Business
Temasek pays US$250m for 3-yr-old Israeli cybersecurity firm when original investor only put in US$4.3m
Reuters reported yesterday (16 Oct) that Temasek Holdings is buying Israeli cybersecurity technology and services provider Sygnia.
Financial details were not provided but a source with knowledge of the deal, who asked not to be named, told Reuters that Temasek is paying US$250 million.
Sygnia, which has offices in Tel Aviv and New York, will maintain its operational independence while pursuing collaborations with Temasek and its portfolio companies.
Sygnia works with companies worldwide to build their cyber resilience and defeat attacks within their networks.
It was launched in 2015 by Israel’s Team8, a cybersecurity think-tank and company creation platform, with an initial investment of US$4.3 million from Team8.
So, this means in 3 years, Team8 made almost 60 times return from its initial investment of US$4.3 million, thanks to Temasek.
The founder and CEO of Sygnia, Shachar Levy, will continue to head the company and Nadav Zafrir, former commander of Israel’s intelligence unit 8200 and CEO of Team8, will remain chairman.
Temasek’s purchase of Sygnia came right after SingHealth suffered a cyberattack in Jul, with 1.5 millions of patient data, including PM Lee’s, was stolen by unknown party from a foreign country.
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