Grocery Store Giant Acquires Cybersecurity Startup: Business Details
XM Cyber is an Israel-based company that raised $22 million in Series A funding in November 2018. Then in 2019, XM Cyber was one of six cybersecurity startups selected to join Switzerland’s Kickstart program, an acceleration initiative designed to help startups break into the Swiss and European market.Fast forward to 2020, and XM Cyber grew bookings more than 160 percent and more than doubled its clientele worldwide vs. 2019. Still, actual revenue dollar figures were not disclosed.On the channel partner and MSSP front, key adopters included Cyber Guards, an MSSP and security testing firm that embraced XM Cyber for breach and attack simulation (BAS) and security posture management services, the MSSP indicated in November 2020. A Microsoft Defender security integration also arrived in 2020.More recently, XM Cyber in 2021 announced distribution agreements with ITD Group and Cyber Fusion to reach partners in Russia and the United Kingdom, respectively.The XM Cyber platform, as of 2018, supported:- Automated cyberattack vector reporting.
- Cloud and on-premise deployment options.
- Full mapping of cyberattack paths across an organization.
- Insights into up-to-date cyberattack scenarios.
- Real-time identification and remediation of IT-related risks.
Schwarz Group Buys XM Cyber: Executive Perspectives
In a prepared statement about the deal, Christian Müller, CIO of of Schwarz Group, said:“XM Cyber brings deep technical understanding and innovation that perfectly complements our portfolio for advanced cybersecurity services. Finding and closing security gaps from an attacker’s perspective is a disruptive approach to the way organizations can proactively protect their networks. XM Cyber's solution builds on our strong IT security to further protect our customers, partners, and ourselves as a company.”
“We continuously extend our range of digital products for our customers, for example, our online shops, our marketplace, or our loyalty programs. With the solutions of XM Cyber, we offer our customers even more services and evolve the shopping and customer experience in a more holistic way."
“We are thrilled to become part of the Schwarz Group. With the backing and international footprint of the largest European retailer, we can accelerate innovation and growth and further strengthen our position in the global cybersecurity market. I would like to take this opportunity to thank our investors who have supported us along the journey in building this unique company.”
