Cybersecurity M&A: Magnet Forensics Acquires Incident Response Startup Comae Technologies
Digital investigation solutions provider Magnet Forensics has purchased the strategic IP assets of Comae Technologies, a cybersecurity startup that specializes in incident response and memory analysis.
This is technology M&A deal number 441 that MSSP Alert and sister site ChannelE2E have covered so far in 2022.
Magnet will use Comae’s technology to develop a memory analysis platform, the buyer said. In addition, Comae founder Matt Suiche will lead a memory analysis and incident response research and development team at Magnet.
What Is Comae Technologies?
Comae provides a “memory-focused investigation platform” that helps organizations diagnose cyberattacks, the company indicated. It leverages memory analysis to respond to help organizations identify compromised devices in cyberattacks and perform digital investigations.
With Comae’s platform, security analysts can recover evidence from the memory of devices, the company indicated. They can use this evidence to assess malware variants.
Also, police agencies can use Comae’s platform in cybercrime investigations, the company stated. The platform gives these agencies the ability to recover evidence from devices involved in cybercrimes and use it to examine how attacks were launched, who was involved and other relevant information.
Comae will offer a beta program for its platform through the Magnet Idea Lab, an incubator that consists of hundreds of investigators and analysts from police agencies and enterprises. A launch date for the program has not yet been announced.
Magnet’s Financial Performance
The Comae acquisition comes after Magnet reported $19.8 million in revenue in the first quarter of 2022, which represented a 35 percent year-over-year increase. However, Magnet also recorded a net income loss of $900,000 during the quarter; this marks the second consecutive quarter in which the company reported a net income loss.
Magnet delivers digital investigation software that organizations can use to acquire, analyze, report on and manage evidence from computers, mobile devices and other sources. Over 4,000 public and private sector organizations across more than 100 countries use Magnet’s software.