BitSight shuts down Israel office, lays off entire team
BitSight shuts down Israel office, lays off entire team
The American cybersecurity company acquired Israeli startup VisibleRisk in September 2021 to set up a local R&D center, but has decided to close it 17 months later and lay off all 40 of its employees
American cybersecurity company BitSight, which acquired Israeli startup VisibleRisk, a cyber risk ratings joint venture created by Moody’s and venture group Team8, is shutting down its local R&D center just 17 months after setting it up. The center employed around 40 people who are all set to lose their jobs.
The transaction in September 2021 saw Moody’s invest $250 million in BitSight, with Team8 becoming a shareholder in the company valued at the time at $2.4 billion. Team8's stake in BitSight was estimated to be valued at hundreds of millions of dollars.
However, due to the financial crisis in general, and high-tech in particular, BitSight has decided to close its activity in Israel.
Co-founded by Derek Vadala and Yigael Berger in 2019, the VisibleRisk cyber risk rating and real-time monitoring platform enable organizations globally to continuously monitor and manage cyber risk as they would financial risk. The company had raised $30 million prior to the acquisition.
Following the acquisition, BitSight, which has over 2,300 global customers including many Fortune 500 companies, government agencies, insurers, and asset managers, created a Risk Solutions Division headed by VisibleRisk co-founder Vadala.
