Bronfman fund invests $30m in Elbit unit Cyberbit

Bezhalel Machlis Photo: PR

Cybersecurity company Cyberbit had developed a training and simulation solution and a platform to detect and respond to attacks.

Israeli defense electronics company Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) announced today that cybersecurity unit Cyberbit Ltd. has raised $30 million from Claridge Israel L.P. Claridge is a private equity firm which represents Canadian investor Stephen Bronfman and family.

Cyberbit has developed the cyber training and simulation solution - Cyberbit Range - and a consolidated detection and response platform that protects an organization's entire attack surface across IT, OT and IoT networks.

The investment will enable Cyberbit to exploit the rising demand for its product line, as well as expand sales and marketing operations, primarily in North America, enhance customer and partner support and boost development.

Claridge Israel managing partner Oded Tal will join Cyberbit's board of directors.

Elbit president and CEO Bezhalel Machlis said, "We see the cyber security field as a growth engine. We are encouraged by the technological and business achievements of Cyberbit in recent years, led by the rapid adoption of the market leading cyber training and simulation solution - the Cyber Range. I am confident that the partnership with Claridge Israel will lead Cyberbit to even greater achievements."

Published by Globes [online], Israel business news - www.globes-online.com - on June 4, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

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Bezhalel Machlis Photo: PR
Bezhalel Machlis Photo: PR
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