Notable deals this week reflect a growing trend of acquisition by tech incumbents to further consolidate market share and strengthen their ability to tackle digital
Here's the Priva-Tea: Friday Dealbook
This week’s deals reflect the enterprise need for translating their data assets into actionable insights, particularly to further company security, bolster user privacy, and analyze device intelligence. Armis’ $125 million of development funding highlights the week, reflecting investor sentiment for robust, lightweight cybersecurity solutions – especially as 2021 promises to bring more remote work arrangements (and consequently more areas of vulnerability for platform security). WireWheel’s $20 million Series B funding and BeyondID’s $9 million Series A funding also attest to the thesis above — particularly regarding the continuation of trends we’ve seen in 2020 around shifts in data privacy practices to accommodate the pandemic. In other news, Proximus acquired BICS, an international communications enabler, empowering its ability to deliver insights on mobile device intelligence and identity (as an owner now of both BICS and Telesign).
Top Deals This Week
Developer of a comprehensive data privacy management platform designed for companies to answer critical data privacy questions. The company's cloud-based platform automatically maps companies' public cloud assets and facilitates the management of third party relationships, enabling companies to leverage their compliance obligations to maximize the potential of their data assets and privacy priorities to lead to a competitive advantage.
The company raised $20 million of Series B venture funding in a deal led by ForgePoint Capital on February 10, 2021. PSP Partners, New Enterprise Associates, Grotech Ventures, Revolution and Sands Capital Ventures also participated in the round. The funds will be used to speed its go-to-market plans and extend its Software-as-a-Service (SaaS) platform's leadership as the only solution built specifically for ease of use by privacy professionals and tailored to the needs of engineering and data governance teams.
Operator of a cloud identity consulting intended to focus on guiding clients to manage security and identity in the cloud, taking aim specifically at Okta customers. The company's service include consulting, implementation and managed services for deploying and managing identity management, cybersecurity and cloud platforms, enabling clients to become secure, agile and future-proof and increase their growth, productivity and reduce costs.
The company raised $9 million of Series A venture funding from Tercera on February 8, 2021. This investment will help the company to meet the growing demand, organizations have for more secure access to their critical data and higher performing cloud identity solutions.
Developer of an agentless IoT security platform for enterprises intended to identify unmanaged devices and networks. The company's platform lets enterprises see and control compromised and unmanaged devices and rogue networks accessing their systems, effectively eliminating the IoT security blind spot that exists in all businesses today, enabling enterprises to gain visibility, control and analyzes endpoint behavior to identify risks and attacks, and protects critical information and systems by identifying suspicious or malicious devices and quarantining them.
The company entered into a definitive agreement to receive $125 million of development capital from Insight Partners, CapitalG, Georgian and Brookfield Asset Management on February 9, 2021. The funding round is focused on opening up new verticals (e.g. health care, manufacturing, retail, etc.).
Founded in 2015, ForgePoint Capital is a venture capital firm based in San Mateo, California. The firm prefers to invest in early and growth stage companies operating in the cybersecurity sector.
Active Portfolio - 25
Investments (TTM) - 13
Med. Round Amount - $15.10M
Med. Valuation - $58.00M
# of Exits - 20
Proximus is Belgium's incumbent telephone operator, offering fixed-line and wireless phone services, broadband Internet access, and pay-television service. Increasingly it is packaging these services together into a quad-play service. The firm sells converged services through both its consumer and enterprise divisions. It also owns Tango, the second-largest wireless operator in Luxembourg, and various small companies that help it provide information and communication technology services. Its international carrier services division is one of the four largest in the world, with particular success in mobile, serving more than 250 operators, which was strengthened in 2017 with the acquisition of TeleSign.
Highlight: International communications enabler BICS announced on February 9th that Proximus has acquired MTN and Swisscom’s shares in the company (20% and 22.4% of issued shares respectively) for a total transaction value of €569 million, making Proximus the sole shareholder of BICS and TeleSign. As a result of this acquisition, BICS will be able to accelerate its growth plans through a combination of organic investments in key domains, a strict focus on cashflow generation within its core services, and capturing in-market consolidation opportunities.
In the wake of the vastly increased demand for remote / contactless services and identity rails in 2020, businesses have scrambled to future-proof their systems
This week’s deals reflect the enterprise need for translating their data assets into actionable insights, particularly to further company security, bolster user privacy, and analyze
This week’s deals reflect sustained investor appetite to bring big data to common business processes and digitize them. Databricks’ $1 billion of Series G funding
This week’s deals reflect investor appetite for cybersecurity solutions across different industries, particularly in light of the pandemic. Swimlane’s splashy $40 million of funding highlights
This week’s deals reflect investor appetite for sectors with the highest potential to be disrupted by digitized business processes. Entrust Datacard’s acquisition of HyTrust highlights