Bitsight Acquires Cybersixgill for $115 Million
Introduction
Cybersecurity rapidly evolves as companies merge to tackle growing cyber threats more effectively. One of the latest big moves in this space is Bitsight’s acquisition of Cybersixgill for $115 million. BitSight, a leading cybersecurity firm valued at $2.4 billion in 2021 when Moody's became its largest shareholder, aims to strengthen its cyber risk management capabilities through this deal.
What Does Bitsight Do?
BitSight, based in Boston, focuses on helping organizations manage and reduce cyber risks. It works with businesses to analyze their vulnerability to cyberattacks. Bitsight’s services cover a wide range of security areas, such as assessing a company’s digital footprint and the effectiveness of its cybersecurity tools. The company provides insights into how likely a business will face a breach and helps enterprises make better decisions to protect their digital assets.
What Does Cybersixgill Bring to the Table?
Cybersixgill, an Israeli-based cybersecurity startup, adds significant value to Bitsight’s efforts. This company specializes in "cyber threat intelligence," a field that involves gathering data from hidden parts of the internet, such as the dark web, to identify potential cyber threats before they materialize. Cybersixgill monitors invite-only chat groups, code repositories, paste sites, and public platforms to detect data leaks, hacking strategies, and other indicators of potential breaches.
By integrating Cybersixgill’s expertise, BitSight can offer deeper and more proactive protection against cyber threats. This merger strengthens Bitsight’s ability to predict and counteract risks, ensuring businesses stay ahead of potential attacks.
The Role of Artificial Intelligence
Both Bitsight and Cybersixgill rely heavily on artificial intelligence (AI) to analyze data and detect threats. While Bitsight focuses on evaluating risks and vulnerabilities, Cybersixgill’s AI tools dig deep into the hidden corners of the web to identify early warning signs of cyberattacks. Together, their AI-driven technologies will complement each other, offering a more comprehensive approach to cybersecurity.
The Background of Cybersixgill
Cybersixgill was originally launched as Sixgill. Over the years, it raised nearly $56 million from investors such as CrowdStrike, OurCrowd, and Terra Venture. By 2022, the company was valued at over $162 million. Despite its growth, Cybersixgill faced challenges in keeping up with the competitive cybersecurity market.
Why This Deal Matters
The acquisition will allow BitSight to invest more in the advanced technology that Cybersixgill has developed. Steve Harvey, CEO of BitSight, stated, “We’re committed to investing in Cybersixgill’s industry-leading products and will continue to drive innovation to bring even greater value to customers.”
By acquiring both Cybersixgill’s cutting-edge technology and its skilled team, BitSight aims to provide enhanced services to its customers. The merger reflects a growing trend in the cybersecurity industry, where companies combine their strengths to tackle the ever-evolving landscape of cyber threats.
Conclusion
Bitsight’s acquisition of Cybersixgill marks a significant step in the cybersecurity world. By combining their expertise and leveraging AI-powered tools, the two companies will offer businesses more robust and proactive protection against cyber risks. This deal highlights the importance of collaboration and innovation in staying ahead of cyber threats in an increasingly digital world.
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