Israeli startup BISEC has been acquired by US cybersecurity company CyberProof. The price was NIS 20 million (just under $6 million) — not a huge exit, but not bad for Holon-based BISEC, which was founded only in 2016 with the aim of helping corporate security teams manage the often overwhelming account of data coming from a variety of separate cybersecurity products.
Without a single dashboard or interconnected tools, overworked staff can miss or be unable to respond efficiently to warnings about hacks and cyber incidents. BISEC’s platform helps security teams share, collaborate and automate those operational tasks.
That was of interest to CyberProof, which established an R&D and service center in Israel a few months ago. CyberProof’s sweet spot is developing cybersecurity solutions based on machine learning and artificial intelligence.
Yuval Wollman leads CyberProof’s activities in Israel. He was previously the director general of the Intelligence Ministry and a senior economic advisor to Israeli Finance Minister Yuval Steinitz.
CyberProof is expanding its global operations in the US, Europe and Asia, Wollman said. “In Israel, we expect to recruit dozens of developers and cyber experts from the security and intelligence communities in the coming months. We plan on expanding business and technological cooperation with Israeli companies operating in the cyber and AI industries. The acquisition of BISEC is a first and significant step in implementing our strategic positioning in Israel.”
BISEC’s technology, which includes a virtual “cyber expert” dubbed Bibot, will be integrated into CyberProof’s platform and BISEC’s cofounders Yair Bar-Touv and Eran Alshech will join CyberProof as VP of business development and CTO, respectively.
CyberProof is owned by UST Global, a digital technology company with operations in 25 countries and clients on the Fortune 500 in the areas of financial services, healthcare, insurance, retail, manufacturing, shipping, and telecom. Wollman also serves as managing director of UST Global’s operations in Israel.