Israeli cybersecurity company XM Cyber, co-founded by former Mossad chief Tamir Pardo, sold its software and patents to American cybersecurity giant CrowdStrike in a deal reported at nearly $600 million.
Its technology shows businesses how hackers could break into their computer systems, helping them find and fix weak spots before an attack.
CrowdStrike bought the software code and more than 45 patents. XM Cyber’s German owner, Schwarz Group, keeps the company and its customers, and XM Cyber can continue using the technology under a licensing agreement.
Schwarz bought XM Cyber for $700 million in 2021. This latest sale closed September 8, with today’s reports explaining its value. Employees are expected to receive stock-option payouts, although layoffs are also planned. Pardo no longer has a role at the company.