Security Firms Unite
Tuesday, December 15, 2015 @ 04:12 PM gHale
There is another consolidation of security firms as LookingGlass Cyber Solutions, an Arlington, VA-based provider of threat intelligence solutions, paid $35 million for open-source threat intelligence firm Cyveillance.
In addition LookingGlass said it $50 million in Series C funding, part of which was used to fund the acquisition.
LookingGlass’ mission is to be a leader in the cyber threat intelligence solutions market. The company made another deal earlier this year as it acquired botnet monitoring firm Kleissner and Associates in July, and Deep Packet Processing (DPP) platform provider CloudShield in February.
The acquisition, which closed Dec. 11, will help LookingGlass expand its offerings in the space and help customers better understand the risks and threats they face and take appropriate defensive actions to mitigate those threats.
“The addition of Cyveillance allows LookingGlass to expand our coverage across the risk landscape helping security teams stay ahead of threats in an efficient and effective way,” said Chris Coleman, LookingGlass chief executive.
Cyveillance provides a cloud-based platform that combines web search, social media monitoring, underground channel information, and global intelligence with a suite of tools and databases covering things from cyber attacks and attackers to domain names and IP data.
In the full year ending March 31, Cyveillance had revenue of $18 million, officials said.
Founded in 1997, Cyveillance ended up acquired by British defense contractor QinetiQ in 2009 and has been operating as a wholly-owned subsidiary of the firm since. QinetiQ paid $40 million in cash to acquire Cyveillance, and agreed to pay up $40 million more in a payout if certain revenue goals were met. However, because the company did not attain the agreed goals, there was no additional payout made to former Cyveillance shareholders.
In addition to supporting the acquisition of Cyveillance, LookingGlass said the new funding will support growth efforts including product development, product integration, international expansion, sales, marketing and customer support.