Singapore-based investment company Temasek will acquire Israeli cybersecurity technologies and services provider Sygnia. Financial details weren't disclosed, but some reports peg the deal at $250 million.
Sygnia is expected to continue to operate independently and collaborate with Temasek and its portfolio companies following the acquisition, according to a prepared statement.
Furthermore, CEO Shachar Levy will continue to lead Sygnia, Chairman Nadav Zafrir will maintain his role with the company and co-founders Ariel Smoler and Ami Kor will remain with the business.
Sygnia was launched in 2015 by Think8 Systems, an international business consulting firm and cybersecurity think-tank. It provides cybersecurity technologies and services to organizations across a variety of industries, including:
- Consumer goods.
- Media and entertainment.
Sygnia offers cybersecurity technologies and services designed to help organizations manage and respond to cyber threats, and its portfolio consists of Proactive Defense and Threat Response offerings.
Proactive Defense enables organizations to assess and build their cyber resilience and ensure that it meets their day-to-day performance needs, according to Sygnia. It leverages cybersecurity methodologies and expertise to help organizations identify cyber threats and manage risk.
Threat Response allows organizations to simultaneously identify and stop network attacks and minimize their impact, Sygnia said. It also offers forensics and incident response capabilities to help organizations combat sophisticated cyberattacks.
What Does the Acquisition Mean for Sygnia and Temasek?
The acquisition enables Sygnia to grow its resources and expand its global reach, the company stated. It allows the company to bolster its cyber consulting capabilities and incident response services, too.
Temasek owns a $275 billion portfolio and invested in Claroty, a cybersecurity software company focused on protecting industrial control networks, earlier this year. Meanwhile, the Sygnia acquisition could help Temasek further capitalize on the rising demand for cybersecurity technologies and services worldwide.
Global cybersecurity market revenues are projected to increase at a compound annual growth rate (CAGR) of 10.2 percent between 2018 and 2023, industry analyst MarketsandMarkets stated. Also, the global cybersecurity market could be worth nearly $248.3 billion by 2023.