox greater flexibility to execute on our long-term strategy to drive increased DDI 

automation and DNS security into the enterprise market. We are excited to begin our partnership with Vista and look 

forward to leveraging their operational insights as we continue to deliver the industry-leading products, solutions and 

customer service on which our customers rely.” – Jesper Andersen, President & CEO, Infoblox 

Source: Company press releases and websites, 451 Research. 18

Oracle Acquires Palerra To Boost Its Security Stack 

Palerra Is The Latest CASB To Be Acquired In The Market. 


Date: 

9/18/2016 

Palerra Overview 

The LORIC platform provides threat visibility and ensures compliance of your cloud footprint by combining threat detection, predictive 

analytics, security configuration management, and automated incident response into a single solution. 

acquires 

Total Raised: 

HQ: 

$25M 

Santa Clara, CA 

Threat Detection 

LORIC identifies existing threats to your cloud footprint 

by leveraging real-time threat intelligence feeds and 

machine learning techniques 

Predictive Analytics 

LORIC’s patent-pending modeling techniques evaluate 

risks across hundreds of threat vectors to provide you 

with a concise summary of potential threats. 

LORIC 

Automated Incident Response 

LORIC keeps enterprises secure by automating 

responses to threats with forensics, incident 

management, orchestration and remediation. 

Security Configuration Management 

LORIC eliminates labor intensive, error prone manual 

processes and manages security configurations within 

cloud applications. 

Founded: 

2013 

From branded cloud applications to cloud infrastructure, LORIC is constantly growing its list of supported cloud services 


CEO: 

Rohit Gupta 

Funding Summary: $25.0M 

Date Stage Amount Raised ($M) Selected Investors 

Apr 2016 Series B 

17.0 

Feb 2014 Series A 

8.0 

Transaction Rationale 

“Together, Oracle and Palerra will help accelerate cloud adoption securely by providing comprehensive identity and 

security cloud services. The combination of Oracle’s Identity Cloud Service and Palerra’s CASB platform plan to deliver 

comprehensive protection for users, applications and APIs, data, and infrastructure to secure enterprises in their adoption 

of Cloud and SaaS applications.” 

– Peter Barker, SVP Identity Management and Security Products at Oracle 


TPG Acquires Intel Security, Jointly Investing In New Spin-Out 

TPG Makes A Big Cybersecurity Bet. 

acquires 

Enterprise Security 


Date: 

Percentage 

Ownership: 

HQ: 

CEO: 

$4.2 Billion 

9/7/2016 

Santa Clara, CA 

Christopher Young 

McAfee Acquisition History Since Intel Acquisition 

51% 

Date Company Amount ($M) Date Company Amount ($M) 

Transactions Summary / Rationale 

Transaction / Spin-Out Details 

§ TPG to own 51% stake; Intel to own 49% stake 

§ TPG will invest $1.1B in the transaction (from TPG Partners VII fund), valuing McAfee’s equity at $2.2B. 

McAfee has net debt of $2B which Intel will finance for 3-5 months after the deal is completed 

§ Intel SVP and Intel Security GM Chris Young and existing management team to lead the new company 

following transaction close 

Rationale 

§ "As we collaborate with TPG to establish McAfee as an independent company, we will also share in the 

future success of the business and in the market demand for top-flight security solutions, creating long-term 

value for McAfee's customers, partners, employees and Intel's shareholders. Intel will continue our 

collaboration with McAfee as we offer safe and secure products to our customers.” - Brian Krzanich, CEO of 

Intel 

§ "We believe that McAfee will thrive as an independent company. With TPG's investment, along with 

continued support from Intel, McAfee will sharpen its focus and become even more agile in its response to 

today's rapidly evolving security sector." - Jim Coulter, Co-Founder and Co-CEO of TPG 

TPG Security Portfolio 

Company TPG Partner Investment 

10/15 

NA 10/11 NA 

(Sold Firewall Biz) 

5/13 376.2 3/11 NA 

Bryan Taylor 

9/2/15 Series G 

$117.5M 

($3.4B Pre-Money) 

Lead Investor 

2/13 NA 2/11 10.7 

Nehal Raj 

8/3/15 Series D 

$85.0M 

($1.0B Pre-Money) 

Lead Investor 

2/12 NA 8/10 6,907.7 


Proofpoint Acquires ReturnPath, Email Fraud Protection Division 

Acquisition Extends Proofpoint’s Suite Of Business Email Compromise (BEC) Solutions. 


Return Path’s Email Fraud Protection Overview 

Acquires 


Date: 

8/24/2016 

Total Raised: $126.1M 

HQ: 

New York, NY 

Founded: 

1999 

CEO: 

Matt Blumberg 

$18 Million 

Consumer Email Fraud Protection 

Through a combination of authentication, reputation, and 

heuristics checks, Return Path offers complete spear phishing 

protection for inbound email threats (domain spoofing and 

brand spoofing). 

Managed Service 

Provide global 24/7 support, strategic project management, 

and unparalleled technical expertise 

Block 

Inbound threats before they 

hit your employees 

Key Features 

Enterprise Email Fraud Protection 

Return Path helps you block bad emails spoofing your 

domains before they hit customer inboxes and empowers you 

to identify and respond to attacks spoofing your brand in 

other ways. 

DMARC 

Domain-based Message Authentication, Reporting & 

Conformance—DMARC—protocol aims to put an end to 

domain-based email threats. 

Detect 

Inbound threats that make 

it into the employee inbox 

Remediate 

Detected malicious email 

Proofpoint Acquisition History Since 2013 

Date Announced Target Deal Value ($M) Date Announced Target Deal Value ($M) 

11/3/2015 9.0 10/1/2013 23.0 

3/2/2015 32.3 8/9/2013 25.0 

10/23/2014 34.8 7/25/2013 2.5 

5/20/2014 22.8 4/9/2013 4.5 

Transaction Summary & Rationale 

§ Proofpoint paid $3.8 million at the close of the transaction and will spend the remaining $14.2 

million over two years to complete the deal 

§ “With our proprietary email threat data and technical expertise at its disposal, Proofpoint will 

now be fully equipped to offer the best end-to-end spear phishing solution on the market today. 

We are thrilled to partner with Proofpoint going forward and believe that the combined solution 

will be stronger for our Email Fraud Protection customers as well as a great home for the 

employees in our EFP division.” - Matt Blumberg, Co-Founder & CEO, Return Path 

Source: Company press releases and websites, 451 Research. 

21

Thoma Bravo Acquires Healthcare IT Security Company Imprivata 

Imprivata Became The Second Public Cybersecurity Company To Get Acquired In July. 


Imprivata Overview 

Date: 

EV / LTM Rev: 

7/13/2016 

3.7x 

Imprivata Confirm ID 

OneSign 


NM 

Platform Capabilities 

Acquired 

HQ: 

Lexington, MA 

+ 

Single sign-on, authentication management, 

and virtual desktop roaming enabling 

Founded: 2001 


CEO: Omar Hussain 

Users: 2,800,000+ 

$488.5 Million 

§ Comprehensive identity and two-factor 

identification platform 

§ Combines security with convenience 

§ Creates a secure chain of trust 

Enables secure collaboration across care 

teams and organizations 

Transaction Details 

§ Thoma Bravo to acquire the remaining 95.2% stake in Imprivata, 

funded with equity from Thoma Bravo Fund XII 

§ Imprivata acquired for $19.25, a 33% premium to Imprivata’s last 

closing price of $14.50 

§ Imprivata made its public debut in June 2014 at a price of $15.00 

Rationale 

§ “We're tremendously excited about Thoma Bravo's investment in our company and believe this 

transaction represents a great outcome for our current shareholders. Given Thoma Bravo's successful track 

record in both security and healthcare IT, today's partnership is an endorsement of Imprivata's corporate 

vision and our relentless focus on the customer experience -- a value which has established us as the 

vendor of choice in healthcare IT security.” – Omar Hussain, President & CEO of Imprivata 

Source: Company press releases and websites, Capital IQ, 451 Research. 

22

Avast Acquires AVG With Financial Support By CVC Capital Partners 

Avast + AVG Creates Significant Scale In Consumer Security. 


AVG Stock Performance Since 2015 

§ 

§ 

Backed By 

Acquired 


Date: 

EV / LTM Rev: 

EV / NTM Rev: 


Transaction Funding 

EV / NTM EBITDA: 

$1.46 Billion 

7/7/2016 

Avast will acquire AVG for $1.5 billion in cash, paying $25 a share, a 

33% premium over 7/6 closing price and 32% over 6-mo average 

3.4x 

3.3x 

Avast plans to finance the transaction using cash balances on hand and 

committed debt financing from third party lenders 

§ Avast has received a financing commitment of $1.69 billion from 

Credit Suisse, Jefferies and UBS 

§ In addition, Avast has contributed $150 million in equity 

Source: Company press releases and websites, 451 Research. 

11.7x 

9.1x 

Share Price ($) 

$25 

$20 

$15 

Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 

§ Advanced web and cloud security 

§ Mobile Encrypted Users: traffic management 

§ 

100+ 

Network 

Million 

performance Scale and In optimization 

Consumer 

Security 

Desktop 

Users: 

90+ Million 

Rationale 

"Our new scale will allow us to accelerate investments in growing markets and continue to focus on providing 

comprehensive and simple-to-use solutions for consumers and businesses, alike. As the definition of online 

security continues to shift from being device-centric, to being concerned with devices, data and people, we 

believe the combined company, with the strengthened value proposition, will emerge as a leader in this growing 

market,“ said Gary Kovacs, CEO, AVG 

23 

400M+ Users 

Mobile Users 

60+ Million 

Desktop 

Users: 

170+ Million 

Avast Purchase Price @ $25 / Share 

§ Combination creates significant scale in consumer 

security with 400M+ users, including 160M+ on 

mobile 

§ AVG will provide Avast with new growth in 

consumer mobile and SMB markets 

§ Highly complementary geographical presence 

extends Avast’s reach into higher monetizing geos

Notable 

Fundraising 

Activity

1 

$40.0M 

$40.0M 

$30.0M 

$32.0M 

Series D Financing 

Series C Financing 

Series B Financing 

Venture Round 





$15.0M 

Series B // Debt Financing 

August 23, 2016 

$27.5M 

Venture Round 

August 18, 2016 

$21.0M 


August 2, 2016 

StackPath 

$180.0M 

Series A Financing 

July 25, 2016 

$64.0M 


July 5, 2016

Raises $40M In Series D Financing. 

Description 

Founders / 

Management 

Skyhigh Networks, a cloud access security company, enables companies to embrace 

cloud services with appropriate levels of security, compliance, and governance for 

financial services, professional services, healthcare, high technology, media and 

entertainment, manufacturing, and legal customers. It offers Skyhigh Cloud Access 

Security Manager, which enables and accelerates the secure adoption of cloud services; 

and rapid discovery, instant analysis, and 3-click security services. 

Rajiv Gupta 

Co-Founder & CEO 

Founded 2011 

HQ 

Campbell, California 

Amount Raised $106.5M 

Company Overview 

Kaushik Narayan 

Co-Founder & CTO 

Kamal Shah 

SVP, Products & 

Marketing 

Sekhar Sarukkai 

Co-Founder & SVP 

Engineering 

A Trusted Leader In Security, Governance, and Enablement 

Trevor Eddy 

SVP, Sales 

Product Overview 

A single, seamlessly integrated cross-cloud platform for all cloud security needs 

VISIBILITY 

§ Provides comprehensive cloud usage 

analytics 

§ Asses risk and sensitive data 

§ Enables real-time coaching and policy 

enforcement 

THREAT PROTECTION 

§ Leverages machine learning to detect 

compromised accounts, malware, and 

other threats 

§ Responds to exfiltration attempts 

§ Supports post-incident investigation 

Funding Summary: $88.0M $106.5M 

COMPLIANCE 

§ Customizes policies to identify 

regulated data 

§ Enforces DLP procedures 

§ Optimizes remediation action to 

restore files and permissions 

DATA SECURITY 

§ Limits risk through controlled 

encryption of sensitive data 

§ Defines contextual access control 

policies to protect data from 

unauthorized access 

Broad Industry Coverage 

Financial Services Healthcare Education 

Government Manufacturing 

Proven CASB Expertise 

40% 

of Fortune 500 

30 Million 

Users 

600+ 

Enterprises 

5x More 

Customers Than Other 

CASBs 


Sept 2016 Series D 

40.0 

Jun 2014 Series C 

40.0 

May 2013 Series B 

20.0 

Apr 2012 Series A 6.5 

26

Raises $40M In Series C Financing. 

Description 

Founders / 

Management 

BitSight Technologies is transforming how companies manage information security risk 

with objective, verifiable and actionable Security Ratings. The company built its 

Security Rating Platform to continuously analyze vast amounts of external data on 

security issues and behaviors in order to help organizations manage third party risk, 

underwrite cyber insurance policies, benchmark performance, conduct M&A due 

diligence and assess aggregate risk. 

Stephen Boyer 


Founded 2011 

HQ 

Cambridge, Massachusetts 



Nagarjuna Venna 

Co-Founder & CPO 

Shaun McConnon 

CEO 

Tom Turner 

President & COO 

Transforming The Way Organizations Evaluate Risk 

Jacob Olcott 

VP Business 

Development 

SECURITY RATINGS 

Enhances position visibility through 

daily security performance ratings 

§ Gathers and analyzes global security 

outcome data to create sophisticated 

algorithm 

§ Produces objective daily security 

ratings, alerts changes, and provides 

actionable information to mitigate risk 

§ Improves accuracy in benchmarking, 

risk management, and cyber insurance 

applications 



DISCOVER 

Follows outside-in model to uncover 

and pinpoint potential risks 

§ Identifies third and fourth party 

connections in vast network of 

vendors and service providers 

§ Highlights precise point of failure in 

supply chain 

§ Assesses dependencies in an 

organization’s network and returns a 

comprehensive analysis of risk 

aggregation 


INTEGRAL TO 

BUSINESS DECISIONS 

PROVEN FOR 

MANAGING RISK 

HIGHEST QUALITY 

DATA 

FAIR & 

OBJECTIVE 

Sept 2016 

Jun 2015 

Series C 

Series B 

23.0 

40.0 

Jun 2013 

Series A 

24.0 

HISTORICAL PERFORMANCE 

MEASUREMENT 

RESPONSIBLE DATA 

STEWARDSHIP 

UNPARALLELED 

CUSTOMER SUCCESS 

NATIONAL SCIENCE 

FOUNDATION (NSF) BACKING 

Apr 2011 

Seed 

1.0 

27

Raises $30.0M In Series B Financing. 

Description 


Cato Networks, provides organizations with a software-defined and cloud-based secure 

enterprise network. Cato delivers an integrated networking and security platform that 

securely connects all enterprise locations, people and data. The Cato Cloud reduces 

MPLS connectivity costs, eliminates branch appliances, provides direct, secure internet 

access everywhere, and seamlessly integrates mobile users and cloud infrastructures to 

the enterprise network. 


One Network. One Security. One Policy. 

The Cato Cloud delivers Network Security as a Service by tightly integrating 

enterprise networking and network security - in the Cloud 

Cato Cloud 

Founders / 

Management 

Shlomo Kramer 


Gur Shatz 

Co-Founder & CtO 

Glenn Esposito 

VP Sales, Americas 

Yishay Yovel 

VP Marketing 

Aviram Katzenstein 

VP Operations 

Cloud 

Network 

Security 

Services 

Management 

Application 

Cato Editions 

(Web/Cloud/Network) 

Founded 2015 

HQ 

Tel-Aviv, Israel 

Amount Raised $50M 

Cato Cloud Features 

USE CASES FOR CATO NETWORKS 

Integrated Network & 

Security In The Cloud 

Low Latency Network 

@ Affordable Price 

Your IT Team, 

Augmented 

Enterprise-Grade Security 

Within Your Reach 

Cloud Wide Threat 

Visibility 

Always Up to Date 

Agile Cloud Software 

APPLIANCE 

ELIMINATION 

DIRECT INTERNET 

ACCESS 

SECURE & OPTIMIZED 

SD-WAN 



Sept 2016 

Series B 

30.0 

LOW LATENCY 

AFFORDABLE WAN 

HYBRID CLOUD 

NETWORK INTEGRATION 

MOBILE WORKFORCE 

SECURE CLOUD ACCESS 

Oct 2015 

Series A 

20.0 

28

Raises $32.0M Venture Round. 

Description 


Claroty enables customers to secure and optimize the industrial control networks that 

run the world’s most critical infrastructure. The company’s enterprise-class OT security 

platform is designed to address the unique safety and reliability requirements necessary 

to protect industrial networks– e.g., industrial control systems, SCADA, industrial IOT 

and others. 


Claroty discovers the most granular OT network elements, extracts the critical information, and distills it 

into actionable insights needed to secure and optimize complex industrial control environments 

Cyber Security 

Gain extreme visibility to uncover 

advanced threats and malicious activity 

Operational Resilience 

Utilize real-time monitoring to detect 

human error and operational issues 

Founders / 

Management 

See 

Know 

Secure 

Amir Zilberstein 


Founded 2014 

HQ 

New York, New York 


Supported Vendors 

Benny Porat 


Galina Antova 

Co-Founder & Chief of 

Business Development 

Nadav Zafrir 

Team8 Founder & 

Claroty President 

OT Networks 

Yaron Shalom 

CFO & COO 

Complete Network View 

Full representation of the network topology, 

revealing all connections between assets, 

across all different zones and levels 

Advanced View Filters 

Claroty lets you create any custom view using 

a set of filters, including: protocol, firmware 

version, name, asset type, criticality, risk level, 

more 

Data Needed About Your Environment 

Claroty provides detailed asset and 

communications information presented in 

various dashboards and tables 

Baseline Deviations 

Claroty learns the finite set of connections, 

conversations and commands that represent the 

legitimate behavior for each asset, and alerts on 

anomalous behavior that violates it 

Critical Changes 

Real-time monitoring for normal, but high-risk 

changes that pose an operational safety, security 

or process integrity risk 

Malicious Activity 

Asset behavior that indicates distinct malicious 

presence and activity in the network 

Real-Time Monitoring 

Claroty constantly monitors OT networks 

using safe deep packet inspection by 

summarizing multiple associated events 

into a single robust alert 

Proactive Network Enhancement 

Leverage Claroty’s extreme visibility to 

optimize the OT network, prevent cyber 

attacks and ensure process integrity. 

Incident Response and Forensics 

Respond quickly and efficiently to critical 

issues and conduct deeper analysis to 

understand the incident root causes. 

Electric Power 

Oil & Gas 



Manufacturing 

Sept 2016 Series A + B 32.0 

Chemicals 

Data Center 

29

Raises $12M In Series B Financing and $3M in Debt Financing. 

Description 

Founders / 

Management 

Founded 2013 

HQ 

Amount Raised 

ThreatQuotient develops cyber security software that enables organizations to manage threat 

intelligence and defend against cyber-attacks. It offer Threat Intelligence Platform, which ingests and 

centralizes over 120+ feeds ranging from commercial cloudsourcing communities to malware 

sandboxes. The platform uses third party tools to provide insights to enrich your data with OpenDNS, 

VirusTotal, Threat Recon, and more. The turnkey integration of over 25 security technologies keeps your 

detection system up to date with the most high risk indicators. 

John Czupak 

President and CEO 

Sterling, VA 

$27.2M 


Wayne Chiang 

Chief Architect & 

Co-Founder 

Ryan Trost 

CTO & Co-Founder 

Leonard Kurtzman 

CFO 

Marc Solomon 

CMO 

Over 120+ feeds ranging from commercial cloud sourcing communities, open source 

intelligence blacklists, and malware sandboxes. 


ThreatQ: Threat Intelligence Platform 

Centrally manages and correlates 

external sources with internal security 

and analytics solutions for contextual 

intelligence on a single screen 

Ingest & Centralize Data Nurture Indicators Automate Deployment 

Enable your choice of over 

120+ feeds 


Aug 2016 

Debt 

Financing 

3.0 

Automatically correlate 

IOCs and leverage a variety 

of third party tools to 

provide additional insights 

to enrich data 


Turnkey integrations with 25+ 

security technologies enables 

you to keep your detection 

systems up to date with the 

most high risk indicators 

Aug 2016 

Dec 2015 

Series B 

Series A 

12.0 

10.2 

Apr 2015 

Seed 

2.0 

30

Raises $27.5M In Venture Round. 



Description 

ID Experts, provides software and services to organizations for managing cyber risks and 

data breaches, and to consumers to protect and restore their identities from identity theft. It 

offers a Data Breach Response that provides digital forensics investigation, data breach 

notification and crisis communications, credit monitoring, identity monitoring, and health 

monitoring services for the U.S. organizations, attorneys, and insurers. 

YourResponse 

Data Breach Response 

YourResponse is a proprietary, patented 

methodology for analyzing and 

responding to a data breach incident 

that results in the most positive 

outcomes. 

Complete Identity Protection 

MyIDCare is the most complete 

solution for protecting privacy, 

bringing victims peace of mind and 

protecting your organization’s good 

name. 

Medical Identity Monitoring 

MIDAS is our innovative medical ID 

alert system. This technology serves two 

purposes. It protects individuals from 

medical ID theft while also helping 

health insurers address fraud & abuse. 

Founders / 

Management 

Founded 2003 

HQ 

Amount Raised 

Portland, Oregon 

$32.5M 

Bob Gregg 

CEO 

Rick Kam 

President & 

Co-Founder 

Chris Kane 

COO / CIO 

Paul O’Mara 

Sr. VP, Sales & 

Professional Services 

Trusted Partners For Data Breach & Identity Protection 

Doug Pollack 

Chief Strategy & 

Marketing Officer 

ID Experts serve all sizes and industries but specializes in healthcare and government 

Government 

Largest provider of identity protection services 

to the federal government--Tier 1 status on the 

GSA Blanket Purchase Agreement for Identity 

Protection Services 

Health Plans 

Increasingly at risk from cyber intrusions, 

health plans are becoming proactive in 

protecting their members from fraud-ID Experts 

solutions are unmatched 

Your Response services include: 

§ Digital Forensics- analysis on data 

breaches 

§ Data Breach Notification-quick and 

exact notifications of breach 

Breach Products Include: 

§ Credit Monitoring-credit reports 

from all 3 credit bureaus 

§ Identity Monitoring- covers all 

aspects of a person’s identity 

§ Health Monitoring-monitors all 

aspects of patient medical records 

§ Cyberscan- 24/7 internet 

surveillance 


Aug 2016 

Venture 

MyIDCare is split into two categories: 

§ Monitoring-includes credit, cyber, 

identity, and healthcare monitoring 

§ Recovery-identities are restored to 

pre-theft status 

MyIDCare includes: 

§ Single/Tri Credit Monitoring 

§ MIDAS: Medical Identity Monitoring 

§ Cyber & Identity Monitoring 

§ ID Theft Insurance 

§ Recovery Superhero 

§ Member Services 


27.5 

Midas services include: 

§ Protects from Medical Identity Theftmembers 

can review claims, keeping 

medical records secure 

§ Detects Healthcare Fraud- alert 

driven model engages members as 

first line of defense to identify fraud 

§ Engages Members for ACA 

Compliance- involves patients more 

closely in their care 

§ Lowers Healthcare Cost- helps you 

identify and respond to fraud much 

earlier, thus lowering costs 

Trusted By: 

Jan 2016 

Series A 

5.0 

31


Description 

Founders / 

Management 

Distil Networks provides public and private cloud security software that blocks 

malicious bots and automated computer programs attacking Websites. Its software 

enables users to protect their Websites against Web scraping, competitive data mining, 

form spam, and click frauds. The company serves mid-market and enterprise customers 

worldwide. 

Rami Essaid 

CEO & Co-Founder 

Founded 2011 

HQ 

Arlington, Virginia 



Engin Akyol 

CTO & Co-Founder 

Andrew Stein 

Chief Scientist & 

Co-Founder 

Dominick Fuccillo 

VP of Finance & 

Corp Dev 

Courtney Cleaves 

Director of 

Marketing 

Bot Detec0on & 

Mi0ga0on 

Distil’s protection leverages 

machine learning algorithms, 

real time device fingerprinting, 

and the world’s largest Known 

Violators Database 

Cloud CDN 

§ Deploy in minutes on global network 

§ Optimized content for faster delivery & less bandwidth 

§ Increases web scalability 


API 

Security 

Distil’s API Security tracks API 

clients and monitors acceptable 

usage, acting as an automatic 

shield against API hijacking, 

scraping, and abuse 

Deployment Op0ons 


Threat 

Intelligence 

Distil’s Threat Intelligence service 

delivers insights on IP addresses 

gathered from thousands of 

organizations including consumers 

& commercial ISPs 

Appliance 

§ Easy installs on virtualized or metal appliances 

§ Seamless integration with CDNs, load balancers, & network 

infrastructure 

§ Automatically obtains new bad bot fingerprints 

Protects Leading Websites 

Acquisition Summary 


Aug 2016 

Series C 

21.0 

Acquired For $10M 

in Jan 2016 

ScrapeSentry, an MSSP, added a 24/7 SOC 

and team of analysts to respond to bot threats 

in real-time and provide post-incident 

response 

Jun 2015 

May 2014 

Jan & Mar 2013 

2012-2016 

Series B 

Series A 

Seed 

Debt 

Financing 

21.0 

10.0 

2.0 

5.1 

32

StackPath 

StackPath Raises $180 Million In A Series A Round & Acquires Four Companies In The Process. 

Description 

Founders / 

Management 


StackPath is a web services platform for security, speed and scale. It is the first 

platform to unify enterprise security solutions by leveraging collaborative intelligence 

that makes each service smarter and more secure with every threat detected, in 

addition to vastly improving the customer experience. It effectively deputizes each 

service on the host network with the authority to identify and communicate real-time 

threats against it to an intelligent data repository. 

Security 

Web Services Built Secure, Powered 

By Machine Learning 

§ Cloud based DDoS protection 

technology 

§ Layers of physical security 

§ Data secured with AES and TLS 


Network 

Frictionless Global Scale, Built 

On Security 

§ Built for 100Gbps connectivity 

§ Designed for customers growth 

§ Regular vulnerability scans look for 

unauthorized usages 

Dr. Lance Crosby 

Chairman & CEO 

Andrew Higginotham 

COO, President 

Kimberly Sheehy 

CFO 

Paul Drew 

CIO 

Taylor Dondich 

VP Engineering 

Why StackPath? 

Founded 2015 

HQ 

Dallas, Texas 

Amount Raised $180 M 

Speed 

Speed, not only from 

network capacity but 

from support as well 

Scale 

Unified interface for 

all of your essential 

services for scalability 

Support 

24/7 Customer 

Support 

StackPath Acquisition Summary 

Date Acquired Company Company Description 

July 2016 

July 2016 

July 2016 

April 2016 

MaxCDN is a content delivery network that helps companies accelerate static 

and dynamic content around the world. 

Fireblade offers web security services in the areas of DDoS protection, Web 

application security, performance monitoring, and web acceleration aspects. 

Staminus develops advanced security availability technology to mitigate the 

largest and most complex DDoS attacks in the world. 

Cloak is a consumer VPN platform with native iOS and Mac applications to 

allow people to securely use the internet while on untrusted networks. 

Simplicity 

Only web services 

platform with flat, global 

pricing and no contracts 


Transparency 

Publish Net Promoter Score 

(NPS) and real-time network 

latency statistics to website 


July 2016 

Series A 

30.0 

150.0 

Insiders 

33


Description 

Founders / 

Management 


Darktrace is a leader in Enterprise Immune System technology, a new category of cyber 

solutions based on pioneering Bayesian mathematics. Darktrace addresses the 

challenge of insider threat and advanced cyber-attacks through its unique ability to 

detect previously unidentified threats in real time, as manifested in the emerging 

behaviors of the network, devices and individuals. Some of the world’s largest 

organizations rely on Darktrace’s adaptive, self-learning platform to spot anomalous 

activity within the enterprise, in sectors including energy and utilities, financial services, 

telecommunications, retail and transportation. 

Threat Visualizer 

Shines a Light Into Your 

Network 

§ Unique Global View of Enterprise 

§ Flexible Dashboard 

§ Real-time Global Threat Mapping 


Antigena 

Self-learns, Self-Defends In 

Real Time 

§ Extends Darktrace’s Core Power of 

Detection 

§ Stops Threats Before They Spread 

§ Action Taken is Always Highly Targeted 

Nicole Eagan 

CEO 

Steve Chamberlain 

CFO 

Poppy Gustafsson 

COO 

Gary Szukalski 

CMO 

Jack Stockdale 

Global CTO 

Enterprise Immune System 

Founded 2013 

HQ 

London, England 

Amount Raised $104.5M in 3 Rounds 

No Rules or 

Signatures 

Advanced Machine 

Learning 

Real-Time Threat 

Detection 

Founded By Intelligence Experts 

From Cambridge, MI5, and GCHQ 

Driven By World-Leading Mathematicians 

Revenue growth 

over 100% since 

2014 

Selected Customers 



Jul 2016 Series C 

64.0 

Security Company 

of the Year 2016 

Jul 2015 

Series B 

22.5 

Mar 2015 

Series A 

18.0 

34

M&A Activity in 

Cybersecurity

Strategic Moves For Competitive Advantage Accelerating 

The Landscape Of Buyers For Cybersecurity Companies Has Expanded Over Time. 

Cybersecurity 

PE 

Notable Deals By Sector 

IT 

IT 

PE 

9/16: $1.3B / 3.5x 

9/16: NA / NA 7/16: $1.5B / 3.4x 

9/16: $4.2B / NA 

6/16: $293M / 10.0x+ 

6/16: $4.7B / 7.9x 

Defense 

ISP 

Industrial 

6/16: $600M / NA 

Industrial / IoT 

1/16: $275M / 6.9x 

ISP 

7/15: $190M / NA 

Defense 

1/16: NA / NA 

10/15: $9M / NA 

10/15: $400M / 7.5x 

Most Active Acquirers 

12/14: $710M / 6.0x 

7/15: NA / NA 

4/15: $1.9B / NA 

7/14: NA / NA 

4/15: $786M / 3.6x 

10/14: $233M / 3.0x 

Source: Momentum Partners. 

36

Cybersecurity M&A Activity: Deal Volume and Exit Multiples 

Cybersecurity M&A Activity In Q3 Has Retreated To More Normalized Levels. 

Cybersecurity M&A Volume By Year (# Deals) 

Median Cybersecurity EV/TTM Revenue Multiples 

107 

101 

88 

100 

136 

143 

97 

5.5x 

5.0x 

4.5x 

5.9x 

§ 

2010 2011 2012 2013 2014 2015 YTD16 

After reaching record levels last year, Cybersecurity M&A activity in 2016 has retreated to 

more normalized levels (by # of deals) 

§ Total through 3Q16 announced M&A volume totaled $14.3B, representing 97 

deals (Visa Equity/Infoblox, TPG/McAfee, Avast/AVG in Q3 & Symantec/ 

BlueCoat in Q2, represented the majority of $ amount ($11.6B)) 

Contemplated transactions are increasingly falling into three categories: 

§ 

§ 

§ 

Transformational (a la Symantec/Blue Coat; Avast/AVG) 

Opportunistic (a la Proofpoint/ReturnPath; Core Security/Damballa) 

Private Equity/Buyout (a la Vista Equity/Infoblox, Ping; TPG/McAfee) 

Source: Momentum Partners, 451 Research. 

37 

§ 

§ 

§ 

2013 2014 2015 YTD16 

There are only 9 deals through 3Q16 with disclosed multiples at a median of 5.9x TTM 

revenue 

Q3 had several notable acquisitions involving Private Equity counterparties: 

§ 

§ 

§ 

Vista Equity Partners acquired Infoblox, 3.5x TTM Revenue 

Thoma Bravo acquired Imprivata, 3.7x TTM Revenue 

Avast acquired AVG, 3.4x TTM Revenue (Backed by CVC Capital Partners) 

After two straight years of declining multiples, 2016 multiples have increased 32% since 

2015 and are inline with multiples in 2013 

§ 

Several notable strategic transactions in 2013 included IBM/Trusteer (22.5x), 

Cisco/Sourcefire (8.9x) and McAfee/Stonesoft (7.0x)

Cybersecurity M&A: A Closer Look At Deal Value & Multiples 

Cybersecurity M&A Activity Since 2010 With Disclosed Transaction Values And Multiples. 

M&A By Deal Size 

M&A By Valuation Multiples (EV / LTM Rev) 

55% 

0.35 

50% 

45% 

40% 

47% 

97 

0.30 

0.25 

28% 

30% 

24% 

35% 

30% 

25% 

$213M Median Deal Size For >10x 

0.20 

0.15 

29 

32 

25 

18% 

19 

20% 

15% 

10% 

5% 

14% 

28 

16% 

33 

11% 

22 

6% 

7% 

12 15 

0.10 

0.05 

22 

11 

0% 

>$0M - $50M $50M - $100M $100M - $250M $250M - $500M $500M - $1B $1B+ 

0.00 

>0.0 - 3.0x 3.0x - 5.0x 5.0x - 10.0x 10.0x+ 

§ 

§ 

The median exit enterprise value for Cybersecurity exits since 2010 was $65.0M 

M&A exits in Cybersecurity are typically below $100M – 61%+ of the time 

§ 

Valuations for M&A exits in Cybersecurity vary for many reasons – growth, market leadership, 

customer validation, technology and team 

§ 

Exits above $1B are rare representing 7% of all deals (5 public, 7 private and 3 spin-out) 

§ 

Exits >10x are a minority (18%) where the buyers are typically cash rich and willing to pay what 

it takes (median cash balance of the buyers at time of acquisition was $2.9B and median market 

cap was $18.3B) 

Source: Momentum Partners, 451 Research, Capital IQ. 

Buyers 

38

Notable Cybersecurity M&A Transactions 

Cybersecurity M&A Transactions With Disclosed Transaction Values. 

Date Target Buyer Enterprise Value ($M) TTM Revenue ($M) EV / Revenue 

09/19/16 Infoblox Vista Equity Partners 1,254.3 358.3 3.5x 

09/07/16 McAfee TPG Capital 4,200.0 - - 

08/26/16 PhenixID Clavister Holding 11.5 1.1 10.5x 

08/24/16 Return Path, Email Fraud Protection Division Proofpoint 18.0 - - 

08/17/16 Modulo Security SAI Global 5.2 - - 

08/17/16 Sypris Electronics, Cyber Security Solutions Analog Devices 42.0 - - 

07/26/16 Appcito A10 Networks 6.5 - - 

07/25/16 OpenLimit WISeKey 20.4 13.1 1.6x 

07/22/16 Damballa Core Security Technologies 9.0 - - 

07/19/16 Confer Technologies Carbon Black 100.0 - - 

07/13/16 Imprivata Thoma Bravo 488.5 131.1 3.7x 

07/7/16 AVG Technologies AVAST Software 1,463.0 430.6 3.4x 

06/29/16 IDscan Biometrics GB Group 60.8 10.3 5.9x 

06/28/16 Cloudlock Cisco 293.0 − 10.0x+ 

06/12/16 BlueCoat Symantec 4,722.2 598.3 7.9x 

06/07/16 AccelOps Fortinet 32.0 − − 

06/01/16 Ping Identity Corporation Vista Equity Partners 600.0 − − 

05/05/16 Advanced Security Consulting Falanx Group 0.8 − − 

04/27/16 ANXeBusiness Open Text 104.0 − − 

04/18/16 CSIdentity Experian 360.0 − − 

Source: Capital IQ, 451 Research. 

39




03/23/16 Sookasa Barracuda Networks 0.4 − − 

03/10/16 Agata Solutions CyberArk 3.1 – – 

03/03/16 Safend SuperCom 1.5 – – 

02/29/16 Resilient Systems IBM 100.0 − − 

02/18/16 ValidSoft Cross River Initiatives 12.6 – – 

02/08/16 IronKey Enterprise Management Services DataLocker 0.4 – – 

02/08/16 IID Infoblox 45.0 – – 

02/01/16 Invotas FireEye 30.0 – – 

01/20/16 iSight Partners FireEye 275.0 40.0 6.9x 

01/13/16 ScrapeSentry Distil 10.0 − − 

01/05/16 TowerSec Harman Becker Automotive Systems 75.8 − − 

12/16/15 Evault Carbonite 14.0 − − 

12/14/15 SurfRight Sophos 31.8 − − 

12/11/15 Cyveillance LookingGlass Cyber Solutions 35.0 18.0 1.9x 

12/10/15 Trustev TransUnion 44.0 − − 

11/24/15 Fox-IT Group NCC Group 140.6 29.0 4.9x 

11/17/15 Aura Information Security Kordia Group Limited 6.5 − − 

11/09/15 Secure Islands Microsoft 77.5 − − 

11/09/15 Elastica Blue Coat Systems 280.0 7.5 37.3x 

11/02/15 Bloxx Akamai 18.7 − − 


40




10/27/15 Lancope Cisco 452.5 − − 

10/22/15 Cloudpath Networks Ruckus Wireless 9.0 − − 

10/21/15 TippingPoint Technologies Trend Micro 300.0 169.0 1.8x 

10/19/15 Vormetric Thales e-Security 421.0 53.5 7.9x 

10/13/15 Logentries Rapid7 71.1 − − 

10/09/15 LastPass LogMeIn 115.7 11.2 10.3x 

10/08/15 Daegis Open Text 20.8 23.7 0.9x 

10/07/15 Viewfinity CyberArk 30.5 − − 

10/06/15 Code Green Networks Digital Guardian 18.0 − − 

10/05/15 Foreground Security Raytheon Company 62.0 − − 

09/29/15 Intronis Barracuda Networks 65.0 20.6 3.2x 

09/24/15 Billguard Prosper 30.0 − − 

09/22/15 Elitcore Technologies Sterlite Technologies 27.3 22.3 1.2x 

09/21/15 Absolute Software HEAT Software 11.0 − − 

09/16/15 Infoplex Bulletproof Group 2.6 4.3 0.6x 

09/08/15 Adallom Microsoft 290.0 − − 

09/04/15 Good Technology Blackberry 425.0 211.9 2.0x 

08/25/15 Above Security Hitachi Data Systems 4.7 − − 

08/06/15 Pawaa Software Cisco 5.0 − − 

07/31/15 Sansa Security ARM Holdings 71.6 − − 


41




07/09/15 Caspida Splunk 190.0 − − 

06/30/15 OpenDNS Cisco Systems 635.0 − − 

06/26/15 White Sky Intersections 1.1 − − 

06/16/15 Knowledge Consulting Group ManTech International 68.0 − − 

06/10/15 Brivo Systems Dean Drako 50.0 − − 

06/09/15 Reflexion Networks Sophos 22.0 − − 

06/08/15 IdMlogic CA Technologies 20.0 − − 

06/02/15 nSense F-Secure 20.0 7.8 2.6x 

05/27/15 ShieldArc Palo Alto Networks 18.0 − − 

05/06/15 Privax AVG 60.0 − − 

05/04/15 NT Objectives Rapid7 6.5 − − 

04/28/15 Cervalis CyrusOne 400.0 70.0 5.7x 

04/21/15 Watchdox Blackberry 70.0 − − 

04/20/15 Websense Raytheon 1,900.0 − − 

04/14/15 Fidelis Cybersecurity Marlin Equity Partners 200.0 60.0 3.3x 

04/18/15 Oculis Labs Optio Labs 0.5 − − 

04/07/15 Trustwave Singtel 785.7 216.0 3.6x 

04/02/15 Lacoon Mobile Security Check Point 80.0 − − 

03/31/15 Redspin Auxilio 3.9 − − 

03/24/15 Accumuli NCC Group 82.8 34.9 2.4 


42




03/10/15 Blue Coat Systems Bain Capital 2,400.0 − − 

03/10/15 CyActive Paypal 43.0 − − 

03/02/15 Emerging Threats Proofpoint 32.3 − − 

03/02/15 Xerocole Akamai 16.6 − − 

03/02/15 Cloudshield Lookingglass Cyber Solutions 5.0 − − 

02/24/15 Optenet Allot Communications 38.0 − − 

02/19/15 MegaPath Managed Services Business Global Technology & Telecom 152.4 142.4 1.2x 

01/14/15 IntellinX Bottomline Technologies 84.9 − − 

12/09/14 Tripwire Belden 710.0 118.5 6.0x 

11/13/14 Aorato Microsoft 200.0 − − 

11/05/14 Blackbird Technologies Raytheon 420.0 − − 

10/21/14 Silversky Networks BAE Systems 232.5 − − 

10/20/14 RightSignature Citrix Systems 36.0 − − 

10/13/14 Danaher (Textronix, Arbor, Fluke) Netscout 2,619.4 836.0 3.1x 

10/01/14 MobileSpaces Pulse Secure 100.0 − − 

09/15/14 Attachmate Micro Focus 2,159.4 875.4 2.5x 

09/11/14 Morvirtu Blackberry 32.5 − − 

09/04/14 Meldium LogMeIn 15.0 − − 

09/03/14 Location Labs AVG Technologies 220.0 33.0 6.7x 

09/02/14 BeyondTrust Software Veritas Capital 310.0 70.5 4.4x 


43




09/02/14 SOFTPRO Kofax 34.7 13.3 2.6x 

08/08/14 SafeNet Gemalto 890.0 454.8 2.0x 

08/04/14 MDotLabs Comscore 4.5 − − 

07/31/14 NetClarity Hexis Cyber Solutions 1.9 − − 

07/29/14 Secusmart Blackberry 9.0 − − 

07/21/14 Retail Decisions ACI Worldwide 205.0 − − 

07/08/14 Delphiis Auxilio 2.7 − − 

07/07/14 CA Arcserve Data Protection Assets Marlin Equity Partners 170.0 − − 

06/23/14 ArmstrongAdams Accumuli 6.3 − − 

05/20/14 NetCitadel Proofpoint 22.8 − − 

05/19/14 Divide Google 120.0 − − 

05/06/14 nPulse Technologies FireEye 67.1 − − 

04/24/14 DecTech Solutions GB Group 34.2 9.8 3.5x 

04/23/14 docTrackr Intralinks 10.0 − − 

04/07/14 Metaforic INSIDE Secure 17.4 − − 

03/31/14 Blancco Oy Regenersis 82.7 17.1 4.8x 

03/24/14 Cyvera Palo Alto Networks 213.3 − − 

02/23/14 Boxtone Good Technology 101.0 20.9 4.8x 

02/10/14 Cyberoam Sophos 80.0 − − 

02/06/14 Skyfence Imperva 65.0 − − 


Note: NM – Not Meaningful 

44




02/06/14 Incapsula Imperva 40.5 − − 

01/30/14 Tomium Imperva 8.1 − − 

01/22/14 AirWatch VMware 1,545.0 − − 

01/06/14 Morta Security Palo Alto Networks 10.3 − − 

01/02/14 MANDIANT FireEye 826.5 102.0 8.1x 

12/12/13 Lemon LifeLock 42.6 0.6 NM 

12/09/13 QUMAS Accelrys 47.8 19.3 2.5x 

12/03/13 Alaric NCR 78.4 − − 

12/02/13 Prolexic Akamai 402.6 − − 

10/29/13 Net Optics Ixia 190.0 49.0 3.9x 

10/01/13 41st Parameter Experian 324.0 − − 

Mean 286.4 133.4 5.2x 

Median 60.0 34.0 3.6x 


45

VC Activity in 

Cybersecurity

Financing Activity Since 2010 

Cybersecurity Startups Raised $15.1 Billion Across 1,244 Deals Since 2010. 

Investment Deals And Dollars 

($B) (2010 – 3Q16) 

108 

120 

$0.8 $0.8 

156 

$1.2 

201 207 

$1.7 

$2.7 

232 219 

$3.9 $3.9 

Investment Deals And Dollars 

($M) (Q1 2010 – Q3 2016) 

$1,699 

80 

$1,164 

$1,245 

64 

67 $1,271 

59 

57 61 72 

57 

51 49 

53 

47 

49 

49 50 

$931 

$920 

40 

42 

$844 $818 

30 

31 35 

33 36 

27 

30 

23 

24 

$446 $510 $427 $515 $545 $500 $543 

28 

$197 $212 $236 $141 $130 $219 $259 $242 $248 $264 $269 $261 

2010 2011 2012 2013 2014 2015 YTD16 

Q1'10 

Q2'10 

Q3'10 

Q4'10 

Q1'11 

Q2'11 

Q3'11 

Q4'11 

Q1'12 

Q2'12 

Q3'12 

Q4'12 

Q1'13 

Q2'13 

Q3'13 

Q4'13 

Q1'14 

Q2'14 

Q3'14 

Q4'14 

Q1'15 

Q2'15 

Q3'15 

Q4'15 

Q1'16 

Q2'16 

Q3'16 

Investments ($B) 

Deals 

Investments ($M) 

Deals 

§ 2016 has reached record numbers YOY, with 2016 

on pace to be larger than 2015 in both $ amounts 

and deal volume 

§ Dollars invested shows significant increase in 

3Q16, with 2016 on pace to outgrow 2015 by 

$1B+ 

Source: Momentum Partners, CB Insights, Pitchbook Data. 

§ Over the last eight quarters investors have poured $8.6B into cybersecurity 

§ On a quarterly basis 3Q16 has become the 2 nd largest quarter, behind 1Q16 in investments, with value of 

deals reaching over $1.2B; additionally, deal volume has reached a record number at 80 Deals in 3Q16 

§ Although we saw a slow down in volume activity in September in comparison to July & August, deal value 

reached consistent levels MoM in Q316 

Note: Data for 2014 – 2016 includes only deals with amounts raised >$1M. 

47

Cybersecurity Startups And Investors 

List Of Most Well-Funded Startups And Most Active VC Investors. 

Most Well-Funded Cybersecurity Startups ($M) 

302 301 

283 

Most Active Investors in Cybersecurity* 

23 23 

22 22 22 22 

20 

232 

190 187 186 182 180 177 175 

156 156 

148 143 

16 

15 

14 

13 

12 12 

11 

§ 

§ 

§ 

The top 15 most well-funded startups have raised $3.0B over their lifespan 

Tanium continues to top the list of most well-funded just ahead of Tenable, having 

raised $212M in 2015 and over $300M since 2007 

An additional 19 companies have raised between $100M and $140M for a total of 

$2.3B, including Digital Guardian ($135M), Netskope ($133M), Bracket Computing 

($132M), Pindrop Security ($122M), Ionic Security ($122M), Skybox Security 

($119M), Druva ($118M), Bromium ($116M), Darktrace ($105M) 

§ 

Among investors, Bessemer Venture Partners and New Enterprise Associates have 

become the most active investors as we reach the end of 3Q16, having invested in 23 

companies each since 2010 

§ 

Bessemer and NEA’s notable investments in 3Q16 included Claroty & Virtru 

and Cyence & ThreatQuotient, respectively 

§ Intel Capital, Sequoia Capital, Paladin Capital, Accel each followed with 22 

investments, respectively 

Source: PitchBook Data, Crunchbase. 

48 

* Investments in rounds with minimum size of $5 million.

Venture Capital Activity 

Venture Capital Raises >$10 Million Since Q3 2014. 

Investment 

Date 

Selected Investor(s) Company Business Description 

Amount 

Raised ($M) 

29-Sept-16 

28-Sept-16 

28-Sept-16 

25-Sept-16 

Baseline Ventures, EDB Investments, EPIC 

Ventures, GV, KPCB, Northern Light, Venrock 

Sequoia Capital, Blue Cloud Ventures, EDB 

Investments, Hercules Capital, Tenaya Capital 

General Catalyst, Acero Capital, John 

Thompson, Paul Sagan, Ron Gula 

Thomvest Ventures, Greylock Partners, Sequoia 

Capital 

Shape Security stops automated web and mobile application attacks, like credential stuffing, 

content scraping, and application-layer DDoS, that bypass existing defenses. 

Druva Software provides data protection and governance solution for public and private clouds 

in an enterprise. 

Contrast Security develops application security software that stops hackers from stealing data 

through Web applications. 

Skyhigh Networks is a cloud access security company, enables companies to embrace cloud 

services with appropriate levels of security, compliance, and governance. 

19-Sept-16 Grotech Ventures, Paladin Capital Group White Ops provides online fraud detection solutions. It offers Real Time Dashboard, a solution 

that enables users to identify, track, and classify automated fraud in real time. 

15-Sept-16 

13-Sept-16 

13-Sept-16 

8-Sept-16 

GGV Capital, Flybridge Capital Partners, 

Globespan Capital Partners, Menlo Ventures 

Bessemer, ICV Capital, Innovation Endeavors, 

Marker, Mitsui, Red Dot Capital Partners 

Greylock Partners, Aspect Ventures, Singtel 

Innov8, USVP, Gur Shatz, Shlomo Kramer 

American Express Ventures, Menlo Ventures, 

TriplePoint Capital 

BitSight provides a security rating platform, which analyzes external data on security behaviors 

that allows to manage third party risk, and benchmark performance. 

Claroty discovers the most granular elements. By extracting critical data, and formulating 

actionable insights, it provides visibility and brings unparalleled clarity to OT networks. 

Cato Networks provides cloud-based platform to manage multiple hardware and software 

products and provide security against hacking, data theft and other security problems. 

Signifyd is a SaaS-based, enterprise-grade fraud technology solution for e-commerce stores. 

8-Sept-16 NEA, Dowling Capital Management, IVP Cyence has developed an economic cyber risk modeling platform quantifying cyber risk in 

probabilities and dollars. 

40.0 

51.0 

16.0 

40.0 

20.0 

40.0 

32.0 

30.0 

19.0 

40.0 

30-Aug-16 

Riverwood, Adams Street, Delta-v, EDB 

Investments, Exclusive Ventures, Siemens 

LogRhythm provides log management and security information and event management 

solutions. 

50.0 

30-Aug-16 

Millennium Technology Value Partners, Centana 

Growth Partners 

Jumio is an identity management and credentials company that helps businesses reduce fraud 

and increase revenue by utilizing proprietary computer vision technology. 

15.0 

Source: Capital IQ, PitchBook Data, CrunchBase. 

49



Investment 

Date 


Amount 

Raised ($M) 

25-Aug-16 

24-Aug-16 

23-Aug-16 

22-Aug-16 

Maverick Ventures, Arsenal, Bloomberg Beta, 

Data Collective, Divergent, Signia Venture 

Trinity Ventures, Bessemer Venture Partners, K9 

Ventures, SVB 

NEA, Blu Venture Investors, Center for 

Innovative Technology 

Bessemer, Blue Delta Capital, Haystack 

Partners, NEA, Quadrant Capital, Soros Fund 

BlueTalon provides data-centric security for big data initiatives. It delivers precise, consistent 

and dynamic user access controls to data across Hadoop, Cassandra & SQL data platforms 

Auth0 is an identity-as-a-service that authenticates and authorizes apps/APIs with any popular 

identity provider running on any popular software stack on any popular device/cloud. 

ThreatQuotient offers a software platform that helps security teams mitigate cyber attacks by 

aggregating and managing intelligence on threats. 

Virtru provides data encryption and digital privacy protection, keeping data sent online private 

for individuals and organizations. 

18-Aug-16 Undisclosed Bat Blue is a cloud security service that leverages a unique Globally Distributed Security 

Abstraction Layer (Global Seal) technology to deliver uniform and consistent security. 

18-Aug-16 

11-Aug-16 

Trident Cyber, Peloton Equity, BlueCross 

BlueShield Venture, Sandbox Advantage 

Pelion Venture Partners, Square Peg Capital, 

Fenwick & West, IAG 

ID Experts provides software and services to organizations for managing cyber risks and data 

breaches, and to consumers to protect and restore their identities from identity theft. 

UpGuard analyzes data about the state of corporate networks to devise a numerical score that 

gives a security risk score, used by insurance companies for cyber insurance. 

8-Aug-16 Rally Capital, IDG Ventures, Ignition Partners Tempered Networks is a security platform that enables organizations to rapidly deploy identitybased 

overlay networks to ‘cloak’ trusted endpoints, networks and assets. 

3-Aug-16 

2-Aug-16 

27-Jul-16 

26-Jul-16 

Undisclosed 

Bessemer Venture Partners, Foundry Group, 

SVB, Techstars 

Paladin Capital Group, Bessemer Venture 

Partners 

Accel (Series A), Ignition Partners (Series B), 

Elieses (Series B) 

ThinAir keeps users safe by providing insight and protection against four key vectors of data 

breaches: Insider Threats, Criminal Adversaries, Data Exfiltration, and Human Error. 

Distil’s SaaS bot detection and mitigation solutions work like a protective shield and blocks 

malicious bots, malware and competitors that try to scrape websites without permission. 

PhishMe provides training to employees against phishing threats enabling them to identify, 

report, and mitigate spear phishing, malware and drive-by threats. 

Acalvio provides Advanced Threat Defense (ATD) solutions to detect, engage and respond to 

malicious activity inside the perimeter. 

16.0 

15.0 

12.0 

29.0 

13.5 

27.5 

17.0 

10.0 

15.0 

21.3 

42.5 

17.0 


50



Investment 

Date 


Amount 

Raised ($M) 

26-Jul-16 

Deutsche Telekom Partners, HP Pathfinder, 

Maverick Ventures, Sequoia, Shlomo Kramer 

SafeBreach provides a “hacker's view” of an enterprise’s security posture to proactively predict 

attacks, validate security controls and improve SOC analyst response. 

15.0 

25-Jul-16 

19-Jul-16 

ABRY Partners, Insiders 

Insight Venture Partners, Spark Capital, Union 

Square Ventures 

StackPath 

StackPath is a web services platform that unifies enterprise security, leveraging collaborative 

intelligence to make each service smarter/more secure with every threat detected. 

Sift Science offers large-scale machine-learning technology services that help e-commerce 

businesses detect and fight fraud. 

30.0 

180.0 

19-Jul-16 83North, Battery Ventures, Cisco Investments GuardiCore provides network security solutions for software-defined data centers. 

19-Jul-16 

19-Jul-16 

15-Jul-16 

Foundation Capital, Shasta Ventures, New York 

Life Insurance, Pitango, Lane Bess 

Accelerate IT Ventures, Grayhawk Capital, 

Benhamou Global, Generation Ventures 

Santander Bank 

Skycure is a predictive mobile threat defense company that actively detects and prevents mobile 

cyberattacks while preserving user privacy and experience. 

Blue Cedar Networks develops / operates Atlas platform, an end-to-end application security and 

connectivity solution to protect assets across the extended enterprise. 

Silent Circle is a global encrypted communications service that provides cutting-edge encrypted 

text, e-mail, mobile phone and video teleconferencing services. 

13-Jul-16 Carrick Capital Partners, Comcast Ventures Bay Dynamics develops automated cyber security and risk solutions for enterprises, by turning 

enterprise data into actionable information risk intelligence. 

13-Jul-16 

12-Jul-16 

Vertex Ventures, Aspect Ventures, Magma 

Venture Partners, Shlomo Kramer 

Greycroft Partners, Bloomberg Beta, Cisco, 

Jump Capital, K2 Intelligence, Tech Operators 

Indegy provides visibility and security for industrial control networks to ensure operational 

continuity and reliability. 

Flashpoint’s Deep & Dark Web data, expertise and technology enable organizations to glean 

intelligence that informs risk and protects their ability to operate. 

7-Jul-16 AM Partners, VMS Investment Group Post-Quantum, provides data confidentiality, authenticity, and access control solutions. 

20.0 

16.5 

11.0 

50.0 

23.0 

12.0 

10.0 

10.3 

6-Jul-16 

TenEleven Ventures, Rally Ventures, YL Ventures 

Twistlock develops a security suite for virtual container security in enterprises that enables 

developers and security operations teams to keep container-based applications safe. 

10.0 


51



Investment 

Date 


Amount 

Raised ($M) 

5-Jul-16 

KKR, Hoxton Ventures, Softbank, Summit 

Partners, TenEleven Ventures 

Darktrace’s Enterprise Immune System technology automatically detects and responds to 

emerging threats, powered by machine learning and mathematics from Univ. of Cambridge. 

64.0 

30-Jun-16 

28-Jun-16 

Undisclosed 

Blackstone Ventures, Cisco Investments, 

Crosslink Capital, Rally Ventures 

StackRox offers a software that provides cyber security and cloud computing services for the 

enterprises. 

Verodin is defining the emerging concept of instrumented security, enabling customers to 

measure and continuously validate the cumulative effectiveness of layered security. 

10.0 

10.0 

23-Jun-16 

22-Jun-16 

GV, Boldstart Ventures, Evolution Equity 

Partners, Sequoia Capital, Two Sigma 

Access Industries, Amplify Partners, Battery 

Ventures, Glilot Capital, Shlomo Kramer 

Security Scorecard provides a cybersecurity rating and continuous risk monitoring platform 

allowing enterprises to gain operational command of their security posture. 

LightCyber provides behavioral attack detection solutions and the first to integrate user, network 

and endpoint context to provide security visibility into attack activity. 

20.0 

20.0 

21-Jun-16 

CRV 

Zerto provides enterprise-class business continuity and disaster recovery solutions for 

virtualized infrastructure and cloud. 

20.0 

20-Jun-16 Delta-v Capital, LiveOak Venture Partners NSS Labs is an independent, information security research and testing organization. 

16-Jun-16 NEA, Wing Tigera is solving networking and security problems inherent in deploying and enforcing policy 

in large private, public, and hybrid enterprise clouds. 

8-Jun-16 

Insight, Blackstone, Capital One, Ten Eleven, 

DFJ, KKR, Fairhaven, Khosla 

Cylance utilizes artificial intelligence, algorithmic science and machine learning to proactively 

protect organizations against advanced threats. 

7-Jun-16 FTV Capital ReliaQuest is a pioneer in IT security solutions, ensuring that organizations remain secure and 

compliant as the IT world changes. 

7-Jun-16 

1-Jun-16 

Warburg Pincus, Lazarus Israel Opportunities 

Fund, Sierra Ventures, Telstra Ventures 

Amazon, Goldman Sachs, GV, Hayman Capital, 

Icon Ventures, KPCB, Meritech 

Zimperium is a mobile security startup that develops a mobile IPS to combat advanced modern 

cyber attacks on smartphones. 

Ionic Security, a data security platform, provides access control, intellectual property 

monitoring, data encryption, and policy management. 

16.0 

13.0 

30.0 

25.0 

45.0 

100.0 


52



Investment 

Date 


Amount 

Raised ($M) 

25-May-16 

Transunion, Bessemer Venture, Firstmark 

Capital, Rho Ventures 

Dashlane makes identity and payments simple and secure everywhere with its password 

manager and secure digital wallet. 

22.5 

24-May-16 

24-May-16 

Norwest, Greylock Partners, Alloy Ventures, 

Battery Ventures, First Round, Scale Venture 

Redline Capital, Telstra Ventures, Work-Bench, 

Allegis, Citi Ventures, Highland Capital 

Agari leverages the company’s proprietary, global telemetry network and patent-pending 

predictive Agari Trust Analytics to identify and stop phishing attacks. 

vArmour provides software-defined security solutions for virtualized data centers and 

government cloud operators. 

22.0 

41.0 

17-May-16 

StageOne Ventures, Magma, Greenfield Cities 

Holdings 

AVANAN is a stealth mode startup that offers enterprise-grade security for data in the cloud. 

14.9 

12-May-16 Sand Hill Ventures Wickr is a secret messaging app allowing its users to send and receive top-secret messages, 

pictures, videos, audios, and files. 

11-May-16 

Fairhaven Capital, .406 Ventures, MassMutual 

Ventures, Ascent Venture Partners 

Pwnie Express provides full threat detection of every wireless and wired device in and around 

your workplace. 

28-Apr-16 Bain Capital, True Ventures, Venrock Evident.io provides continuous cloud security for AWS, enabling rapid detection/remediation of 

risks, vulnerabilities, & compliance issues. 

27-Apr-16 

26-Apr-16 

21-Apr-16 

21-Apr-16 

20-Apr-16 

Helion Venture Partners, India Alternatives, 

Sistema Asia Fund, VenturEast 

NewSpring Capital, Atlanta Equity, Flybridge 

Capital Partners, Jvax Investment Group 

Institutional Venture Partners, General Catalyst, 

GV, Paladin Capital Group 

Scale Venture Partners, NEA, Sequoia, 

Commerce Ventures, Eleven Two Capital 

Blackbird Ventures, Costanoa, Paladin, Rally 

Ventures, Salesforce, Industry Ventures 

Seclore’s Enterprise Digital Rights Management solution enables organizations to control the 

usage of files wherever they go, both within and outside of organizations’ boundaries. 

VidSys provides a physical security information management (PSIM) and converged security 

and information management (CSIM) software platform. 

Anomali’s platform is a security intelligence solution that aggregates millions of threat indicators 

into existing security systems. 

Forter's platform uses cyber intelligence combined with behavioral and identity analysis to help 

merchants spot fraudulent transactions. 

Bugcrowd's Crowdcontrol® platform safely orchestrates a flexible array of managed bug 

bounty, penetration test, and responsible disclosure offerings. 

34.0 

12.9 

15.7 

12.0 

11.0 

32.0 

30.0 

15.0 


53



Investment 

Date 


Amount 

Raised ($M) 

15-Apr-16 Scale Venture Partners, .406 Ventures Threat Stack provides a fully integrated, cloud-native continuous monitoring solution that gives 

customers instant visibility and automatically responds to changes in their environment. 

14-Apr-16 Idinvest Partners, Crunchfund, Wellington Foods Onfido's identity verification software, powered by machine learning technology, verifies 

peoples identities before running further searches(i.e. Criminal/Anti-Money-Laundering). 

13-Apr-16 

Highland Capital Partners Europe, Auriga 

Partners, Galeo-Ventures, Waypoint Capital 

Smarter IT through analytics. Captures all local and network activities in real-time across all 

endpoints and transforms end-user data into actionable analytics. 

15.4 

25.0 

40.0 

13-Apr-16 

Advantech Capital, Qiming Venture, China 

Broadband, IDG Capital, Linear Venture 

FraudMetrix develops online software solutions for anti-theft and fraud management 

applications in financial, insurance, payment, and online shopping. 

32.0 

11-Apr-16 

Vertex Ventures, Data Collective, Andy 

Bechtolsheim 

PerimeterX is a provider of behavior-based threat protection technology. Its PerimeterX Bot 

Defender, accurately protects commerce, media and enterprise websites from any attack. 

12.0 

7-Apr-16 ARBY Partners Edgile provides strategic security and risk consulting services to Fortune 500 companies. 

35.0 

6-Apr-16 

24-Mar-16 

Drive Capital, Healthy Ventures, SVB, Khosla 

Ventures, Moonshots Capital, NCT Ventures 

A16z, Highland Capital, Intel Capital, Silver 

Lake Waterman, Lightspeed, Meritech Capital 

CrossChx is identity resolution for smarter healthcare, it creates a universal patient ID to 

organize healthcare data and enable a new breed of innovative applications. 

Bromium’s endpoint protection solutions automatically create hardware-isolated micro-VMs 

that secure every user task. 

15.5 

40.0 

15-Mar-16 

14-Mar-16 

GV, Cisco, Index Ventures, Intel Capital, 

Northgate, Sutter Hill Ventures, Thomvest 

Pelion Venture Partners, Madrona Venture 

Group 

Skyport Systems develops Hyper-Secured Infrastructure that ensures the security of missioncritical 

IT assets, with tight integration of compute, security, virtualization and policy. 

ICEBRG is a stealth network security company. 

10.0 

30.0 

25-Feb-16 

Menlo Ventures, QED Investors, IA Ventures, 

Allegis Capital, Tim Eades, Bill McKiernan 

Signifyd is a SaaS-based, enterprise-grade fraud technology solution for e-commerce stores. 

20.0 

23-Feb-16 

Accenture, AT&T, Nokia, Temasek Holdings, 

Cisco, Bessemer, Innovation Endeavors, 

Team8 is an incubator for cyber-security firms with specialty in defending against targeted, 

human-driven cyber-attacks 

23.0 


54



Investment 

Date 


Amount 

Raised ($M) 

17-Feb-16 

10-Feb-16 

10-Feb-16 

9-Feb-16 

Qihoo 360 Technology, Shanghai Ziyou 

Investment Management 

Qumra Capital, Entree Capital, Genesis 

Partners, Phoenix Insurance, NTT DOCOMO 

Sutter Hill Ventures, Clear Venture Partners, 

Battery Ventures, Amplify Partners 

Trinity Ventures, Ten Eleven Ventures, Storm 

Ventures, Passion Capital 

360 Security provides mobile security applications. 

Riskified operates a technology platform for online merchants that is used to prevent fraudulent 

and other transactions of risk. 

Vera operates as a data-security company that enables enterprises, IT organizations, and endusers 

to secure and share digital information across platforms and devices. 

Digital Shadows provides cyber situational awareness that helps organizations protect against 

cyber attacks, loss of intellectual property, and loss of brand integrity. 

4-Feb-16 Silver Lake Partners Symantec is a global provider of security and systems management solutions that help 

businesses and consumers secure and manage their information and identities. 

4-Feb-16 

3-Feb-16 

3-Feb-16 

Goldman Sachs, Accel, NEA, Bay Partners, 

Hummer Winblad, Morgenthaler Ventures 

Providence Equity Partners 

Cisco, Edison Partners, Georgian Partners, 

VentureLink, Northleaf Capital Partners 

Sonatype helps development organizations intelligently source, manage, assemble, secure and 

maintain open source and third-party components. 

Skybox Security provides integrated security solutions that provide visibility of exploitable 

attack vectors, hot spots of vulnerabilities, network misconfigurations and risky firewall rules. 

eSentire protects mid-sized organizations from sophisticated cyber threats in real-time 24/7 by 

leveraging behavioral, reputational and signature-based capabilities. 

3-Feb-16 NA Carbon Black provides endpoint threat detection, response, and prevention solutions to detect 

and stop cyber threats. 

1-Feb-16 

28-Jan-16 

26-Jan-16 

Foundation Capital, Eddy Shalev, Gilat 

Opponent 

Google Capital, IVP, Felicis Ventures, A16z, Citi 

Ventures, GV 

Lightspeed Venture Partners, Norwest Venture 

Partners, SingTel Innov8 


Kaymera provides military-grade cyber defense solutions for mobile devices. 

Pindrop Security provides caller-ID products to detect, report, and mitigate phone fraud. 

Fireglass’ Threat Isolation Platform eliminates common attack vectors against browsers, emails, 

documents and web applications. 

55 

100.0 

25.0 

17.0 

14.0 

30.0 

100.0 

25.0 

17.0 

14.0 

30.0 

500.0 

500.0



Investment 

Date 


Amount 

Raised ($M) 

21-Jan-16 Wellington Management ForeScout enables organizations to continuously monitor and mitigate security exposures and 

cyber attacks 

21-Jan-16 Fidelity Investments Malwarebytes develops anti-malware technologies to detect and remove malicious programs 

from PCs. 

20-Jan-16 Global Emerging Markets Limited WISeKey develops online security and identity management solutions worldwide. 

76.0 

50.0 

59.8 

13-Jan-16 

13-Jan-16 

TA Associates 

IVP, 83North, Battery Ventures, Harmony 

Partners, USVP, ClalTech, RTP Ventures 

StorageCraft provides best-in-class backup, disaster recovery and business continuity solutions 

for servers, desktops and laptops. 

Zerto provides enterprise-class disaster recovery and business continuity software for virtualized 

data centers and cloud environments. 

50.0 

187.0 

31-Dec-15 

16-Dec-15 

16-Dec-15 

Blue Coat, Knollwood Investments, Venrock, 

USVP 

Trustbridge Partners, Danhua Capital, Linear 

Capital Partners, Sparkland Ventures 

Brookline Venture Partners, Fairhaven Capital 

Partners, GE Pension Trust, LLR Partners 

Appthority develops application security solutions that help businesses identify the risks hidden 

inside mobile applications. 

Trustlook develops a static analysis platform for detecting suspicious behavior and malicious 

characteristics for Android operating systems. 

Digital Guardian provides data security solutions to protect data from insider and outsider 

threats. 

10.0 

17.0 

66.0 

15-Dec-15 

American Express Ventures, BDC Venture 

Capital, Blumberg Capital, Tenfore Holdings 

Trulioo provides online portal for identity verification services. 

15.0 

11-Dec-15 

9-Dec-15 

NewSpring Capital, Alsop Louie Partners, 

Neuberger Berman 

Amadeus Capital Partners, Aspect Venture 

Partners, Bain Capital Ventures 

Lookingglass Cyber Solutions develops cyber threat intelligence monitoring and management 

platforms. 

ForeScout enables organizations to continuously monitor and mitigate security exposures and 

cyber attacks. 

50.0 

75.4 

3-Dec-15 

Core Capital Partners, Genacast Ventures, 

Highland Capital Partners, NEA, SVB 

ZeroFOX provides real-time social threat analytics, intelligence, and advanced security 

protection via its cloud-based cyber platform. 

27.0 


56



Investment 

Date 


Amount 

Raised ($M) 

2-Dec-15 JMI Equity Avecto's Defendpoint software protects endpoints from malware and cyberattacks through 

privilege management, application control and sandboxing technology. 

2-Dec-15 

1-Dec-15 

1-Dec-15 

17-Nov-15 

11-Nov-15 

11-Nov-15 

Blu Venture Investors, NEA, Center for 

Innovative Technology 

Grotech Ventures, SAP National Security 

Services 

Alibaba, GE Ventures, Jérusalem Venture 

Partners, Poalim Ventures 

Tola Capital, Arsenal Venture, Crosslink Capital, 

Paladin Capital, Trinity Ventures 

Menlo Ventures, Jerusalem Venture Partners, 

OurCrowd, Draper Nexus 

Norwest Venture Partners, Invus Group, 

Accolade Partners, Shasta Ventures, REV 

ThreatQuotient offers a software platform that helps security teams mitigate cyber attacks by 

aggregating and managing intelligence on threats. 

ThreatConnect provides a cyber threat intelligence platform that allows global organizations to 

manage massive amounts of threat information. 

Theta Ray offers malware detection and prevention solutions for critical infrastructure, 

communication systems, and financial systems. 

ProtectWise offers cloud-based network security services. 

AppDome’s dynamic wrapping SaaS technology provides shield to enterprise and consumerfacing 

apps from advanced cyber threats, mobile fraud, and data theft. 

TigerText provides security software for text messaging for physicians to use on their mobile 

devices. 

10-Nov-15 Insight Venture Partners, Accel Partners Tenable Network Security specializes in developing software that enables real-time network 

monitoring to detect hackers and other malicious actors. 

9-Nov-15 

3-Nov-15 

2-Nov-15 

Costanoa Ventures, Foundation Capital, Split 

Rock Partners, Triangle Peak Partners 

Goldman Sachs 

Foundation Capital, Matrix Partners, 

Northbridge Venture Partners 

Guardian Analytics is provider of fraud prevention software for protecting online channels and 

accounts. 

iboss Cybersecurity provides innovative APT Defense, Web Security and Mobile Security 

Solutions. 

Confer provides endpoint detection and response solution (EDR) that proactively identifies 

attacks and provides real-time visibility across all endpoints. 

30-Oct-15 Merck Global Health Innovation Fund Exostar develops B2B information sharing software. 

49.0 

10.2 

16.0 

20.0 

20.0 

13.0 

50.0 

10.9 

35.0 

17.0 

15.0 

250.0 


57



Investment 

Date 


Amount 

Raised ($M) 

29-Oct-15 Undisclosed Lumeta provides network situational awareness platform which is source for enterprise network 

infrastructure and cybersecurity analytics. 

27-Oct-15 Aspect Venture Partners, US Venture Partners Cato Networks provides cloud-based platform to manage multiple hardware and software 

products and provide security against hacking, data theft and other security problems. 

27-Oct-15 

Index Ventures, Storm Ventures 

SourceClear develops software security platform for developers that help organizations identify 

components across software portfolio. 

25-Oct-15 Trident Cybersecurity, KPCB IronNet Cybersecurity provides suite of technologies that provide real-time threat assessment 

and updates and consulting services. 

14-Oct-15 

14-Oct-15 

Icon Ventures, Allegis Capital, Cowboy 

Ventures, KPCB, First Round Capital 

.406 Ventures, Accomplice, KPCB, Highland 

Capital, Evolution Equity Partners 

Area 1 Security provides campaign delivery systems and allows enterprises to identify cyber 

attacks and other attacking campaigns before they unfold using their anti phishing platform. 

Carbon Black provides endpoint threat detection, response, and prevention solutions to detect 

and stop cyber threats. 

13.0 

20.0 

10.0 

32.5 

15.0 

54.5 

14-Oct-15 

Fidelity Management, Goldman Sachs, Allegis 

Capital, A16z, NVP, Sutter Hill, GE, ARTIS 

Bracket Computing’s Virtual Infrastructure Software spans multiple heterogeneous clouds with 

one set of advanced security, data management, and networking infrastructure. 

46.4 

13-Oct-15 

GSR Ventures, NEA 

DataVisor provides big data security analytics to help protect consumer-facing websites and 

mobile apps from cyber criminals. 

14.5 

13-Oct-15 

7-Oct-15 

Charles River Ventures, Softbank, Spark Capital 

Third Point, Granite Hill, SineWave Ventures, 

Data Collective, Tiger Global, UpWest 

Cybereason delivers a technology platform that automatically uncovers malicious operations, 

reconstructing them as a clear image of a cyberattack in context. 

Sentinel One uses predictive execution inspection to detect and protect all devices against 

targeted zero day threats in real-time. 

25.0 

59.0 

6-Oct-15 

JMI Equity, NEA, Split Rock Partners, Accel 

Partners, 

Code42 Software provides secure cloud services for endpoint data protection and security that 

allow their users to limit risk, meet data privacy regulations, and recover from data loss. 

85.6 

30-Sep-15 

KPMG 

Norse delivers continuously-updated and unique Internet and darknet intel that helps 

organizations detect and block attacks. 

11.4 


58



Investment 

Date 


Amount 

Raised ($M) 

29-Sep-15 

DAG Ventures, AME Cloud Ventures, Juniper 

Networks, Intel Capital, IA Ventures, Accel 

Vectra Networks’ X-series platform uses next-gen compute architecture and combines data 

analytics and machine learning to detect attacks. 

54.5 

29-Sep-15 

Icon Ventures, Aspect Ventures, Shlomo Kramer, 

Norwest Venture Partners 

Exabeam offers machine-learning technology that focuses on cyber attacker behavior to detect 

modern cyber attacks. 

46.4 

25-Sep-15 

22-Sep-15 

Arsenal Venture, EDB Investments, Fairhaven 

Capital Partners, Ten Eleven Ventures 

Fidelity Management, Baidu, Qualcomm 

Ventures, Microsoft, NEA, Google, Venrock 

CounterTack provides real-time endpoint threat detection and response solutions to enterprises 

and government organizations. 

CloudFlare is a web performance and security company that provides online services to protect 

and accelerate websites online. 

14.5 

59.0 

21-Sep-15 

Orchard Holdings Group 

Morphick team has developed the only proven platform-enabled managed service to enable 

their customers to prevent, detect, and respond to even the most advanced attacks. 

25.0 

17-Sep-15 

Tano Capital 

Tascent develops and deploys biometric identity products and solutions based upon a strong 

heritage in iris recognition and multimodal high throughput and mobile biometrics. 

18.5 

10-Sep-15 

Allianz Digital Corp Ventures, Vertex, Magma 

Venture, SBI Holdings, Allianz, Magna Int’l 

Argus is an automotive cybersecurity pioneer, helping car manufacturers, their Tier I suppliers 

and aftermarket connectivity providers protect connected cars. 

26.0 

10-Sep-15 IVP, TPG, Andreessen Horowitz, T. Rowe Price Tanium provides security and systems management solutions to allow real-time data collection. 

147.5 

8-Sep-15 

Andreessen Horowitz, Greylock, Sequoia, 

Altimeter Capital, Glynn Capital, Khosla 

Okta is an integrated identity and mobility management service. 

75.0 

3-Sep-15 

2-Sep-15 

25-Aug-15 

ICONIQ, Accel Partners, Lightspeed, Social 

+Capital Partnership 

Bessemer Venture Partners, Citi Ventures, 

Innovation Endeavors, Marker, NEA 

Evolution Equity Partners, .406 Ventures, 

Arsenal Venture Partners 

Netskope performs deep usage analytics and enforces business and security policies in cloud 

apps. 

Illusive networks offers deception technology enabling protection against targeted attacks and 

APTs. 

Onapsis provides solutions for securing business-critical applications and infrastructure. 

75.0 

22.0 

17.0 


59



Investment 

Date 


Amount 

Raised ($M) 

24-Aug-15 Bessemer Venture Partners, Thomas Noonan Bastille is pioneering IoT security with next-generation security sensors and airborne emission 

detection, allowing corporations to accurately quantify risk and mitigate threats. 

19-Aug-15 

Lightspeed, Benchmark, Meritech Capital, 

Shasta Ventures, Tenaya Capital, Musea 

CloudPassage provides server security products for public and hybrid cloud hosting 

environments. 

18-Aug-15 IVP, GGV Capital, KPCB, Trident Capital AlienVault’s Unified Security Management Platform delivers a unified, simple and affordable 

solution for threat detection, incident response and compliance management. 

3-Aug-15 

28-Jul-15 

24-Jul-15 

14-Jul-15 

13-Jul-15 

13-Jul-15 

1-Jul-15 

25-Jun-15 

24-Jun-15 

Google Capital, TPG Capital, EMC, Lightspeed 

Venture Partners 

DFJ Growth, Dell Ventures, KKR, Blackstone, 

Thomvest, Khosla, Draper Nexus, TenEleven 

Accelerate IT Ventures, Trident Capital, 

Panasonic Venture Group 

Summit Partners 

Accel Partners, Google Capital, Rackspace, 

Warburg Pincus 

Blackstone, Allegis Capital, Marc Benioff, Igor 

Sill, Kevin Plank, Christian Lawless 

Pinnacle Ventures, Redpoint eVentures, Quihoo 

360 Technology 

Insight Venture Partners 

NEA, Benchmark, New Enterprise Associates, 

Marc Benioff, David Sacks, Drew Houston 

Zscaler offers integrated, cloud-delivered Internet security including web security, firewalls, 

mobile security, IoT security and DLP. 

Cylance utilizes artificial intelligence, algorithmic science and machine learning to proactively 

protect organizations against advanced threats. 

Mocana creates and develops mobile application protection (MAP) app-shielding solutions, 

enabling users to secure mobile apps. 



CrowdStrike is a global provider of security technology and services focused on identifying 

advanced threats and targeted attacks. 

RedOwl Analytics provides proactive risk oversight software solutions for compliance, insider 

threat & investigations. 

PSafe is a Brazilian company developing Secure Cloud Computing software suites such as the 

PSafe Antivirus for safe internet browsing. 

CheckMarx.com develops software solutions that are used to identify security vulnerabilities in 

Web and mobile applications. 

HackerOne provides a vulnerability management and bug bounty platform. 

13.8 

35.9 

52.0 

110.0 

42.0 

14.8 

25.0 

100.0 

17.5 

30.0 

84.0 

25.0 


60



Investment 

Date 


Amount 

Raised ($M) 

24-Jun-15 

18-Jun-15 

9-Jun-15 

8-Jun-15 

1-Jun-15 

1-Jun-15 

28-May-15 

New Enterprise Associates, Sigma Prime 

Ventures 

Bessemer Venture Partners, Correlation 

Ventures, IDEA Fund Partners, Techstars 

Intel Capital, QuestMark Partners, Silver Lake 

Partners 

Sutter Hill Ventures, Engineering Capital, 

General Catalyst, Osage University Partners 

Sapphire Ventures, Foundation Capital, Matrix 

Partners, Trinity Ventures, Chris Rust 

DFJ Growth, Accel, Glynn Capital, Greylock, 

IVP, Sequoia, Sutter Hill, Tenaya Capital 

Excel Venture Management, Flare Capital, 

Heritage Group, HLM Venture, NVP, Merck 

Barkly uses high-performance local analytics and a unique design to stop attacks in the moment 

while preventing tampering from users and attackers. 

Distil’s SaaS bot detection and mitigation solutions work like a protective shield and blocks 

malicious bots, malware and competitors’ that try to scrape websites without permission. 

Venafi provides enterprise key and certificate management security solutions – the Immune 

System for the Internet. 

Menlo Security is a stealth cyber security company that develops security solutions eliminating 

the threat of advanced malware. 

Cyphort develops cloud services, software, and appliance-based solutions to protect enterprises 

against the newest cyber threats. 

Sumo Logic is a log management and analytics company that leverages Big Data for real-time IT 

insights. 

ClearDATA offers security, privacy, and compliance services to the hospitals, physician 

practices, electronic medical record software, and healthcare markets. 

12.5 

21.0 

39.0 

25.0 

30.0 

25.0 

80.0 

20-May-15 Carmel Ventures, Lightspeed Venture Partners enSilo offers a real-time targeted attack exfiltration prevention platform. 

10.0 

19-May-15 

China Broadband Capital Partners, China 

Growth Capital, IDG Capital Partners 

FraudMetrix develops online software solutions for anti-theft and fraud management 

applications in financial, insurance, payment, and online shopping. 

30.0 

19-May-15 

18-May-15 

18-May-15 

Andreessen Horowitz, Corazon Capital 

Oak HC/FT, Espirito Santo Ventures, Sapphire 

Ventures 

Comcast Ventures, Commonwealth Capital, 

Flybridge Capital, Globespan Capital, Menlo 

Keybase allows users to easily encrypt, decrypt and share messages within a tried-and-tested 

encryption standard. 

Feedzai provides a platform that uses real-time, machine-based learning to help payment 

networks, banks and retailers prevent fraud in omnichannel commerce. 

BitSight provides a security rating platform, which analyzes external data on security behaviors 

that allows to manage third party risk, and benchmark performance. 

10.8 

17.5 

23.0 


61



Investment 

Date 


Amount 

Raised ($M) 

6-May-15 

16-Apr-15 

15-Apr-15 

14-Apr-15 

Spark Capital, CRV, Lockheed Martin 

Reed Elsevier Ventures, Atlas Venture, Balderton 

Capital, GV, IA Ventures, In-Q-Tel 

Index Ventures, Intel Capital, Sutter Hill 

Ventures 

HP Ventures, Index Ventures, Sequoia Capital, 

Rembrandt 

Cybereason delivers a technology platform that automatically uncovers malicious operations, 

reconstructing them as a clear image of a cyberattack in context. 

Recorded Future arms organizations with real-time threat intelligence, allowing them to 

proactively defend against cyber attacks. 

Skyport Systems develops Hyper-Secured Infrastructure that ensures the security of missioncritical 

IT assets, with tight integration of compute, security, virtualization and policy. 

Adallom is a cloud access security broker which delivers visibility, governance and protection 

for cloud applications. 

25.0 

12.0 

30.0 

30.0 

14-Apr-15 

Accel Partners, Andreessen Horowitz, 

BlackRock, General Catalyst, Formation 8 

llumio provides cloud solutions, specializing in virtualization, networking, and security hailing 

services. 

100.0 

9-Apr-15 

Venrock, Index Ventures, New Enterprise 

Associates 

Niara's solution blends diverse data sources, sophisticated analytics and forensics to discover 

compromised users and provide insight into malicious insiders. 

20.0 

8-Apr-15 Andreessen Horowitz, Citi Tanium provides security and systems management solutions to allow real-time data collection. 

6-Apr-15 

1-Apr-15 

DRW Investors, Icon Ventures, Leapfrog 

Ventures, Math Venture Partners 

AITV, Cisco, EPIC Ventures, Trident Capital, 

Vanedge Capital, Vmware, Fortinet 

RedSeal develops security risk management (SRM) software and solutions and helps companies 

eliminate cyber threats. 

HyTrust, a cloud security automation company, provides administrative control, auditing, & 

data security for private, hybrid, and public clouds. 

26-Mar-15 Aldrich Capital Partners, Paladin Capital PhishMe provides training to employees against phishing threats enabling them to identify, 

report, and mitigate spear phishing, malware and drive-by threats. 

26-Mar-15 

25-Mar-15 

Accel Partners, Flybridge Capital Partners, 

Greycroft Partners, Millenium Technology 

Neuberger Berman Group, Alsop Louie 

Partners, Peninsula Ventures 

BetterCloud provides critical insights, automated management, and intelligent data security for 

cloud office platforms. 

Lookingglass Cyber Solutions develops cyber threat intelligence monitoring and management 

platforms. 

64.0 

17.0 

33.0 

13.0 

25.0 

20.0 


62



Investment 

Date 


Amount 

Raised ($M) 

24-Mar-15 

20-Mar-15 

Bain Capital Ventures, Commerce Ventures, 

Lightspeed Venture Partners 

August Capital, Engineering Capital, Norwest 

Venture Partners, Wing Venture Partners 

InAuth is the most complete mobile authentication and anti-fraud solution offering multiple 

security options to financial institutions and the mobile transaction market. 

Palerra provides software that combines threat detection, predictive analytics, security 

configuration management and automated incident response & remediation in one platform 

29.9 

17.0 

19-Mar-15 

ONSET Ventures, Voyager Capital, Presidio 

Ventures, LDV Partners, Envision Ventures 

Vidder mitigates network-based attacks by making servers invisible to everyone except 

authorized users. 

12.0 

19-Mar-15 

Redpoint Ventures, Benchmark Capital, GV, 

Lead Edge Capital, Radar Partners 

Duo Security provides two-factor authentication as a service to prevent account takeover and 

data theft. 

30.0 

18-Mar-15 

Invoke Capital, Hoxton Ventures, Talis Capital 



18.4 

3-Mar-15 

Benhamou Global Ventures, Cybernaut Venture 

Capital, Lakewood & Company 

IdentityMind Global provides an on-demand platform offering next generation risk management 

and anti-fraud services for the e-commerce ecosystem. 

10.8 

10-Mar-15 

Allegis Capital, March Capital Partners, The 

Hive 

E8 Security helps enterprises analyze and detect advanced attacks and malicious insider 

activities. 

10.7 

26-Feb-15 

Undisclosed 

Silent Circle is a global encrypted communications service that provides cutting-edge encrypted 

text, e-mail, mobile phone and video teleconferencing services. 

50.0 

26-Feb-15 

Telstra Ventures, Sierra Ventures, Samsung 

Ventures, Lazarus Israel, Toyo Corporation 

Zimperium, a mobile cyber security company, develops Mobile Intrusion Prevention System. 

12.0 

25-Feb-15 Wing Venture Capital, Norwest Venture Partners Dtex Systems develops and provides secure user activity solutions. 

15.4 

25-Feb-15 

Rogers Venture Partners, Blue Sky Capital 

SecureKey develops platform-as-a-service based hardware and software solutions for chip-based 

identity and payment technologies. 

19.0 

18-Feb-15 

Institutional Venture Partners, Andreessen 

Horowitz, Felicis Ventures, Redpoint, Citi 

Pindrop Security provides caller-ID products to detect, report, and mitigate phone fraud. 

35.0 


63



Investment 

Date 


Amount 

Raised ($M) 

17-Feb-15 

BOLDStart Ventures, Evolution Equity Partners, 

Sequoia Capital 

SecurityScorecard is a provider of security risk assessment service for cloud-based information 

systems. 

13.7 

10-Feb-15 

Alcatel Lucent, Bessemer Venture Partners, 

Cisco, Innovation Endeavors, Marker 

Team 8 is an incubator for cyber-security firms with specialty in defending against targeted, 

human-driven cyber-attacks. 

18.0 

10-Feb-15 83North, Bessemer Venture Partners Wandera provides security and management of mobile data for global enterprises. 

15.0 

26-Jan-15 

Bessemer Venture Partners, Columbia Capital 

Verato helps rightly identifying individuals regardless of whether their names, addresses or other 

personal information was incorrect or out-of-date. 

12.5 

16-Jan-15 

Avalon Ventures, NHN Investment Corp 

Air Computing cloud platform AeroFS allows enterprise customers to synch and share all data 

securely behind a firewall with unlimited storage. 

10.0 

13-Jan-15 

KPCB, Meritech Capital Partners, Icon Ventures, 

Google Ventures, TechOperators 

Ionic Security, a data security platform, provides access control, intellectual property 

monitoring, data encryption, and policy management. 

40.1 

31-Dec-14 

Bessemer Venture Partners 

iSight Partners provides cyber threat intelligence solutions to public sector and commercial 

entities. 

30.0 

19-Dec-14 

GGV Capital, Icon Ventures, KPCB, Google 

Ventures, Greylock Partners, 

Synack provides a cloud-based platform that enables customer data integrity, privacy, and 

confidentiality. 

25.0 

16-Dec-14 

Scale Venture Partners, Charles River Ventures, 

Social+Capital Partnership 

OneLogin's cloud-based Identity and Access Management solution allows enterprises of all 

sizes to secure their cloud and on-premise apps for all users and devices. 

25.0 

16-Dec-14 

ATA Ventures, Northgate Capital, RWI Ventures, 

TVC Capital 

EdgeWave engages itself in the design, development and marketing of internet security 

appliances, services and offers secure content management and policy compliance services. 

13.0 

16-Dec-14 

Technology Crossover Ventures, Bain Capital 

Ventures 

Rapid7 provides vulnerability management and security data and analytic software solutions 

and services. 

31.0 

9-Dec-14 

Grotech Ventures, Khosla Ventures, Citi Ventures 

DB Networks provides behavioral analysis solutions for intrusion detection and database 

security. 

17.0 


64



Investment 

Date 


Amount 

Raised ($M) 

9-Dec-14 

DCM, DDS, DoCoMo Capital, ONSET 

Ventures, Raven Venture Partners and others 

Nok Nok Labs develops products and services for online security and authentication. 

16.3 

8-Dec-14 

Summit Partners, Battery Ventures, Florence 

Venture Partners 

RiskIQ provides a software-as-a-service product that eliminates online and mobile threats. 

27.5 

8-Dec-14 

Auriga Partners, VI Partners, Mannai Corp 

Nexthink is the innovator of End-user IT Analytics for security, ITSM and workplace 

transformation. 

14.5 

4-Dec-14 

General Catalyst Partners, Palladin Capital, 

Google Ventures, IVP 

Anomali’s platform is a security intelligence solution that aggregates millions of threat indicators 

into existing security systems. 

22.5 

19-Nov-14 

Transamerica Ventures, T-Venture, Delta 

Partners, Andreessen Horowitz 

CipherCloud provides cloud information protection solutions. 

50.0 

19-Nov-14 

Bessemer, Columbia Capital, KPCB, Paladin 

Capital, Top Tier, Edgemore Capital, Savano 

Endgame provides security intelligence and analytics solutions for real-time visibility and 

actionable insight across their digital domains. 

30.0 

18-Nov-14 

General Catalyst Partners, Osage Partners 

Menlo Security, a stealth cyber security company, develops a security solution that eliminates 

the threat of advanced malware. 

10.5 

18-Nov-14 IPV Capital, ANT Financial V-Key provides mobile application threat research, protection, and intelligence solutions. 

12.0 

18-Nov-14 

Battery Ventures, Amplify Partners, Chris Rust, 

Nick Mehta 

Vera operates as a data-security company that enables enterprises, IT organizations, and endusers 

to secure and share digital information across platforms and devices. 

14.0 

11-Nov-14 

NEA, Sequoia Capital, Commerce Ventures, 

Eleven Two Capital 

Forter's platform uses cyber intelligence combined with behavioral and identity analysis to help 

merchants spot fraudulent transactions. 

15.0 

22-Oct-14 

Benhamou Global Ventures, Javelin Venture 

Partners, Lakewood & Co, Vital Venture 

Spikes Security provides browser-based security software solutions to businesses. 

12.0 

Total Amount Raised ($M) 7,048.1 


Median Amount Raised ($M) 21.6 

65

Cybersecurity 

Public Trading 

Analysis

Cybersecurity Sector vs Benchmark Performance 

Equity Performance Continued to Rebound through Q3 2016. 

3 Months 6 Months 12 Months 

High Growth 21.2% 16.5% (2.6%) 

Low Growth 10.2% 4.8% (0.8%) 

NASDAQ 9.7% 9.1% 15.0% 

S&P 500 3.3% 5.1% 12.9% 

120 

110 

100 

HACK* 16.8% 17.2% 10.5% 

15.0% 

12.9% 

10.5% 

-2.6% 

-0.8% 

90 

80 

70 

60 

Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 

Source: Capital IQ, market data as of September 30, 2016. 

* PureFunds ISE Cybersecurity ETF. 

High Growth Low Growth S&P 500 Index NASDAQ COMPOSITE INDEX HACK 

67

Cybersecurity Multiples Have Rerated 

Public Market Valuations for Cybersecurity Have Compressed Considerably Over The Past 12 Months. 

Max 12.9x 

Company EV/2015E Revenue EV/2016E Revenue % Change 

34.3% 

Reduction 

Max 8.6x 

1.8x 3.3x 78.7% 

2.0x 3.4x 71.4% 

4.9x 5.7x 16.9% 

0.9x 0.9x 0.3% 

Median 7.6x 

9.1x 8.5x 6.3% 

8.1x 6.9x 13.8% 

3.6x 2.8x 23.4% 

8.8x 6.7x 23.5% 

Median 5.0x 

9.9x 7.5x 24.0% 

8.3x 6.0x 27.9% 

Min 0.9x 

0.3% 

Reduction 

EV / 2015E Revenue 

Multiple as of 9/30/15 

Min 0.9x 


Multiple as of 9/30/16 

12.9x 8.6x 33.0% 

6.4x 4.2x 33.6% 

7.1x 3.2x 55.2% 

10.9x 4.2x 61.0% 

68

Severe Decline In Correlation Of Value To Growth 

Public & M&A Markets Value Profit & Predictability Over Growth (Back to Basics). 

10.0x 

Palo Alto Networks 

$14,475 mn 

9.0x 

Proofpoint 

$3,146 mn 

EV / Revenue 2016E 

8.0x 

7.0x 

6.0x 

5.0x 

4.0x 

3.0x 

Symantec 

$15,623 mn 

Check Point 

$13,308 mn 

Imperva 

$1,752 mn 

Sophos 

$1,582 mn 

Barracuda Networks 

$1,328 mn 

FireEye 

$2,499 mn 

Qualys 

$1,351 mn 

TrendMicro 

$4,758 mn 

Mimecast 

$1,042 mn 

Fortinet 

$6,377 mn 

Cyberark 

$1,664 mn 

Splunk 

$7,895 mn 

Rapid7 

$742 mn 

2.0x 

F-Secure 

$592 mn 

SecureWorks 

$1,009 mn 

1.0x 

MobileIron 

$236 mn 

0.0x 

0% 5% 10% 15% 20% 25% 30% 35% 40% 

2015-16E Revenue Growth 

High Growth Cybersecurity Low Growth Cybersecurity R 2 

3Q16: 25.6% 

2Q16: 23.1% 

1Q16: 23.6% 

Note: Size of the bubble indicates Market Cap. In USD; Market data as of September 30, 2016. 

Source: Capital IQ. 

4Q15: 29.2% 

3Q15: 63.2% 2Q15: 68.4% 

69

Trading Multiples: High Growth & Low Growth 

Valuation Multiples For High Growth & Low Growth Cybersecurity Companies. 

8.6x 8.5x 



7.5x 

6.7x 

5.7x 5.7x Median: 5.7x 

4.2x 

4.2x 

6.9x 

6.0x 

Median: 3.3x 

3.6x 3.5x 3.4x 3.3x 3.2x 2.8x 2.8x 2.7x 

0.9x 

6.6x 6.5x 

5.9x 5.5x 

4.8x 

4.7x 

Median: 4.8x 

6.6x 

5.0x 

Median: 2.8x 

2.1x 

3.5x 3.4x 

1.8x 

3.2x 3.1x 3.1x 2.8x 2.8x 2.6x 2.6x 2.3x 

0.8x 

PANW PFPT SPLK CYBR MIME QLYS FTNT RPD SCWX CHKP IMPV SOPH BLOX CUDA SYMC FEYE TREND FSC1V VDSI MOBL 

PFPT PANW SPLK CYBR QLYS MIME FTNT RPD SCWX CHKP IMPV CUDA SOPH Blox SYMC FEYE FSC1V TREND VDSI MOBL 

2015-2016E Revenue Growth 2016-2017E Revenue Growth 

40% 38% 37% 37% 

32% 

Median: 32% 

32% 

29% 28% 27% 

23% 23% 

27% 25% 

21% 21% 

24% 

16% 

11% 10% 8% 7% 

Median: 7% 

7% 6% 6% 

Median: 23% 

20% 19% 19% 

20% 

17% 15% 15% 15% 15% 

Median: 15% 

11% 7% 7% 6% 6% 

RPD PANW SPLK PFPT CYBR FTNT SCWX MIME QLYS TREND FEYE CUDA FSC1V MOBL SOPH IMPV SYMC CHKP BLOX VDSI 

(3%) 

High Growth 

(13%) 

Source: Capital IQ, market data as of September 30, 2016. 

High Growth represented by companies with >20% revenue CAGR; Low Growth represented by companies with

Public Company Analysis: Trading Metrics 

High Growth & Low Growth Cybersecurity. 

Company Name 

Stock Price 

LTM Price 

Performance 

Market Cap 

($M) 

Enterprise 

Value ($M) 

2015-16E 

Revenue 

Growth 

2016E-17E 

Revenue 

Growth 

EV / Revenue EV / EBITDA P / E 

CY2016 CY2017 CY2016 CY2017 CY2016 CY2017 

High Growth Cybersecurity (>20% CAGR) 

Palo Alto Networks 159.33 (7.2%) 14,475 13,698 37.9% 32.0% 8.6x 6.5x 40.9x 26.8x 76.7x 48.4x 

Splunk 58.68 4.9% 7,895 6,874 36.8% 28.2% 7.5x 5.9x NM 52.6x NM NM 

Fortinet 36.93 (14.2%) 6,377 5,393 26.7% 18.9% 4.2x 3.5x 23.3x 18.5x 52.8x 42.2x 

Proofpoint 74.85 23.2% 3,146 3,090 36.8% 29.0% 8.5x 6.6x NM 70.5x NM NM 

CyberArk 49.57 (3.1%) 1,664 1,427 32.2% 22.5% 6.7x 5.5x 26.0x 21.4x 46.5x 38.6x 

Qualys 38.19 29.0% 1,351 1,137 20.6% 18.7% 5.7x 4.8x 17.7x 14.6x 48.5x 41.4x 

Mimecast* 19.13 91.3% 1,042 939 21.2% 22.6% 5.7x 4.7x NM 65.9x NM NM 

Secureworks* 12.51 (10.6%) 1,009 896 25.3% 19.5% 2.1x 1.8x NM NM NM NM 

Rapid7 17.65 (20.7%) 742 658 40.1% 26.6% 4.2x 3.4x NM NM NM NM 

Mean 30.8% 24.2% 5.9x 4.7x 27.0x 38.6x 56.1x 42.6x 

Median 32.2% 22.6% 5.7x 4.8x 24.7x 26.8x 50.6x 41.8x 

Low Growth Cybersecurity (

Public Company Analysis: Operating Metrics 

High Growth & Low Growth Cybersecurity. 

Company 

Revenue Revenue Growth (YoY%) EBITDA EBITDA Margin (%) 

2015A 2016E 2017E 15-'16 16-'17 2015A 2016E 2017E 2015A 2016E 2017E 

High Growth Security (>20% CAGR) 

Palo Alto Networks $1,150 $1,586 $2,093 37.9% 32.0% $213 $335 $512 19% 21% 24% 

Splunk 668 914 1,172 36.8% 28.2% 45 85 131 7% 9% 11% 

Fortinet 1,009 1,279 1,521 26.7% 18.9% 168 231 291 17% 18% 19% 

Proofpoint 265 363 468 36.8% 29.0% 5 25 44 2% 7% 9% 

CyberArk 161 213 260 32.2% 22.5% 45 55 67 28% 26% 26% 

Qualys 164 198 235 20.6% 18.7% 57 64 78 34% 32% 33% 

Mimecast 136 164 202 21.2% 22.6% NA 7 14 NA 4% 7% 

Secureworks 340 425 508 25.3% 19.5% NA (29) 1 NA (7%) 0% 

Rapid7 111 155 196 40.1% 26.6% (29) (32) (29) (26%) (21%) (15%) 

Low Growth Security (< 20% CAGR) 

Symantec $3,626 $3,847 $4,496 6.1% 16.9% $1,709 $1,234 $1,669 47% 32% 37% 

Check Point Software 1,630 1,725 1,826 5.8% 5.9% 938 946 1,003 58% 55% 55% 

Trend Micro 1,034 1,278 1,375 23.6% 7.6% 322 389 424 31% 30% 31% 

FireEye 623 722 832 15.8% 15.3% (172) (91) 25 (28%) (13%) 3% 

Sophos 472 507 582 7.4% 14.8% NA 70 84 NA 14% 14% 

Imperva 234 250 301 6.6% 20.3% 9 (18) (2) 4% (7%) (1%) 

Infoblox 355 344 393 (3.2%) 14.5% 52 60 76 15% 17% 19% 

Barracuda Networks 309 341 362 10.5% 6.2% 64 62 69 21% 18% 19% 

VDSI 241 210 242 (13.0%) 15.3% 57 33 47 24% 16% 19% 

F-Secure 160 177 189 10.4% 6.8% 31 27 33 19% 15% 18% 

MobileIron 149 161 179 7.9% 11.0% (52) (33) (16) (35%) (21%) (9%) 

Note: NA – Not Available; market data as of September 30, 2016. 

Source: Capital IQ. 

72

15 

Advise. Network. Invest. 

Momentum Partners, LLC 

Momentum Capital Markets, LLC 

340 Brannan Street | Suite 501 

San Francisco, California 94107 

Michael Tedesco 

Executive Chairman 

michael@wellspring.partners 

Eric McAlpine 

Managing Partner 

eric@momentum.partners 

Petros Kitsos 


petros@momentum.partners 

Timothy Lipton 

Partner 

tim@momentum.partners 

Keith Skirbe 

Director 

keith@momentum.partners 

Dino Boukouris 

Director 

dino@momentum.partners 

*Securities offered through Momentum Capital Markets, LLC, a division of Financial Telesis Inc. Member FINRA/SIPC.

Cybersecurity Market Review

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