Cybersecurity Snapshot December_2019

Cybersecurity Snapshot | December 2019
David DeWalt
Chairman
Eric McAlpine
Managing Partner
Michael Tedesco
Managing Partner
Ken Gonzalez
Partner
Keith Skirbe
Director
Dino Boukouris
Director
Jeremy Isagon, CFA
Associate
Tim Van Tuyle
Associate
Evan Gibney
Senior Analyst
Jay Keswani
Analyst

Momentum Cyber Is Pleased To Release Its Monthly Cybersecurity Snapshot.
Cybersecurity Snapshot | December 2019
Purpose
▪ We are dedicated to consistently providing valuable insights on the dynamic and rapidly evolving Cybersecurity landscape
▪ We maintain the industry leading proprietary M&A and Financing Transaction Database – unrivaled in its accuracy, quality, and
scale
▪ We complement our proprietary database with data from various industry leading databases and research publishers, primarily
from North America and around the world, representing millions of data points and decades of institutional industry knowledge
and experience
Background
▪ Our December Cybersecurity Snapshot focuses on private and public market strategic activity and key sectors
▪ Key highlights include:
- Examined December Cybersecurity transactions (M&A and VC / PE) to provide valuable insights, identify key historical industry
trends, and evaluate year-to-date performance
- Updated the CYBERscape to reflect recently added Cybersecurity companies
- Highlighted key M&A and financing transactions as well as IPOs and public market performance
1

I. Foreword | Paul Martini (CEO, iboss) 3
II. About Momentum Cyber 5
III. Executive Summary 12
IV. Strategic M&A & Financing Deal Activity 16
V. CYBERscape 19
VI. Public Company Trading Analysis 21
VII. Transaction Profiles 26
i. Highlighted M&A Transactions 27
ii. Highlighted Fundraising Transactions 40
Table of Contents
2

Data center network security moves to the cloud where the users,
applications, and data live.
Foreword | The Future Of Network Security Is In The Cloud
Featured Author
By Paul Martini (CEO, iboss).
4
The Evolution Of Network Security
Paul Martini
Paul is the CEO, co-founder, & chief architect of
iboss, where he pioneered the award-winning
iboss platform. Paul has been recognized for his
leadership and innovation, receiving the EY
Entrepreneur of The Year award and being
named one of Goldman Sachs’ 100 Most
Intriguing Entrepreneurs. Paul holds 100+ issued
patents in cybersecurity, networking and
technology and has had his work published in
many scientific journals.
Past:
Consolidation
of Perimeter
into Firewall
Present:
Shift of
Perimeter to
the Cloud
Future:
Shift Inspection
Engines to the
Cloud (SASE)
▪ Reduced number of physical egress points, resulting in fewer
appliance deployment opportunities
▪ Led to creation of NGFW with integrated IDS / IPS, malware
protection, advanced threat protection, URL filtering,
content blocking, etc.
▪ Movement away from traditional perimeters
▪ Transformational infrastructure shift leading to exponential
increase in bandwidth of encrypted traffic
▪ $20B+ appliance market presents massive opportunity for
cloud disruption
▪ Digital business requires access from anywhere, at anytime
▪ More users, devices, apps, services & data located outside
enterprise perimeter
▪ Complexity, latency and need to decrypt and inspect
encrypted traffic increases
Key Drivers That Are Inverting The Network Perimeter
Company Data
Center
Cloud Applications
& Files Move From
Servers To SaaS
Users Go Mobile With
Devices & Laptops
Network Security
Moves To Cloud
Exponential
Bandwidth
Explosion
Shift To
Encrypted
Traffic
SASE | The Convergence & Inversion Of Network & Security Architectures
Network-As-A-Service Network-Security-As-A-ServiceSASE
Connect Secure
Secure Access Service Edge
(“SASE”)
SD-WAN
Carriers
CDN
WAN Optimization
agrees that the fundamental network security delivery model needed to change,
and in August 2019 defined “SASE” to capture the movement of this inverted perimeter:
“Demand for consolidation of networking and security-as-a-service capabilities into a
cloud-delivered Secure Access Service Edge (SASE)"
Network Security CASB
WAAPaaS FWaaS
Cloud SWG DNS
ZTNA / VPN RBI
<1%
Forecasted Enterprise SASE Strategy Adoption
40%
2018 2024
Network-as-a-Service
Bandwidth Aggregators
Networking Vendors
Source: Gartner Report: The Future of Network Security Is In The Cloud (August 2019)

Momentum Cyber is the premier
trusted advisor to the Cybersecurity
industry providing bespoke high-impact
advice combined with tailored senior-
level access. The firm was founded by
world-class advisors and operators and
caters to the unique needs of both
earlier stage Founders, CEOs, & Boards
as well as the complexity of later stage
& public companies throughout their
lifecycle – Incubation to Exit.
Empathy
Objectivity
Action
Tenacity
Innovation
Long Term Loyalty
Sense of Humor
Dave DeWalt
Founder & Chairman
30+ Years in Tech, 17 Years as CEO
>$20B in Value Creation
Dino Boukouris
Founding Member
& Director
Eric McAlpine
Founder & Managing Partner
20+ Years Cybersecurity Board/CEO
Advisor, Founder & Engineer
Keith Skirbe
Founding Member
& Director
$250+ Billion250+ Deals
Michael Tedesco
Founder & Managing Partner
25+ Years M&A and Board Advisory Across
Enterprise IT, Board Member, & Investor
Ken Gonzalez
Partner
20+ Years Cybersecurity
Strategy, M&A, & Investing
M&A And Strategic Advisory Exclusively For Cybersecurity.
The Premier Strategic Advisor In Cybersecurity
The Leadership Team
6

Our Principals Are World-Class Advisors & Operators.
About The Firm
Momentum Cyber provides world-class M&A and strategic advice combined with unparalleled senior-level access to the Cybersecurity
ecosystem. We advise on a broad range of strategic activities, including mergers and acquisitions, board & special situations, corporate strategy
& development, corporate finance, and operational excellence. We are a mission driven firm with a passion for Cybersecurity.
Categorized Data Points On
>3,500 Cybersecurity
Companies (CYBERcloud)
1M+
Cyber Exit Savvy – Deep
Expertise Selling to Strategic
& Financial Buyers
Total M&A Transactions & Deal
Value As A Team Since 1994
250+ $250B+
Unparalleled Access Across the
Cybersecurity Ecosystem with
Executives, Board Members,
Investors, & CISOs
Cybersecurity Transactions &
Total Deal Value Executed By
Team Members Since 2002
48 $16B
Unrivaled Thought Leadership In
Cybersecurity Through Insightful
Research
Average & Median
Cybersecurity M&A
Deal Value
Over A Century Of Experience
In Cybersecurity As World-
Class Advisors & Operators
$371M $91M cloud
7

Unparalleled Proprietary Access & Insights Provides A Significant Competitive Advantage For Our Clients.
| Momentum’s Proprietary Cybersecurity Data Platformcloud
Channel &
Service Providers
380+
Financing
Transactions
2,000+
Transaction Database | 3,500+ Cybersecurity Transactions
NSA / CIA
Contacts
Strong Israel
Network
Unrivalled Industry Network
Monthly, Quarterly,
Mid-Year, & Annual Reports
CYBERscape
(720+ Companies)
Bespoke Industry &
Sub-Sector Coverage (45+ Sectors)
Channel Reports /
Whitepapers
Detailed Transaction Profiles
(1,000+ Profiles)
Proprietary Industry Content
Thousands Of Hours Dedicated To Building A Robust Cyber Big Data Platform | Deep Relationships, Strategic Market / Industry Insights, & Proprietary Content
3,500+
Cyber
Companies
Strategic & Investor
Contacts14,500+
10,250+
Executives &
Board Of Directors
2,100+
Investors
(VC / PE)
750+
Leading
CISOs
425+
Media &
Influencers
M&A
Transactions
1,500+
Undisclosed
Valuations
Proprietary
Insights
Key Ecosystem Partners
CYBERscape
(800+ Companies)
575,000+
Emails
Sent
4,500+
Pages Of Content
Created
Frequent Releases Of Content To
Highly Engaged Subscriber Base
Top Funded
Cyber Companies
300
Top Cyber
Investors
100
Most Active
Cyber Acquirers
50
8

9
Bespoke Client Advisory Services
Mergers &
Acquisitions
- Sellside
- Buyside
- Divestitures
- Joint Ventures
- Dual Track
Corporate
Finance
Board & Special
Situation Advisory
Corporate Strategy &
Development
Partnerships &
Business Development
A Bespoke High-Impact Advisory Boutique With Unique Senior-Level Access.
Balanced & Highly Experienced Advisors
Advice. Access.
Network Of Key Cyber Decision Makers
Executives Entrepreneurs
Board
Members
Policy
Influencers
Investors
Chief Security
Officers

Unrivalled Deal Experience And Comprehensive Coverage Across The Cybersecurity Landscape.
Tremendous Advisory Track Record In Cybersecurity
acquired by
acquired by acquiredacquired by acquired by
acquired
acquiredstrategic investment in
Undisclosed Consumer
Security Company
Security
Analytics
Network
Security
Managed Detection
& Response
Network
Security
Web
Security
Consumer
Security
Managed Security
Service Provider
IoT
Security
acquired by
Cloud
Security
acquired by
Secure Cloud
Orchestration
acquired
Mobile
Security
acquired
Endpoint
Security
acquired
Data
Security
acquired
MDM
Vulnerability
Management
acquired
acquired by
SIEM
acquired by
Network / Web
Security
acquired
Email
Security
Network
Security
acquired acquired
Data
Security
acquired by
Email
Security
acquired
Managed Security
Service Provider
acquired
Intrusion
Detection
acquired by
Vulnerability
Management
acquired by
Security
Analytics
Strategic Advisor
Diversified
Security
Security Operations
acquired by
10

Note: Deals with disclosed deal values greater than $25 Million.
Dave DeWalt’s Tremendous M&A Track Record As CEO, Chairman, & Investor For Three Decades.
M&A In Cybersecurity | A Unique CEO & Board Perspective
Orchestration &
Automation
acquires
Threat
Intelligence
acquires
Network
Forensics
acquires
Incidence
Response
acquires
SIEM
acquires
Network
Security
IPO
acquires
Network / Web
Security
acquires
Application
Control
acquired by
Content Mgmt.
Software
acquires
Web
Security
acquires
Data Loss
Prevention
acquiresacquires
Email
Security
Endpoint
Encryption
ScanAlert
Diversified
Security
acquired by
acquired by
Security
Orchestration
acquired by
Security
Analytics
11

December Financing Deals: Breakdown By Stage2
$30
$95
$111
$70
9
7 4 6
Early Stage Series A Series B Series C+
Financing Activity
27 Financing transactions completed with total capital raised of $317M (median of $8M)
59% Of total financing deals were Early Stage to Series A (median of $6M)
Notable
Deals
Most Active
Sectors
Strategic Deal Flow Commentary
Source: Momentum Cyber Proprietary M&A & Financing Transaction Database, Capital IQ, 451 Group, Crunchbase, and TechCrunch.
(1) Includes target companies that have no financing history available or bootstrapped. Non-exits include targets that were previously acquired, divested / spun out, or listed on a public exchange.
(2) Excludes debt & PIPE transactions.
13
December 2019 Strategic Deal Flow
M&A Activity
15
M&A transactions announced in December 2019 with disclosed deal values of $1.2B
(median disclosed deal value of $34M)
5th Billion-dollar-plus acquisition of the year (but the first involving a private company
seller) in F5 Networks’ acquisition of Shape Security
Notable
Deals
Most Active
Sectors
$48M
Series B
$25M
Series B
Risk &
Compliance (6)
Network & Infra.
Security (5)
December M&A Deals: Total $ Raised Prior to Exit
6
1
2 2
-
3
1
Non-Exits Not Disclosed <$1M $1M-$10M $10M-$20M $20M-$50M $50M+
# of Deals
1
Median
Size
$4.4M $13.0M $26.2M $7.8M
# of Deals
Total Amount Raised ($M)
Capped Off Another Record Year Of Cybersecurity Strategic Activity, Achieving Annual All-Time Highs Across M&A & Financings.
$28M
Series B
Data
Security (3)
$40M
Series D
Data
Security (3)
Security
Consulting (3)
Application
Security (2)
Cloud
Security (3)
acquires
$1.0B
acquires
$78M
acquires acquires
SecOps / IR /
Threat Intel (2)

The Cybersecurity Dashboard | December 2019
14
8
8
1
9
5
17
7
61
31
18
10
11
31
1116
7
7
1
9
3
31
31415
17
13
23
29
4
183 188
2018 2019
$27.3 Billion
2019 M&A Volume
188
2019 M&A Transactions
$8.9 Billion
2019 Financing Volume
418
2019 Financing Transactions
M&A Activity
Deal Count Deal Count
M&AFinancing Activity
$16.1
$27.3
2018 2019
Deal Value ($B) Deal Value ($B)
Monthly Deal Count Pulse
2018
Total: 183
2018
(EV / 2018E Rev)
Multiple as of 12/31/18
2019
(EV / 2019E Rev)
Multiple as of 12/31/19
Notable Financing Transactions 2019
Deal Count
Financing
Deal Value ($B)
402
418
2018 2019
$6.4
$8.9
2018 2019
Financing ActivityApplication Security
Blockchain
Cloud Security
Data Security
Digital Risk Management
Endpoint Security
Fraud & Transaction Security
Identity & Access Management
IoT
Messaging Security
Mobile Security
MSSP
Network & Infrastructure Security
Risk & Compliance
SecOps / IR / Threat Intel
Security Consulting & Services
Web Security
Notable M&A Transactions 2019
41
38
26
29
32
40 40 43
40
33
32
36
32 3437
26
35
43
28 29
40
36
38
24
37 37 37
36
43
32
43
21
43
27
36
27
21
1714 14
12 13
15
18
9
18 17
10
26
1517 13 13 17 18
11 10
18 14
11
13 16
16
12
19
11 11
16
13
26
20
15
5
15
25
35
45
Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19
Financing M&A
Cyber M&A EV Distribution
20192018
53%
9%
18%
16%
4%
Date Company Amt. ($M)
09/25/19 $395.1
06/24/19 $309.4
01/15/19 $261.0
09/26/19 $218.9
11/14/19 $200.0
08/05/19 $200.0
07/11/19 $200.0
11/05/19 $165.0
03/12/19 $150.0
09/18/19 $147.0
45
7
39
48
29
13
64
5
44
25
26
12
6
21
11111227
11
21
45
12
13
16
48
28968
40
51
40
10 17
2019
Total: 418
2018
Total: 402
2019
Total: 188
37%
11%25%
19%
9%
$0-$50M $50M-$100M $100M-$250M $250M-$1B $1B+
Target Acquirer EV ($M)
$10,700.0
$3,820.0
$2,100.0
$1,395.8
$1,000.0
$815.0
$780.0
$618.5
$576.6
$560.0
Enterprise Assets
Public Comps
Max 23.9x
Median 6.0x
Median 6.9x
Min 2.0x Min 2.3x
Max 17.1x

| Innovation Program Start-Up Contests
High-Value Platform For Companies To Showcase The New Ways They Are Tackling Present & Future Cybersecurity Issues.
15
RSAC Innovation Sandbox Contest | Monday, February 24th, 2020
RSA Conference 2020 Innovation Programs Overview
RSAC Launch Pad | Wednesday, February 26th, 2020
The RSAC Innovation Sandbox Contest brings out Cybersecurity’s boldest new innovators
who have made it their mission to minimize risk. Each year, 10 finalists grab the spotlight for
a three-minute pitch while demonstrating groundbreaking security technologies to the
broader RSA Conference community.
RSAC Launch Pad is designed to give early stage startups a platform to share their brilliant
industry solutions. Three finalists will compete in a Shark Tank®-style format to try to
convince Cybersecurity venture capitalists, that their soon-to-be launched product has
strong potential for success.
Behind every great cybersecurity company is a stroke of genius that started it all; when it comes to getting those ideas off the ground, there’s no better
place than RSA Conference. Launch Pad and Innovation Sandbox are part of the RSA Conference Innovation Programs, which present an opportunity
for start-up companies to compete and showcase their brilliant industry solutions. Learn more about the RSAC Innovation Programs here.
2019 Participants Other Past Participants
(Winner) (Runner-Up)
Moderator
Hugh Thompson
JudgesPanel
Asheem Chandna Scott Darling Dorit Dor Patrick Heim Paul Kocher
Event Details
▪ RSA Conference attendees with a Full Conference or Expo Plus Pass can watch this
event live on Monday, Feb 24th in San Francisco
▪ Winner announced at 4:30 PM PT on Feb 24th
▪ Click here to register for RSA Conference
JudgesPanel
Theresia GouwNiloofar Howe Enrique Salem
Event Details
▪ RSA Conference attendees with a Full Conference or Expo Plus Pass can watch these
start-ups present live on Wednesday, Feb 26th in San Francisco
▪ Presenters will deliver a 5-minute live pitch on stage to top venture capitalists; following
the pitch, these VCs will ask the presenter questions
▪ Presenters must be open to signing a convertible bond agreement with one or more of
the venture capitalists
▪ Click here to register for RSA Conference
RSAC Launch Pad
Evaluation Criteria
What is the problem you are trying to solve? And for whom?
Originality & soundness of idea or product to solve problem.
How much impact / reach will the product have?
RSAC Innovation Sandbox
HUMAN
ELEMENT

Strategic M&A
and Financing
Deal Activity
II.
IV.

Date Target Acquirer Target Sector EV ($M)
12/30/19 SecOps & Incident Response NA
12/23/19 Risk & Compliance NA
12/20/19 Data Security $1.1
12/19/19 Application Security $1,000.0
12/17/19 Data Security NA
12/13/19 Security Consulting & Services NA
12/12/19
Network & Infrastructure
Security
NA
12/12/19 SecOps & Incident Response $28.0
Cybersecurity M&A
M&A Activity: 15 Transactions | Disclosed Values Of $1.2B.
December 2019 Strategic Deal Flow | M&A
Source: Momentum Cyber Proprietary M&A & Financing Transaction Database, Capital IQ, Crunchbase, and Pitchbook.
17
Date Target Acquirer Target Sector EV ($M)
12/10/19 Cloud Security NA
12/05/19 Security Consulting & Services $5.6
12/04/19 Security Consulting & Services NA
12/03/19 MSSP NA
12/02/19 Data Security NA
12/02/19
Network & Infrastructure
Security
$78.0
12/02/19 Application Security $40.0
(Secure Content for
Confluence Application)
(Cybersecurity
Operations)

Date Company Select Investors Funding Stage Amt ($M)
12/27/19 - Angel $1.0
12/26/19 - Angel $0.5
12/19/19 Orbit Venture Partners
Convertible
Debt
$10.0
12/19/19
LiveOak Venture Partners, Next Coast Ventures,
Brett Hurt, Rony Kahan
Series A $5.4
12/17/19
High Alpha, Jump Capital, Greenspring Associates,
SVB
Series B $24.8
12/17/19 YL Ventures Seed $5.3
12/17/19 Jolt Capital Series B $11.0
12/17/19
Campana & Schott GmbH, WISAG Sicherheit &
Service Holding GmbH & Co. KG
Early Stage VC -
12/16/19 Brabantse Ontwikkelings Maatschappij Later Stage VC $2.8
12/12/19 ACE Management Equity Partner, Omnes Capital
PE Growth /
Expansion
$3.3
12/11/19
HuPo Capital, Oriental Fortune Capital, Maintrend
Capital, Shenzhen Capital Group
Series A $28.4
12/11/19 Blossom Capital, Accel, Index Ventures Series A $15.1
12/11/19
Battery Ventures, Wing Venture Capital, Ten
Eleven, Unusual Ventures
Series B $27.5
12/11/19 - Later Stage VC $8.6
18
Venture Capital & Private Equity Activity: 27 Transactions | Disclosed Amount Raised Of $317 Million.
December 2019 Strategic Deal Flow | Financings
Source: Momentum Cyber Proprietary M&A & Financing Transaction Database, Capital IQ, Crunchbase, and Pitchbook.
Note: Investor name listed in bold text denotes lead investor.
Cybersecurity Investing (VC & PE)
Date Company Select Investors Funding Stage Amt ($M)
12/10/19
Goldman Sachs, Cisco, Paladin Capital Group,
AirTree Ventures, ForgePoint Capital
Series B $47.7
12/10/19 - Early Stage VC $5.5
12/10/19
ICONIQ, GV, MassMutual, Blackstone, TenEleven,
Bessemer, ClearSky, Scale, AllegisCyber
Series D $40.0
12/10/19
Jerusalem Venture Partners, Kindred Capital,
LocalGlobe, Samsung NEXT, & Angels
Seed $8.0
12/06/19 - Seed $3.9
12/05/19
Alsop Louie Partners, Working Lab Capital, Inner
Loop Capital, Renegade Ventures
Series A $6.3
12/05/19
Costanoa Ventures, Vertex Ventures Israel, Crane
Venture Partners, & Angels
Series A $13.0
12/5/19 Fortune Capital Later Stage VC $8.5
12/04/19
Gilda VC, Equentia Natural Resources, Artha India
Ventures, Shangrila Infotech, & Others
Seed $1.0
12/04/19 Balderton Capital & Angels Series A $12.0
12/04/19 Oak HC/FT, Aleph, Lane Bess Series A $15.0
12/03/19 MS&AD Ventures, WTI Later Stage VC $7.0
12/02/19
Okta Ventures, SGH Capital, Core Ventures
Group, Future Ventures
Seed $4.9
Mo An
Technology

Public Company
Trading Analysis
III.
VI.

70
90
110
130
150
170
Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19
90
95
100
105
110
12/2 12/6 12/10 12/14 12/18 12/22 12/26 12/30
Source: Capital IQ. Market data updated as of December 31st, 2019.
Company Price Change (%) Company Price Change (%)
$5.96 1.1% $231.25 1.8%
$6.44 13.9% $24.30 62.0%
$110.96 (5.9%) $114.78 (3.3%)
$17.06 13.7% $83.37 (4.7%)
$49.87 (14.0%) $56.02 (0.1%)
$116.58 (4.9%) $23.60 (5.7%)
$16.53 (1.4%) $16.66 46.9%
$32.80 (8.5%) $18.55 (4.1%)
$106.76 1.6% $149.77 0.4%
$3.41 (6.5%) $23.96 (11.7%)
$43.38 (2.2%) $51.67 (5.2%)
$115.37 (11.1%) $17.59 (8.4%)
$17.12 (8.2%) $46.50 (10.8%)
December Stock Price Performance
High & Low Growth Cybersecurity Stocks Were Relatively Flat In December.
22
Index
Legend
LTM Indexed Stock Performance
December 2019 Indexed Stock Performance
High Growth
Security
Low Growth
Security
S&P 500 NASDAQ HACK
Stock Price Performance Analysis
December Stock Price Performance
28.9%
40.9%
10.6%
35.2%
23.2%
(0.6%)
3.8%
4.7%
(0.7%)
(3.0%)

Cons. | Act
Rev: $220.1 $225.9
EPS: $0.01 $0.02
Cons. | Act
Rev: $769.3 $771.9
EPS: $1.04 $1.05
Cons. | Act
Rev: $243.6 $242.7
EPS: $0.20 $0.21
Cons. | Act Cons. | Act Cons. | Act Cons. | Act Cons. | Act Cons. | Act
Rev: $422.5 $426.8 Rev: $276.3 $280.0 Rev: $490.9 $490.9 Rev: $69.9 $73.9 Rev: $118.8 $125.1 Rev: $103.0 $108.1
EPS: $0.14 $0.15 EPS: $0.02 $0.03 EPS: $1.40 $1.44 EPS: ($0.15) ($0.16) EPS: ($0.12) ($0.07) EPS: $0.47 $0.65
EPS: ($0.01) ($0.02) EPS: $0.56 $0.67 EPS: $0.01 $0.01 EPS: $0.11 $0.13 EPS: ($0.12) ($0.07) EPS: $0.15 $0.36
EPS: $0.04 $0.13 EPS: $0.39 $0.49 EPS: $0.53 $0.66 EPS: ($0.03) $0.01 EPS: $0.02 $0.07 EPS: ($0.03) $0.01
Cons. | Act Cons. | Act Cons. | Act Cons. | Act Cons. | Act
Rev: $605.2 $626.3 Rev: $88.8 $91.9 Rev: $378.1 $382.7 Rev: $25.2 $25.6 Rev: $89.8 $93.6
EPS: $0.54 $0.58 EPS: ($0.11) ($0.07) EPS: $0.50 $0.58 EPS: ($0.17) ($0.17) EPS: $0.01 $0.03
Earnings Scorecard
Earnings Release Calendar And Results.
23
Source: Capital IQ and public company filings.
Note: Revenue figures listed are in $M.
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3Q19 3Q193Q19 3Q19 3Q19 3Q20 3Q19
3Q191H19 3Q19 3Q203Q20 3Q19 3Q19
3Q19 Q1203Q19 3Q203Q19 3Q19 2Q20
3Q19 1Q203Q20 3Q193Q19
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IPO Pipeline
Earnings Performance
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Public Company Trading Analysis
24
High Growth & Low Growth Cybersecurity.
Note: NM – Not Meaningful, NA – Not Available. *Price performance from IPO price.
Company Stock Price
LTM Price
Performance
Market
Cap ($M)
Enterprise
Value ($M)
Revenue Growth EV / Revenue EV / EBITDA P / E
LTM 2018A-2019E 2019E-2020E LTM CY 2019E CY 2020E LTM CY 2019E CY 2020E LTM CY 2019E CY 2020E
High Growth Cybersecurity (>20% CAGR)
$149.77 38.6% $22,826 $22,945 33.5% 30.4% 22.5% 10.5x 9.8x 8.0x NM NM 43.1x 81.8x 80.5x 64.0x
$231.25 25.4% 22,653 21,609 24.2% 21.4% 20.4% 7.2x 6.9x 5.7x 28.5x 29.2x 24.7x 43.3x 46.7x 41.2x
$115.37 82.7% 13,983 13,713 48.0% 43.9% 31.5% 25.7x 23.9x 18.1x NM NM NM NM NM NM
$114.78 32.9% 6,480 6,227 26.7% 23.3% 19.9% 7.4x 7.0x 5.9x 41.9x 40.6x 33.7x 65.6x 66.3x 60.2x
$116.58 67.9% 4,407 3,901 31.4% 25.5% 18.7% 9.4x 9.1x 7.6x 29.7x 30.1x 26.9x 43.3x 44.7x 41.9x
$56.02 78.1% 2,767 2,782 30.5% 32.5% 23.1% 9.1x 8.6x 7.0x NM NM NM NA NM NM
$43.38 32.5% 2,689 2,733 26.9% 25.3% 21.0% 7.1x 6.8x 5.6x 41.9x 40.3x 29.7x NM NM 68.3x
$23.60 (1.9%) 2,105 1,984 17.6% 14.5% 15.3% 7.1x 7.0x 6.0x NM NM NM 94.4x NM NM
$17.59 25.6% 603 505 NA 28.4% 23.1% 4.9x 4.6x 3.8x NM NM NM NM NM NM
Mean 38.0% 33.7% 24.4% 11.2x 10.4x 8.2x 35.5x 35.1x 31.6x 65.7x 59.5x 55.1x
Median 31.4% 29.4% 22.8% 8.3x 7.8x 6.5x 35.8x 35.2x 29.7x 65.6x 56.5x 60.2x
Low Growth Cybersecurity (<20% CAGR)
$106.76 59.6% $18,260 $16,361 19.8% 19.1% 15.2% 8.0x 7.6x 6.6x 29.5x 28.1x 23.4x 46.4x 44.4x 39.4x
$110.96 5.3% 16,892 15,208 4.2% 4.0% 3.0% 7.7x 7.6x 7.4x 14.9x 14.7x 14.2x 19.1x 18.1x 17.2x
$51.67 (5.1%) 7,260 5,793 2.7% 2.6% 4.7% 3.8x 3.8x 3.6x 11.8x 11.5x 11.3x 26.2x 26.7x 25.3x
$5.96 63.1% 5,861 6,954 13.1% 5.4% 7.1% 8.2x 8.0x 7.4x 15.0x 14.5x 13.5x 20.6x 19.4x 17.6x
$18.55 30.4% 5,695 7,390 11.8% 12.5% 11.6% 8.2x 7.9x 7.0x 16.7x 16.4x 15.4x 23.2x 22.4x 20.9x
$6.44 (10.7%) 3,554 3,441 14.9% 18.6% 9.0% 3.4x 3.2x 3.0x 22.3x 22.3x 20.1x 42.9x 42.9x 44.9x
$16.53 3.2% 3,508 3,601 6.4% 6.0% 8.0% 4.1x 4.1x 3.8x 35.0x 33.3x 29.8x NM NM NM
$83.37 12.2% 3,232 2,972 16.3% 15.3% 14.1% 9.6x 9.2x 8.1x 22.5x 21.5x 19.1x 37.7x 36.5x 33.3x
$24.30 62.0% 1,935 1,929 14.8% 19.3% 10.6% 8.2x 8.0x 7.3x 35.5x 40.3x NM NM 50.4x 79.6x
$16.66 3.7% 1,353 1,245 6.4% 6.0% 5.5% 2.3x 2.3x 2.1x NM NM NM NA NM NM
$17.12 32.7% 688 621 23.0% 17.6% 5.9% 2.5x 2.5x 2.4x 21.7x 22.5x 18.6x 36.4x 37.1x 28.2x
$3.41 24.2% 537 560 18.6% 15.4% 8.8% 2.3x 2.3x 2.1x 23.4x 18.8x 17.3x NA 87.1x 35.9x
Mean 12.7% 11.8% 8.6% 5.7x 5.5x 5.1x 22.6x 22.2x 18.3x 31.6x 38.5x 34.2x
Median 13.9% 13.9% 8.4% 5.9x 5.9x 5.2x 22.3x 21.5x 18.0x 31.3x 36.8x 30.8x
*
*
*
*

25
Public Company Trading Analysis: Operating Metrics
Company
Revenue ($M) Revenue Growth (%) EBITDA ($M) EBITDA Margin (%)
LTM CY 2019E CY 2020E LTM 2018A-2019E 19E-20E LTM CY 2019E CY 2020E LTM CY 2019E CY 2020E
High Growth Cybersecurity (>20% CAGR)
$2,190 $2,350 $2,880 33.5% 30.4% 22.5% $371 $390 $532 17.0% 16.6% 18.5%
3,016 3,146 3,789 24.2% 21.4% 20.4% 759 740 873 25.2% 23.5% 23.1%
534 575 756 48.0% 43.9% 31.5% (35) (42) (39) (6.6%) (7.3%) (5.2%)
410 467 678 96.9% 86.9% 45.2% (67) (53) (0) (16.3%) (11.4%) (0.0%)
843 884 1,060 26.7% 23.3% 19.9% 149 153 185 17.6% 17.4% 17.4%
333 358 469 56.0% 47.3% 31.0% 39 34 45 11.6% 9.5% 9.5%
259 282 376 47.1% 46.5% 33.2% (43) (44) (23) (16.5%) (15.5%) (6.1%)
413 431 511 31.4% 25.5% 18.7% 131 129 145 31.7% 30.1% 28.4%
304 323 398 30.5% 32.5% 23.1% 8 11 26 2.7% 3.4% 6.5%
382 403 487 26.9% 25.3% 21.0% 65 68 92 17.1% 16.8% 18.9%
333 352 436 35.1% 31.6% 23.8% (37) (38) (36) (11.0%) (10.7%) (8.2%)
278 285 329 17.6% 14.5% 15.3% 29 23 30 10.5% 7.9% 9.0%
330 340 386 19.7% 14.3% 13.5% (23) (27) (15) (7.0%) (7.8%) (3.9%)
102 109 134 NA 28.4% 23.1% (8) (6) (6) (7.4%) (5.6%) (4.5%)
Low Growth Cybersecurity (<20% CAGR)
$2,049 $2,145 $2,471 19.8% 19.1% 15.2% $556 $582 $701 27.1% 27.2% 28.4%
1,976 1,993 2,052 4.2% 4.0% 3.0% 1,018 1,033 1,072 51.5% 51.8% 52.2%
1,507 1,525 1,596 2.7% 2.6% 4.7% 492 503 513 32.6% 33.0% 32.1%
845 872 934 13.1% 5.4% 7.1% 462 479 516 54.7% 55.0% 55.2%
906 941 1,051 11.8% 12.5% 11.6% 443 451 481 48.8% 48.0% 45.8%
1,013 1,065 1,161 14.9% 18.6% 9.0% 154 154 171 15.2% 14.5% 14.7%
872 881 951 6.4% 6.0% 8.0% 103 108 121 11.8% 12.3% 12.7%
311 322 367 16.3% 15.3% 14.1% 132 138 156 42.5% 43.1% 42.5%
234 240 266 14.8% 19.3% 10.6% 54 48 30 23.2% 19.9% 11.3%
541 550 580 6.4% 6.0% 5.5% 13 11 14 2.4% 2.0% 2.5%
248 250 264 23.0% 17.6% 5.9% 29 28 33 11.5% 11.1% 12.6%
241 246 268 18.6% 15.4% 8.8% 24 30 32 9.9% 12.1% 12.1%
High Growth & Low Growth Cybersecurity.
Note: NM – Not Meaningful, NA – Not Available.

acquires
Undisclosed
December 30, 2019
acquires
Undisclosed
December 23, 2019
acquires
$1.1 Million
December 20, 2019
acquires
$1,000.0 Million
December 19, 2019
acquires
Undisclosed
December 17, 2019
acquires
Undisclosed
December 13, 2019
acquires
Undisclosed
December 12, 2019
acquires
$28.0 Million
December 12, 2019
acquires
Undisclosed
December 10, 2019
acquires
$5.6 Million
December 05, 2019
acquires
Undisclosed
December 04, 2019
acquires
Undisclosed
December 03, 2019
acquires
Undisclosed
December 02, 2019
acquires
$78.0 Million
December 02, 2019
acquires
$40.0 Million
December 02, 2019
(Secure Content for Confluence Application)
(Cybersecurity Operations)

Date: 12/30/2019
acquires
HQ: New York, NY
Founded: 2001
CEO: Feris Rifai
SecurityOps & Incident Response Security Analytics
Transaction Overview
Bay Dynamics leverages businesses’ existing security investments to provide a cyber risk analytics platform that delivers actionable risk
insights and out-of-the-box business value. The Company is focused on providing automated cyber security and risk solutions for
enterprises.
Funding Summary: $31.0M
Target Overview
Source: Company Press Release and Website, Pitchbook, Crunchbase, and Capital IQ.
Date Stage Amount Raised ($M) Selected Investors
Jul 2016 Series B
Jul 2014 Series A $8.0
$23.0
Acquisition Provides Broadcom With In-House, Machine-Learning-Powered Software To Analyze UEBA Threats.
Broadcom Acquires Bay Dynamics
Challenges Addressed
Risk Fabric Platform
Threat Matrix Risk Analysis User Profiles
▪ Identify & Prioritize Threats
▪ Calculate Threat Impacts
▪ Rank Risky Users & Entities
▪ Sort Risks By Model
▪ Drill Down Investigation
▪ Isolate & Investigate Emerging Threats
▪ Escalate Problematic Incidents
▪ Analyze Distributed Risk Vectors
▪ Visualize Targeted Investigations
▪ Hunt Down Known Threats
▪ Investigate Users & Entities
▪ Compare & Contrast Threat Indicators
▪ Rank Risky Users & Entities
▪ Critique Problematic Events
▪ Detailed Scenario Timelines
Kill Chain Analysis Policy Effectiveness Dashboards
▪ Visualize Emerging Threats
▪ Pinpoint Threat Stages & Impacts
▪ Track The Stages Of Risky Behavior
▪ Stop Known Malicious Threats
▪ Enact Targeted Response
▪ Identify Problematic Policies
▪ Automate Policy Review
▪ Communicate Across Stakeholders
▪ Employ Intelligent Remediation
▪ Track Policy-Related Metrics
▪ Prioritize Incidents & Actions
▪ Investigate Users & Incidents
▪ Monitor Trends & Performance
▪ Analyze & Validate Compliance
▪ Track Remediation Precision & Success
Detect Unusual
Behavior
Optimize Data
Loss Prevention
Uncover
Malicious Insiders
Pinpoint Multi-
Stage Threats
Connect SecOps
& Risk
Offset The Talent
Shortage
Symantec Partnership
In July 2017, Bay Dynamics announced a UEBA Technology Partnership with Symantec to integrate Bay
Dynamics’ flagship analytics platform, Risk Fabric, with Symantec’s DLP offering and other technologies.
Select Customers
29

Date: 12/23/2019
acquires
HQ: Salt Lake City, UT
Founded: 2015
CEO: Kelly White
Risk & Compliance Risk Ratings
Transaction Commentary
▪ “Mastercard has been one of those brands that has stood out as a true innovator, focusing on the real problems of real
businesses. By becoming part of their team, we have an opportunity to scale our solution and help companies in new
industries and geographies take steps to better manage their cybersecurity risk.” – Kelly White, CEO, Co-Founder, RiskRecon
▪ “The innovations from the talented team at RiskRecon will further accelerate our suite of cyber solutions designed to help
financial institutions, merchants and governments secure their digital assets. Through a powerful combination of AI and
data-driven advanced technology, RiskRecon offers an exciting opportunity to complement our existing strategy and
technology to secure the cyber space.” – Ajay Bhalla, President, Cyber & Intelligence, Mastercard
RiskRecon provides continuous vendor monitoring solutions that deliver risk-prioritized action plans, custom-tuned to match customer’s
risk priorities, providing the world’s easiest path to understanding and acting on third-party cyber risk
Target Overview
Aug 2018 Series B
Feb 2017 Series A
Apr 2016 Seed $3.0
$12.0
$25.0
Acquisition Broadens Mastercard’s Cybersecurity Capabilities With Strong Third-Party & Risk Management Capabilities.
Mastercard Acquires RiskRecon
Solutions Overviews
Why RiskRecon
Deep
Assessment
Customer Risk
Prioritization
Efficient Accurate
Third-Party Risk Management Enterprise Risk Management
Make Better Informed Vendor Selections
Prioritize Vendor Portfolio
Conduct Assessments More Efficiently
Realize Better Risk Outcomes
Manage Critical Vulnerabilities
Make Better Informed Vendor Selections
Prioritize Vendor Portfolio
Conduct Assessments More Efficiently
Realize Better Risk Outcomes
30

Date: 12/20/2019
acquires
HQ: Reggio Emilia, Italy
Founded: 2004
CEO: Andrea Chiozzi
Data Security Data Privacy
▪ “With GDPR a new market has been born where companies need expert and efficient assistance to adapt to the new
Privacy rules, which are essential in the today's digital world. PrivacyLab is a young and well-managed company. By
leveraging on Warrant Hub's complementary skills and solid customer base, we aim to realize significant growth synergies. –
Fiorenzo Belleli, Managing Director, Founder, Warrant Hub
PrivacyLab provides GDPR compliance software solutions, eLearning modules, and training, enabling its clients to seamlessly comply
with European regulations.
Key Benefits
Target Overview
Acquisition Expands Warrant Hub’s Offering With Consulting, Training, & Software Capabilities Enabling GDPR & Personal Data Compliance.
Warrant Hub Acquires PrivacyLab
Solutions Overview
Access Provisioning
Compliance Planning
Data & Archive Censusing
Disaster Recovery
Gap Analysis
Historical Archiving
Advanced Risk Analysis
Impact Assessment
Monitoring & Alerting
Privacy By Design
Register of Treatments (1st & 3rd Party)
Security Measure Identification
Check Personal Security Data Processed
Guides clients through the risk assessment process & determines necessary
measure to correctly process personal data while avoiding penalties
Produce Necessary Documentation
Generates treatment registers, appointment documents & contracts, and
ensures accurate archiving & tracking across all items produced
Monitor The Entire Data Processing Process
Enables correct configuration of data access with continuous monitoring
I.
II.
III.
$1.1 Million
31

Date: 12/19/2019
acquires
HQ: Santa Clara, CA
Founded: 2011
CEO: Derek Smith
ApplicationSecurity WAF & Application Security
▪ “Since Shape’s inception, we observed a consistent pattern in customer after customer: the use of F5 technology to
deliver and enable their applications. Now, we look forward to the opportunity to deeply integrate into F5’s platform for
application delivery and security – F5 provides the optimum traffic flow insertion point for Shape’s industry-leading
online fraud and abuse prevention solutions. This, combined with F5’s global go-to-market scale, means we can jointly
protect significantly more customers’ applications and users from sophisticated attacks and malicious traffic.” – Derek
Smith, Co-Founder, CEO, Shape Security
▪ “With Shape, we will deliver end-to-end application protection, which means revenue generating, brand-anchoring
applications are protected from the point at which they are created through to the point where consumers interact with
them—from code to customer” – François Locoh-Donou, President, CEO, F5 Networks
Shape Security provides comprehensive application security on one integrated platform, leveraging AI & ML to accurately classify web
and protect mobile application sessions in real time over a billion times per day
$1,000.0 Million
Target Overview
32
Sep 2019 Series F
Nov 2018 Series E
Sep 2016 Series D
Mar 2014 Series C
Jan 2013 Series B
Jul 2012 Series A $5.9
$20.1
$40.0
$40.0
$26.0
$51.0
Acquisition Adds Protection Of Sophisticated, Automated, Web & Mobile App Attacks To F5’s Growing Security Software Portfolio.
F5 Networks Acquires Shape Security
Platform Overview
Shape examines interactions
between clients
and servers
Unique client telemetry is
gathered via uniquely
protected channels
Real-time analysis and
classification of all transactions,
devices and user behaviors
Device and account behavior
is further analyzed, classified,
and used to train ML
Supports real-time, near-real-
time, and offline insights and
decision-making
Application Security & Fraud Prevention Solutions
Shape
Defense
AI-powered web & mobile
fraud protection for
organizations of all sizes
Shape Enterprise
Defense
Comprehensive, bespoke,
implementation and web &
mobile fraud protection
API
Defense
Visibility & mitigation
options to protect
HTTP-based APIs
Manual-Attack
Defense
Protection against manual
labor farm attacks on web
applications
Blackfish
Proactive user credential
defense

Date: 12/13/2019
acquires
HQ: Westminster, CO
Founded: 2001
CEO: Tom McAndrew
SecurityConsulting& Services Risk Management Advisory
▪ “We are thrilled with our new partnership with Apax, which will help drive our growth plans while continuing our
commitment to our customers, people, and core values. The leadership, support, and investment provided by Carlyle,
Chertoff, and Baird Capital have been instrumental in our success over the last four years, and we are excited to begin this
new chapter.” – Tom McAndrew, CEO, Coalfire
▪ “Coalfire is an established and highly-respected cybersecurity advisory and assessment services firm that is well-positioned
for further growth due to cybersecurity trends and the vision of its strong management team. The Apax Funds' investment
will assist the company in particular by increasing Coalfire's investment in technology; continuing to invest in thought
leadership, especially with respect to securing cloud environments; and deepening capabilities across assurance standards
while scaling its penetration testing and cyber risk services business.” – Rohan Haldea, Partner, Apax Partners
Coalfire is a Cybersecurity advisor that helps private and public sector organizations avert threats, close gaps, and effectively manage
risk. By providing independent, tailored advice and services that span the cybersecurity lifecycle, Coalfire helps clients develop scalable
programs that improve their security posture, achieve their business objectives, and fuel their continued success
Prior Ownership
Target Overview
33
Date Type EV ($ in M) Selected Investors
Sep 2015 Buyout NA
Acquisition Represents Coalfire’s Second Private Equity Owner, Will Provide Renewed Opportunity For Continued Growth.
Apax Partners Acquires Coalfire
Solutions Overviews
Industries Served
Cloud Service
Providers
Federal
Government
Financial
Services
Healthcare &
Life Sciences
Higher
Education
Hospitality Payments Retail
State & Local
Government
Technology Utilities
Coalfire Labs Cyber Engineering
Conduct proactive analysis of organization’s cyber threats to find
and fix vulnerabilities throughout the business.
Detect and protect against the cyber threats of today and the
emerging threats of tomorrow with Coalfire’s cyber engineering
services
CoalfireOne Cyber Risk Services
Use a powerful web platform that delivers the technology and
insight to help simplify compliance, reduce risk and empower
enterprise security
Build a solid security strategy with expert advisory services to help
develop informed tactics for managing threat and reducing risk
Compliance Services Secure Cloud Services
Bring order to overlapping assessments and mandates to meet
industry requirements while adopting a regulatory risk-aware
culture
Secure cloud migration, architecture, applications, and sensitive
data while ensuring continuous compliance

Date: 12/12/2019
acquires
HQ: Tampa, FL
Founded: 2004
CEO: David Robinson
Network& Infrastructure Security NAC
▪ “The network perimeter is no longer confined to the four walls of a physical datacenter. Rather, it extends out to every
employee device or cloud-based application, introducing new complexities and risks to overwhelmed security teams. Over
the course of nearly 16 years, Impulse has focused on helping hundreds of customers protect millions of endpoints with its
flexible and easy-to-implement Network Access Control solution. We are thrilled to be part of the OPSWAT family and are
excited to help them in their mission to bring next-generation security practices to the critical infrastructure market.” – David
Robinson, CEO, Founder, Impulse Point
▪ “We made the decision to acquire Impulse after careful evaluation of many different SDP and NAC vendors and are
confident that integrating Impulse’s core technologies and teams with OPSWAT will deliver best-in-class network protection
to our customers. Through this combined solution, we will now be better positioned to extend our ‘trust no device, trust no
file’ doctrine to the network itself, empowering our joint customers to enforce access policies with ease, prevent known and
unknown threats, and reduce their overall risk exposure.” – Benny Czarny, Founder, CEO, OPSWAT
ImpulsePoint provides SafeConnect, which is a Software-Defined Perimeter (SDP) cloud-based service offering “hides” enterprise
application and data resources from the Internet and internal networks and adheres to a “verify first, connect second” Zero-Trust access
model as compared to today’s “connect first, authenticate second” approach.
Why SafeConnect?
Target Overview
34
Acquisition Strengthens OPSWAT’s Offerings To Include Integrated Secure Device Access With An End-To-End NAC Solution.
OPSWAT Acquires Impulse Point
SafeConnect NAC
Real-Time Security
Assessment
Real-time security assessment
and enforcement for Windows,
macOS, and mobile devices
Maintain Zero Trust
Trust No file, Trust No Device,
Trust No Network philosophy
provides threat prevention &
process creation for secure data
transfer & safe device access.
Flexible Enforcement
Options
Standard RADIUS-Based
enforcement requires no VLAN
changes; unique Layer 3 option
negates 802.1X requirements
Remote-Managed Support
Fast onboarding, accurate ID,
24/7 remote-manage support, &
authentication persistence =
fewer help desk calls, improved
customer satisfaction.
Vendor Independent
With no proprietary network
devices or RADIUS server
requirements, works with a
broad range of network
infrastructure manufacturers
SDP Benefits
Easy-to-install, superior VPN
alternative adheres to Zero Trust
/ least privileged model of access
to extend control over data
beyond the network perimeter
Essentials Edition | Identify
Self deploy-able & designed to meet the security
requirements for RADIUS functionality. Also
provides both a real time and historic visibility
into all of the devices on the network
Standard Edition | Secure
Provides all the security functionality of Essentials
plus additional capabilities with an End-User
Captive Portal, Guest Self-Registration, and
Posture Assessment
Enterprise Edition | Orchestrate
Provides the complete feature set for all Enterprise
needs, including functions in Essentials and
Standard, in addition to SAML authentication,
Threat Enforcement, and supports 10K+ devices
SafeConnect SDP
Cloud hosted, wizard-based
administration. Easy to install
client app
Zero-trust approach to remote
access. More secure than legacy
VPNs
Consistent approach for users
to access applications securely
on-premise or remote

Date: 12/12/2019
acquires
HQ: Arlington, VA
Founded: 2011
$28.0 Million CEO: Larry Johnson
SecurityOperations& Incident Response Security Incident Response
CyberSponse offers a Security Orchestration and Automation incident Response (SOAR) solution. The CyOPs Platform utilizes
CyberSponse’s patented technological process to fill the gap between automation-only and human dependent security organizations,
while also facilitating cross-functional collaboration.
Target Overview
Mar 2016 Seed
Sep 2015 Angel Undisclosed
Jul 2014
Convertible
Debt
Undisclosed
May 2014 Angel Undisclosed$0.6
$1.0
$1.5
$3.9
Acquisition Deepens Fortinet’s Involvement In Higher-Level Security Operations With SOAR Capabilities.
Fortinet Acquires CyberSponse
CyOPs Platform
▪ “This is an ideal match. CyberSponse’s mission has always been to make security operations management effortless and
effective with innovative yet disruptive technology. The combined powerhouse of Fortinet’s Security Fabric and
CyberSponse’s SOAR technology will ensure customers are protected by the most sophisticated global security operations
platform that includes hundreds of integrations enabling streamlined out-of-the-box playbook execution.” – Joseph Loomis,
Founder, CSO, CyberSponse
▪ “The growing number of security tools being deployed by enterprises have introduced operational complexities that make
organizations more vulnerable to breaches. With the integration of CyberSponse’s powerful SOAR platform into the Fortinet
Security Fabric, we will offer customers accelerated incident response and the ability to standardize and scale processes that
will enhance security posture and reduce business risk and associated costs.” – Ken Xie, Founder, CEO, Fortinet
Manage your Alerts from a Single
Workbench
Automate Alert Context and
Triage with Enterprise Incident
Management
Create Consistent Standardized
Security Playbooks
Analyze Threats with Interactive
Investigations & Simple Incident
Response
Enhance Team Collaboration
and Information Sharing Across
Departments and Teams
Track, Measure, and Report to
Continuously Improve Security
Operations Performance
For Enterprise For MSSPs
Standardize &
Automate Security
Processes
Multiply The Impact Of
Team, Tools, & Time
Maximize Investment
In Existing Security
Tools
Handle Unique
Customer
Environments &
Product Diversity
Leverage Enterprise
Distributed
Deployment Models
Investigate Alerts With
Integrated Customer
Collaboration
Solution Overview
Security Automation,
Triage, Investigate,
Remediate, Hunt
Vulnerability
Management
BYOS – Build Your Own
Solution
35

Reduce Costs Threat Detection Multilayered
Date: 12/10/2019
acquires
HQ: West Palm Beach, FL
Founded: 2009
CEO: Karen Armor
Cloud Security Infrastructure
▪ “By combining with Acronis, we will be able to accelerate product innovation, expand our distribution channel, and
leverage our existing technology to meet customer requirements. With the knowledge gained from almost a decade of
experience managing and protecting Microsoft virtual machines on behalf of our customers, we are certain that this
acquisition will drive cloud adoption and ensure secure and reliable cloud infrastructure deployments worldwide” – Karen
Armor, CEO, 5nine
▪ “By adding 5nine’s solutions to our portfolio of cyber protection products and services, we’re giving our partners and
customers an easy way to adopt the Microsoft hybrid cloud platform. With a combined solution, organizations will be able
to migrate all or select workloads to the cloud and then manage both on-premises and cloud virtual machines with a single
interface” – Serguei Beloussov, Founder, CEO, Acronis
5nine provides a platform enabling unified management and security operations across private, public, and hybrid clouds, eliminating
complexity while increasing operational efficiency and strengthening security postures across worldwide clients.
Additional Key Benefits
Target Overview
Acquisition Enriches Acronis’ Backup & Recovery Offering With Unified Cloud Management & Security Capabilities.
Acronis Acquires 5nine
Solutions Overviews
Automated Migration Azure & Hyper-V Management
Enables safe transition to the cloud, without
the use of intrusive agents
Easily manage VMs & tenants across
multiple cloud environments
Backup & Replication Monitoring & Dynamic Optimization
Full or incremental Hyper-V VM backups and
built-in replication tools
Gain visibility into virtual infrastructure and
improve cluster performance
RBAC Administration Security & Threat Detection
Multitenancy and role-based access controls
across teams or customers
Multilayered protection, behavioral analysis, and compliance
with no performance impact
Maximize Performance Eliminate Stress & Complexity
Funding Summary
Nov 2014 Early Stage VC Undisclosed
Jan 2013 Early Stage VC Undisclosed
36

Date: 12/02/2019
acquires
HQ: Berkshire, United Kingdom
Founded: 1982
CEO: Heath Davies
Data Security DLP
▪ “Clearswift’s unique product strengths are critical cornerstones of the overall cybersecurity strategies for its customers and
are often used together with other cybersecurity solutions. We are confident we have found the perfect home for Clearswift
and believe HelpSystems will continue to drive the products and business forward.” – Ciaran Rafferty, Managing Director,
ClearSwift
▪ “The Clearswift solutions, and the talented team that supports them, strengthen HelpSystems’ growing cybersecurity
business. The addition of the Clearswift solutions to the HelpSystems portfolio will provide customers an expanded set of
cybersecurity options that protect critical data and enable compliance with industry mandates such as PCI, GDPR, and
HIPAA and help them stay on top of the shifting cybersecurity environment.” – Kate Bolseth, CEO, HelpSystems
ClearSwift is trusted by organizations globally to protect critical information, giving teams the freedom to securely collaborate and drive
business growth. Its unique technology supports a straightforward and “adaptive” data loss prevention solution that avoids the risk of
business interruption and enables organizations to gain visibility and take control of their critical information 100% of the time.
Prior Ownership History
Target Overview
37
Date Type EV ($M) Investors / Buyers
Dec 2016 M&A Undisclosed
Nov 2011 Buyout Undisclosed
Acquisition Is HelpSystems’ First Cybersecurity Deal Since Its Latest PE Ownership, Adds Data Security To Growing Cyber Portfolio.
HelpSystems Acquires ClearSwift
Product & Solutions Overview
Email
Security
Un-evasive Detection &
Sanitation. Email Security
Without Delay
Adaptive
Redaction
Secure Sharing,
Redaction &
DLP
Information Governance
& Compliance
Track, Trace, & Secure.
Real-Time
Policy Enforcement
Adaptive
DLP
Unparalleled Inspection &
Redaction. No False Positives.
No Disruptions
Advanced Threat
Protection
Stops Zero-Hour Malware
Threats. Signature-Less. No
Delays
Web
Security
Beyond Filtering. Adaptive
Security & DLP for the Web &
Cloud Applications
Endpoint
Protection
Data secured.
Devices secured. Risk
mitigated.
Cloud
Security
Business Strength Security for
Cloud Email. Protect Critical
Information In The Cloud
Adaptive DLP Solutions
Adaptive DLP
for Existing
Email
Adaptive DLP
for Endpoint
Adaptive DLP
for Web Apps &
MFT
Adaptive DLP
for Cloud, Web
& Social Media
Information
Governance
Adaptive DLP
for Email
Adaptive DLP
for Internal Email

Date: 12/02/2019
acquires
HQ: New York, NY
Founded: 2014
CEO: Barak Perelman
Network& Infrastructure Security ICS + OT
▪ “When we started Indegy we set out on a mission to protect industrial networks through a mix of Cybersecurity expertise
and hands-on OT experience, developing products which solve the hardest industrial Cybersecurity challenges. We are
excited to accelerate this mission by joining Tenable, a visionary IT Cybersecurity leader with a trusted brand and proven
track record of product innovation. We look forward to working with the Tenable team and bringing OT cyber capabilities
to its broad customer base.” – Barak Perelman, Co-Founder, CEO, Indegy
▪ “The combination of Tenable and Indegy brings together two pioneers of IT vulnerability management and industrial
Cybersecurity to deliver the industry’s first unified, risk-based view of IT and OT security. This is a game changer that will
help transform how security and the C-suite make strategic decisions around OT risk. This acquisition is a critical milestone
in delivering on our Cyber Exposure strategy to help organizations understand and reduce cyber risk across the entire
modern attack surface. Indegy extends our depth of OT expertise and intelligence, and our breadth of OT-specific
capabilities from vulnerability management to asset inventory, configuration management, and threat detection. We look
forward to working with the Indegy team to help the industry usher in the next wave of IT/OT convergence.” – Amit
Yoran, CEO, Chairman, Tenable
Indegy is a developer of an advanced industrial security suite designed to detect attacks, identify threats, implement compliance, and
change control policies. The Company's software protects data servers in critical infrastructures from cyber attacks, providing full visibility
of the data needed to effectively secure and control the industrial environment.
$78.0 Million
Target Overview
38
Aug 2018 Series B
Jun 2016 Series A2
Dec 2014 Seed $6.0
$12.0
$18.0
Acquisition Expands Tenable’s OT Security Capabilities, Creating A Unified, Risk-Based Platform For IT / OT Security.
Tenable Acquires Indegy
Products Overview
Services Overview
Industrial
Cybersecurity Suite
Device Integrity Enterprise Manager
Industrial Security
Cloud Technology
The Industrial Cybersecurity
Suite provides threat detection
and mitigation, asset tracking,
vulnerability management,
configuration control, and
device integrity checks to secure
operational environments
Indegy’s patented active
detection technology uses
devices’ native communication
protocols to discover, classify,
and query all ICS assets for their
configurations, even those not
communicating in the network
The Indegy Enterprise Manager
aggregates and correlates data
collected across the enterprise,
enabling enterprise-wide
visibility and control as well as
centralized management of the
Industrial Cybersecurity Suite
The Industrial Cybersecurity
Suite can be deployed flexibly,
offering hybrid and pure cloud
applications in addition to on-
premises and virtualized options
OT Health
Check
Risk
Assessment
ICS
Security
Training
Managed
Security
Monitoring

Date: 12/02/2019
acquires
HQ: Baltimore, MD
Founded: 2015
CEO: Tsion Gonen
ApplicationSecurity WAF & Application Security
▪ “On their journey to cloud transformation, organizations require a new security paradigm to protect against 5th and 6th
generation of cyber attacks. By incorporating serverless security into our market leading CloudGuard portfolio and
leveraging our comprehensive platform for cloud security and compliance, we deliver unprecedented protection across
multi-cloud and Hybrid environments.” - Dr. Dorit Dor, VP Product, Check Point
▪ “With the acquisition of Protego, we really fill in another gap. With the emphasis that AWS is putting on Lambda - and
with Azure doing the same thing - we really enhance our position.” - Frank Rauch, Head of Worldwide Channel Sales,
Check Point
Protego is a provider of code-centric cloud security that delivers security and visibility for serverless application. The Company’s
technology is the first to automate the entire serverless application lifecycle from software configurations and vulnerability management
to runtime threat detection and prevention.
$40.0 Million
Target Overview
39
Solution Overview & Benefits
May 2018 Series A1
Jun 2016 Series A $2.0
$2.0
Minimize Attack Surface and Improve
Security Posture
Serverless Security
Vulnerability Management
Native CI/CD
Integration
Detects configuration risks and automatically
generates least-privilege function permissions,
outlining recommended remediations
Scans functions for known vulnerabilities to
ensure applications are not exposed to potential
attacks
Provides native plug-ins as well as a CLI tool that
automates function scanning within CI tools for
continuous security posture
▪ Automatically generate least privilege IAM
roles during CI/CD and runtime
▪ Detect and alert over provisioned functions
▪ Native integration with task management
and reporting tools
▪ Based on updated CVE sources and
proprietary secret detection algorithms
▪ Scans functions during CI/CD to prevent
development of vulnerabilities
▪ Alerts new vulnerabilities present
▪ Native support for Serverless.com, Jenkins,
AWS, SAM, AWS CloudFormation, APEX
▪ Provides developers scanning results and
mitigations for environment
▪ Enforce pre-defined security controls
Acquisition Allows Check Point To Further Extend Serverless Protection for Cloud Workload Protection & Security Posture Management.
Check Point Software Technologies Acquires Protego
Compatible Serverless Platforms

Highlighted Fundraising
Transactions

▪ Data compliance used to be a manual, complicated process. It does not take a
compliance professional to use Osano. What used to take training and months of work,
now takes minutes.
▪ Instantly help websites comply with all data privacy laws. Plus explore vendor risk for
more than 10,000 companies in a flash.
42
Description
Osano is a developer of a monitoring application and software intended to present the
privacy policy of companies in a structured manner. The Company analyzes thousands of
online privacy policies and communicates that analysis through its software, enabling users
to make informed decisions about how they interact and share data with those websites and
service providers.
Founders /
Management
Founded 2018
HQ Austin, TX
Total Raised $8.4M
Quick Stats
Company Overview
Arlo Gilbert
CEO
Data Privacy Platform Features
Dec 2019 Series A
Mar 2019 Seed $3.0
$5.4
$5.4M Series A Financing.
Scott Hertel
CTO
Consent
Management
Data Subject
Rights
GDPR
Representative
Vendor Risk
Monitoring
Instantly helps websites
become compliant with every
privacy law in the world in 34
languages
Easily manage one or one
million data subject / subject
rights requests
Get compliant with GDPR by
appointing Osano as the
organization’s GDPR
representative in the EU
Access the privacy ratings for
more than 10K companies and
quickly understand the
associated risk
Policy Change
Detection
Vendor Lawsuit
Alerts
Privacy Law
Alerts
Ask A Privacy
Expert
PII Tracking
API
Get alerted when a
vendor changes their
compliance statements
and compare historical
versions
Know which vendors
may be violating
agreements and get
ahead of the potential
loss
Get alerted about new
changing privacy laws
along with advice on
how to prepare
Get access to a team of
privacy experts who can
help build a privacy
program
Build privacy directly
into an app with a
secure and compliant
record of each data
share
Select Customers
10,000+
Companies Analyzed
750,000
Websites Using Osano
220,000
Lawsuits Monitored
Compliance In A Box

43
Description
LogicGate is the provider of an online platform designed to automate and operationalize
GRC processes. It offers a wide-range of risk management, security, policy / incident
management, and other compliance functionality, enabling clients in all industries to easily
centralize, audit, and automate ongoing compliance initiatives.
Founders /
Management
Founded 2015
HQ Chicago, IL
Total Raised $34.3M
Industries Served
Company Overview Target Overview
Dec 2019 Series B
Jul 2018 Series A
Dec 2016 Seed
Jun 2016 Accelerator
$24.8M Series B Financing.
Matt Kunkel
CEO, Co-Founder
Jon Siegler
CPO, Co-Founder
Kevin Jacobson
CFO
Karry Kleeman
CRO
$0.1
$1.9
$7.5
$24.8
LogicGate provides a holistic platform designed to simplify & automate tedious GRC processes with
a library of customizable process applications.
GRC Solutions Overview
Business Continuity Management
Compliance Management
Policy Management
GDPR Compliance
Audit & Controls Management
Enterprise Risk Management
IT Security Risk Management
Third-Party Risk Management
Alternative Energy Insurance Pharmaceuticals
Banking Investment Services Software
FinTech Medical Devices Telecom
Healthcare Oil & Gas Utilities

44
Description
Satori is a developer of a secure data access cloud designed to accelerate data innovation.
The Company's platform offers continuous visibility and granular control for data flows
across all cloud and hybrid data stores, accelerates data access and provides a holistic view
across all organizational data flows, data stores and access, thereby enabling enterprises to
maximize data-driven competitive advantage.
Founders /
Management
Founded 2019
HQ Tel Aviv, Israel
Total Raised $5.3M
Example Use Cases
Company Overview Platform Overview
Dec 2019 Seed $5.3
$5.3M Seed Financing.
Complete Data Flow
Mapping
Granular Data
Protection
Data
Privacy
Understand where data is
stored, who is accessing it and
where it is moving
Manage your data with
contextualized and granular
data access policies
Continuously monitor and
enforce data privacy policies
for GDPR, CCPA, and other
regulations.
Eldad Chai
CEO, Co-Founder
Yoav Cohen
CTO, Co-Founder
User
Tools Data Stores

45
Description
Efficient IP is a provider of network automation tools intended to drive business through
network services availability, security and performance. The Company's tools use data
documentation initiatives in order to promote cloud services and offer DNS security
services, enabling its clients to receive network discovery and management automation
services.
Founders /
Management
Founded 2004
HQ Paris, France
Total Raised $14.2M
Industries Served
Company Overview
Jean Yves Bisiaux
President
Core Solutions
Dec 2019 Series B
Jun 2012 Later Stage VC $3.2
$11.0
David Williamson
CEO
Ronan David
VP, Strategy, Bus Dev,
Marketing
Cyril Couten
CFO
Smart DDI 360° DNS Security Virtualization & Cloud Network Automation
Unify and automate DNS,
DHCP and IP Address
Management for 80% time
savings
Detect threats – protect apps,
users and data – Remediate
Faster
Empower advanced
orchestration and automation
with easy ecosystem
integration
Gain visibility and control with
dynamic discovery and
management automation of
networks
Select Customers
DNS, DHCP & IP Address Management
SOLIDserver
DDI
IPAM For
Microsoft
IPAM For BIND DNS & ISC
DHCP on Linux
DNS Security
Hybrid DNS DNS Firewall DNS Blast DNS Cloud DNS Guardian
Network Management
NetChange Service Provider Extension (SPX) Device Manager
Application Traffic Management
DNS GSLB
Telcos / ISPs Retail Higher Education Finance
Deliver high-performance
DNS-DHCP-IPAM services
to provide the network
agility, availability, and
security that service
providers demand
Organize & control IP-VLAN
plans to significantly reduce
security risk and ensure
continuity of services, while
enabling quick deployment
of new stores and services
Ensure high availability,
security, and automation to
guarantee that university
network infrastructures will
actively support
administration and students
Helps network teams to save
time and deliver the service
continuity and data
protection that financial
institutions require
Software Products

▪ QuiddiKey is embedded hardware IP that creates
the secret key of the unclonable identity from
within, derived using the intrinsic randomness in
uninitialized SRAM
▪ This secret key is not stored but is dynamically
regenerated from the SRAM PUF inside a secure
perimeter.
46
Description
Intrinsic ID is a provider of digital authentication technology intended to be used for IoT
security and embedded applications. The Company's SRAM Physical Unclonable Function
or SRAM PUF, leverages manufacturing variations in semiconductors to create unique IDs
and keys to authenticate chips, data, devices and systems, enabling clients to validate
payment systems, secure connectivity, authenticate sensors, and protect sensitive
government and military data and systems.
Founders /
Management
Founded 2008
HQ Sunnyvale, CA
Total Raised $9.5M
Select Customers
$2.8M Later Stage VC Financing.
Pim Tuyls
CEO
Geert-Jan Schrijen
CTO
Dec 2019 Later Stage VC
Oct 2016 Grant Horizon 2020
Jun 2015 Grant Undisclosed
Feb 2015 Grant Undisclosed Small Business Innovation Research
Apr 2012 Early Stage VC
Oct 2008 Early Stage VC Undisclosed
$6.7
$0.1
$2.8
Key Stats
160M+
Devices Secured
21 Semiconductor
Platforms
4 of Top 5 MCU
Makers Use
QuiddiKey Overview
▪ QuiddiKey is embedded hardware IP that creates
the secret key of the unclonable identity from
within, derived using the intrinsic randomness in
uninitialized SRAM
▪ This secret key is not stored but is dynamically
regenerated from the SRAM PUF inside a secure
perimeter.
BroadKey Overview

47
Platform Overview
Description
Tines is a developer of a security automation, orchestration, and response platform
intended to simplify enterprise security. The Company's platform allows security teams to
automate any workflow, allowing security teams to focus on high-priority tasks.
Founders /
Management
Founded 2018
HQ Dublin, Ireland
Total Raised $15.1M
Dec 2019 Series A
Key Benefits
$15.1
Eoin Hinchy
Co-Founder
Company Overview
Tines provides an easy-to-use platform that allows security teams to automate workflows, regardless of complexity,
without having to rely on bespoke scripting that’s hard to maintain, manage, and scale.
No-App Integration API Autocomplete
Does not rely on apps, modules, or applets to
integrate with 3rd party tools
Easily navigate historical events and easily
configure agents
Flexibility Crowd-Sourced Responses
Use of JSON means agents and events are
easy to work with and read
Automate reach-out to users about low-risk
alerts
Streamline Remediation Secure & Private
Either automate re
mediation or prompt analysts about next
steps
Control over data residency and retention,
2FA, and single-tenant architecture
Visualized Stories Cloud & On-Premises
Auto-updating, diagrammatic representations
of stories
Deployable on cloud and on-premises
Automate Anything Direct Integration Rest API Simple Deployment Secure
Build complex
workflows without a
single line of code
Integrates with any tool
in technology stack
Securely read & archive
event data, manage
agent configuration, and
export automation
stories
Host instances in the
Tines cloud or deploy
on-premises with own
Docker/Kubernetes
infrastructure
Mandatory MFA,
granular data residency
and retention controls,
and dedicated and
segregated infrastructure
Thomas Kinsella
Co-Founder, COO

Healthcare
Hospitality
Retail
Transportation
Tech
Manufacturing
Enterprise
Identify & Classify
▪ Ordr SCE fully maps every microscopic device detail and its context – the
device flow genome – at massive scale, using machine learning to completely
and continuously inspect and baseline the behavior of every device
▪ Detects exposed vulnerabilities & delivers intricate risk scores for priority
attention & mitigation, all in real-time, all-the-time, delivered in an elegantly
simple UI
Regulate
▪ Ordr SCE monitors & analyzes all device communications, and delivers real-
time communications flow analytics
▪ Regulates flow & behavior by device, group, location, function, & application
▪ Automatically detects anomalous behavior including out of flow comms,
unusual data and application usage, and off baseline cadence and activity
Protect
▪ Unique architecture in its ability to process enormous quantities of data in real-
time, using sophisticated AI to deliver truly proactive protection, automatically
generating policies for each class of device
▪ Seamlessly integrated with incumbent network and security infrastructure to
implement security policies directly and automatically
Dec 2019 Series B
April 2018 Series A
Jun 2017 Seed
48
Description
Ordr is a developer of a security and risk management software designed to reduce risk by
classifying, managing and safeguarding business IoT systems. The Company's software
provides IoT security and risk-reduction services and ties device identity with behavioral
analytics. Its platform manages risks and protects new and legacy business-critical systems,
providing enterprises with complete visibility and exhaustive control over every class of
network-connected device and system.
Founders /
Management
Founded 2015
HQ Santa Clara, CA
Total Raised $48.0M
Product Overview Funding Summary: $48.0M
Company Overview Ordr Systems Control Engine (SCE) Product Features
$4.0
$16.5
$27.5
Connect Analyze Control
Ordr deploys in minutes, with no impact
to existing infrastructure. With simple
access to a SPAN port, instantly begins to
ingest data from multiple sources
Ordr analyzes network
traffic and immediately
begins to identify &
classify all connected
devices and systems, and
delivers granular device,
system and risk
intelligence
Ordr gives the power to take control of
your environment through an elegantly
simple UI, utilizing sophisticated AI for
truly proactive enterprise protection
Greg Murphy
President, CEO
Gnanaprakasam Pandian
Co-Founder, CPO
Sheausong Yang
Co-Founder, Chief
Scientist
Russell Rice
VP, Products
Brad Day
Head, Marketing
Industries Served

49
Description
SpiderOak is a developer of a web and mobile based data protection software designed to
protect group messaging, file sharing and file backups with end-to-end encryption. The
Company's software is a privacy-oriented technology that encrypts data on local devices and
backs them up in the cloud, enabling users to share, sync and back up their data without
privacy intrusions, ransomware and data loss.
Founders /
Management
Founded 2007
HQ Mission, KS
Total Raised $14.9M
Platform Benefits Funding Summary: $14.9M
Company Overview
Dave Pearah
President
Products
Dec 2019 Later Stage VC Undisclosed
Oct 2016 Series B
May 2015 Series B
Jul 2013 Series A Undisclosed$2.0
$3.5
$0.8
$8.6
Christopher Skinner
CEO
Laura Gowans
COO
Defense Agility Collaboration Segmentation
Stop attacks at their
core by protecting
authority. Attackers
can't compromise
authority, & data stays
secure
Work faster in more
places by expanding
capabilities to work
on networks that are
not trusted
Work with
multinational partners
or across multiple
security domains
Compartmentalize
data on the fly
SpiderOak
CrossClave
▪ Provides a secure way to exchange and sync files using No Knowledge Encryption
▪ This allows for freely sharing even the most sensitive data
SpiderOak
Semaphor
Messaging
▪ Semaphor provides secure group messaging for the most sensitive data
▪ End-to-end encryption with private blockchain technology protects private company
communication & everyday work
SpiderOak
One
Backup
▪ Secure, reliable backup to protect the most important files from data loss and ransomware
▪ Sync data across all of devices
▪ Access all of your historical versions and deleted files with no time limits or restrictions
▪ We offer unparalleled privacy for you and your data.
SpiderOak
Enterprise
Backup
▪ Scalable and deployable with flexible hosting – the customer manages the keys
▪ Prevent data loss and increase organizational security with No Knowledge, end-to-end encrypted
endpoint backup
▪ Enterprise and LDAP ready
Solutions
Defense &
Intelligence
Civilian
Government
Government
Contractors
Enterprise
Software

50
Description
Secure Code Warrior is a developer of an online secure coding platform intended to help
developers think and act with a security mindset every day. The Company's platform is
designed to be role-specific for developers and uses a mix of gamification techniques. It
supports a wide range of programming languages and frameworks that power modern
software and legacy systems, empowering developers to be the first line of defense in their
organization by making security highly visible and providing them with the skills and tools to
write secure code from the beginning.
Founders /
Management
Founded 2015
HQ Sydney, Australia
Total Raised $51.2M
Solutions
Company Overview Platform Benefits
Matias Madou
CTO
Dec 2019 Series B
Sep 2018 Series A
$3.5
$47.7
Pieter Danhieux
CEO
Fatemah Beydoun
VP, Customer
Success, Operations
Jaap Karan Singh
Secure Coding
Evangelist
Nathan Desmet
Lead Engineer
Colin Wong
Director, Product
Innovation
Supported
Languages
Training Supported
Vulnerabilities
Tournament Assessment
Secure Code Warrior helps secure code from the start, reducing costs to fix security bugs letter in
the development cycle
Select Customers
18 of the Top100 Global
Banks
2 of the top 5 US Credit
Card Processors
1 of the top 3US
Telecom Providers
8 of the Top 10
Australian Banks

Easily protect the entire organization from online
security threats and undesirable content. With
powerful artificial intelligence and an industry-
leading global network behind DNSFilter,
companies can be safe and secure in mere minutes.
Description
DNSFilter is a developer of a cloud-based filtering DNS platform intended to facilitate
intelligent web content filtering. The Company's DNS service utilizes artificial intelligence to
filter content and also provides security threat protection, enabling companies, service
providers as well as educational institutions to protect their users from online security
threats and inappropriate content.
Founders /
Management
Founded 2015
HQ Washington, D.C.
Total Raised $5.6M
$5.5M Early Stage VC Financing.
51
Dec 2019 Early Stage VC Undisclosed
Apr 2018 Accelerator
$0.1
$5.5
Company Overview
Ken Carnesi
Co-Founder, CEO
Key Highlights
Content Filtering Global Network Security Threat Protection
▪ Stop users from viewing
inappropriate or undesirable
content, such as adult websites and
streaming media
▪ Global anycast network has the
most advertised peers in the
industry and three dozen data
centers, ensuring low latency and
100% uptime
▪ Protect users from phishing,
malware, ransomware and more
using our cloud-based DNS
service
Powered By Artificial Intelligence Dashboard Reports Off Network Protection
▪ Only content filtering service
providing real-time domain
analysis, meaning protection from
more threats
▪ View and export network activity
and security reports in the
dashboard, or delve into detailed
logs for even more actionable data
▪ Available on Windows, MacOS,
iOS, Android, and ChromeOS to
prevent access to unwanted and
malicious content on all devices,
inside and outside the network
Product Overview
Key Features
Use Cases
48
Global
Datacenters
7.5M
Threats
Identified Daily
459.8B Requests Served
Service
Providers
Use DNSFilter to add a strong security layer to MSP stack
and stop attacks before they happen
Business &
Enterprise
Provides Enterprise grade protection and filtering for users
to protect organizations from costly phishing or
ransomware attacks
Education
Helps University & K-12 networks to be CIPA compliant
and protect students and staff from inappropriate
websites and malicious domains
Mike Schroll
Co-Founder, CTO
Brian Gillis
Co-Founder, CIO

The CyberGRX Effect
The
Exchange
Advanced
Analytics.
Actionable
Insight
Standardized,
Risk-Based
Assessment
▪ Allows enterprises and third parties
to easily share and access up-to-
date risk assessments
▪ Enterprises order an assessment
already in the Exchange, or initiate
coverage by leveraging our end-to-
end risk assessments as a service
▪ Analytics incorporates industry
threat data, a rules engine, and
outside-in validation
▪ Platform provides actionable
insights to Enterprises and Third
Parties so they can prioritize and
mitigate risk
▪ Assessments are based NIST 800-
53, but map to all regulatory
frameworks
▪ Assessments feature two phases:
the self-assessment phase and the
validation phase
Description
Cyber Global Risk Exchange (CyberGRX) develops and delivers a third-party cyber risk
management platform. The Company offers CyberGRX, a platform through its design,
automation, and advanced analytics enables enterprises to identify, assess, mitigate, and
monitor an enterprise’s cyber risk exposure across its vendor, partner, and customer digital
ecosystem. Its platform helps enterprises automate and standardize the collection of
information, as well as prioritize, evaluate, and remediate risk.
Founders /
Management
Founded 2015
HQ Denver, CO
Total Raised $99.0M
52
Product Overview
Key Benefits
Dec 2019 Series D
Nov 2018 Series C
Apr 2017 Series B
Apr 2016 Series A
$9.0
$20.0
$30.0
$40.0
$40.0M Series D Financing.
Company Overview
Marc Haverland
CTO
Fred Kneip
CEO
Scott Schneider
CRO
Adam Cecil
CFO
Enterprises
Evolve teams from data collectors to
risk managers
Continuously monitor the Company’s
ecosystem
Identify the third parties that pose the
greatest risks
Cost-effectively scale the program
Create a prioritized risk-based
mitigation strategy
Benefit from crowd sourced mitigation
efforts
Third Parties
Never complete another shared
spreadsheet again
Share a single assessment with multiple
upstream partners
Identify and understand the
remediation with the most yield
Spend more time on proactive risk
management
The CyberGRX Exchange, coupled with its proprietary dynamic assessment data and analytics – including Auto Inherent Risk Insights
(AIR Insights™) – helps enterprises cover more of their critical third parties, while helping both third parties and enterprises execute
third-party risk assessments quickly and cost-effectively
Better Faster Cost Effective
▪ Assessments are NIST 800-53
based and maps to most every
regulatory body and framework
▪ Assess 5x the vendors in
30% less time
▪ Shared pricing model allows for
an always up-to-date assessment
at the lowest marketplace price

53
Description
Rezillion is a developer of a cloud workload protection platform intended to protect cloud
networks from cyber attacks. The Company fully automates security operations by ensuring
all services and applications are in a healthy and desired state, thus making them inherently
resilient to unsanctioned change and cyber attack.
Founders /
Management
Founded 2018
HQ Be’er Sheva, Israel
Total Raised $8.0M
Autonomous Cloud Workload Protection
Company Overview
Liran Tancman
CEO
Solutions Overview
Dec 2019 Seed $8.0
Dramatically reduce
runtime attack surface using
your existing DevOps tools
Automatically bring
compromised services back
to a known good state
Gain instant visibility into
and control over changes in
production
Shlomi Boutnaru
CTO
Tal Klein
CMO
Noam Ravid
VP, Customer Success
Artem Merkovich
VP, R&D
Integration Partners
Dynamic Whitelisting &
Application Control
Hardening & Vulnerability
Management
Exploit Prevention &
Memory Protection
Change Control & Access
Management
Turn CI/CD pipeline into a
dynamic whitelist of code,
commands, and connections
Clean up unnecessary or
components in production,
and run safely even when
vulnerabilities exist
Automatically return affected
services back to a known
good state and send dumps
and logs to DFIR
Ensure that changes in
production and privileged
access are validated and
logged
How It Works
Notary Instrumentor Validator Mitigator
Analyzes binaries, scripts,
and configuration files in the
CI/CD pipeline and forms a
dynamic blueprint for each
instance
Monitors service instant
states in realtime and
transmits telemetry to
Validator for analysis
Analyzes Instrumentor data
for every instance against its
corresponding Notary
blueprint and flags any
deviation
Integrates with the entire ops
stack (CI/CD, ITSM, SIEM,
etc.) to mitigate deviations
flagged by Validator
I. II. III. IV.

54
Description
Zebu is a developer of a cloud based cyber security platform designed to provide effective
and secure services to business across all places. The Company's cyber security platform
stores and safeguards confidential and classified information from threats and enables only
the sender and recipient have access to encryption keys that are used to open
communications and other files. This allows organizations to handle communication,
scheduling, and file management in a secured way.
Founders /
Management
Founded 2015
HQ Waterloo, Canada
Total Raised $3.9M
Zebu Benefits
Company Overview
Jesse David Thé
CEO
3-In-1 Solution
Dec 2019 Seed Undisclosed$3.9
E-2-E Encryption Only Customers Have Access Security Simplified
All messages, events and files are
encrypted end-to-end and secured
before leaving the device
Other companies have keys to
information on their platforms.
With Zebu, the customers is the
only one with keys
Zebu has mastered the balance
between top notch security and
very simple to use
Mike Johnson
CTO
Messenger
▪ Secure Client Conversations
▪ Files Are Encrypted
▪ Security Beyond The Customer’s Team
▪ The Easiest Way To Communicate
File Storage
▪ Every File Is Safe
▪ Zebu Does Not Have Access To Customer Data
▪ Secure Sharing Across The Internet
Calendar
▪ Organize Team’s Schedule
▪ A Calendar For Everyone On The Team
▪ Top-notch Security
▪ Never Miss A Meeting
Integrations
Zebu Security Features
End 2 End Encryption Zero Knowledge Solution
Unique Keys for Discussions External Connections
Per-Message & Per-File Encryption Forward and Backward Security
Ease of Use Clear Business Model

55
Description
RunSafe Security provides cyberhardening technology solutions for vulnerable embedded
systems and devices. The Company renders threats inert by eliminating attack vectors,
significantly reducing vulnerabilities and denying malware the uniformity required to
propagate. By precluding a single exploit from spreading across devices, RunSafe Security
disrupts the traditional economics of attacks and denies the routine tactics and techniques
that attackers prefer.
Founders /
Management
Founded 2015
HQ McLean, VA
Total Raised $8.8M
DevSecOps Use Case
Company Overview
Joe Saunders
Founder, CEO
Solution Overview
Dec 2019 Series A
Jan 2018 Seed
Sep 2017 Accelerator Undisclosed
Nov 2016 Accelerator $0.1
$2.5
$6.3
Disrupt Attacker
Economics
Reduce Vulnerabilities
Ensure Operational
Continuity
Protect Integrity of
Communications
Preclude a single exploit
from spreading across
devices.
Reduce zero-day
threats via binary
randomization
Prevent threats from
disrupting delivery of critical
resources.
Minimize the risk of
intercepted and
compromised
communications
Doug Britton
CTO
Shane Fry
Director, Security
Engineering
Nick Rea
VP, Market
Development
Dave Salwen
VP, Public Sector
Critical Infrastructure Industries
Automotive/Transportation Cybersecurity
Maintain integrity of fleet communications and harden
vehicle components with no integration required
Manufacturing & Industrial IoT Cybersecurity
Equip legacy systems in the field, embed technology during
manufacturing & protect integrity of M2M communications
Data Center/Communications Protection
Meet uptime service level agreements and keep customers’
businesses operational
Energy, Power & Water Protection
Prevent exploit replication, ensure reliability & availability
and minimize physical risk
Military Systems Security
Increase resilience to cyberattack across weapons, sensors,
support systems, and data centers
Healthcare Cybersecurity
Protect the privacy of patient records and the integrity of
life-saving medical software and devices
Supply
Chain
Build
(Compile chain)
Deploy
(Filed Integration)
Internet of
Things
No Protection
Protection Applied
After Compilation
Protection Applied
During Compilation

56
Description
Cyberhaven is a developer of a Data Behavior Analytics (DaBA) solution intended to offer
protection for data and other applications. The Company's platform observes data's behavior
and records it, so that whenever a data incident is suspected, it has the entire context and
knows everywhere the data went and who accessed it, enabling organizations to gain real-
time visibility into the behavior of business-critical data as it moves across endpoints, servers
and applications, on-premise and in the cloud.
Founders /
Management
Founded 2014
HQ Palo Alto, CA
Total Raised $15.2M
Example Use Cases
Company Overview
Dr. Vova Kuznetsov
CEO
Product Overview
Dec 2019 Series A
Jul 2016 Seed $2.2
$13.0
Futureproof
Coverage
No need to predict future breaches; no need to create
policies; customers are always covered
Graphic Visibility
Into All Data Silos
Automatic, effortless visibility into any location that data is in
— endpoints, servers, email, proprietary apps and databases,
SaaS, custom cloud apps
Rapid Results With
No Manual Work
No need to stitch together incidents from several tools to get
visibility into your data or investigate a breach
No continuous maintenance of policies, no incident fatigue
because of policies that are too broadCareless Employees Offboarding Employees Repeat Malicious Insiders
Negligent users causing accidental
data breaches by mistake or
omissions
Offboarding users who commit
deliberate intellectual property theft
are among the costliest risk to an
organizations
Criminal users continuously
exfiltrating data with the goal of
financial rewards or other personal
gain
Dr. Cristian Zamfir
GM, EMEA
Dr. Radu Banabic
VP, R&D
Liron Pergament-Gal
VP, Product
Select Customers
Cyberhaven’s ability to analyze data’s behavior — an approach it calls Data Behavior Analytics —
provides complete visibility into the behavior and movement of trade secrets (including Intellectual
Property and client data), as it travels across cloud and on-premise environments.

57
Description
Kratikal Tech is a developer of a cybersecurity platform intended to train the IT professionals
and the digital community in India about how to build secure systems. The Company's
platform automates security testing services with the help of built-in artificial technology,
enabling corporates, law enforcement agencies and education institutes to learn how to
build secure systems such as vulnerability assessment and security auditing.
Founders /
Management
Founded 2013
HQ Delhi, India
Total Raised $1.5M
Platform Features
Pavan Kushwaha
Co-Founder, CEO
Dec 2019 Seed
Aug 2018 Accelerator Undisclosed
Jan 2017 Seed Angels
$0.5
$1.0
Risk Assessment
From People
Point Of View
Real-Time Attack
Simulation
Track Individual
Employee Risk
Posture
Analyze Current
Risk Level Of
Company
Mini SOC for
Email Threats
ThreatCop Managed Security Compliance Management
A tool to assess an
organization’s real-time threat
posture & reduce Cyber risk up
to 90% in 30 days
Kratikal provides a complete
suite of manual and automated
security testing services
Protect reputation & stay on the
top of the regulatory standards
benchmarked to premium
expertise
Phishing Application Security Testing ISO 27001
Ransomware Server Security Testing PCI DSS
Risk of Removable Media Network Pen Testing HIPAA
Cyber Scam Infrastructure Pen Testing SOC2
Vishing Cloud Security Testing GDPR
Smishing IoT Devices Security Testing
Select Customers
Dip Jung Thapa
Co-Founder, COO
Paratosh Bansal
Co-Founder, CTO

Find and fix sensitive information leaks on
public GitHub
80% of corporate leaks on GitHub occur on developers’
personal repositories, well under their company's radar.
Defend developers’ public activity, anywhere on GitHub.
Remediate data breaches within minutes, not months.
58
Description
GitGuardian is a developer of a Cybersecurity platform designed to scan all GitHub public
activity in real-time. The Company's platform uses machine learning algorithms to analyze
hacker activities on GitHub to prevent data leakage of API secret tokens, database
credentials or vault keys, enabling clients to enforce security policies across public and
private code, and other data sources as well.
Founders /
Management
Founded 2017
HQ Paris, France
Total Raised $14.1M
Product Suite
Company Overview Product Overview
Eric Fourrier
CTO, Co-Founder
Dec 2019 Series A
Undisclosed Accelerator Undisclosed
Jul 2018 Early Stage VC
Jan 2018 Angel Undisclosed
$0.1
$2.0
$12.0
Jérémy Thomas
CEO, Co-Founder
Elin Larsen
VP, Operations
GitHub Public Monitoring
Defend Developers’
Public Activity
Reduce Attack Vectors
For Hackers
Protect The Business
From Legal Fines
Auto-discover which developers are
on GitHub, and monitor their public
activity anywhere on the platform,
especially on previously unknown
repositories
Alongside GitHub public activity,
GitGuardian is also monitoring
organized criminal groups using
GitHub as their hunting-ground, and
staying ahead of their tactics
Prevent sensitive info from being
leaked on GitHub that can expose
customer data, lead to large
compliance penalties, & cause severe
damage to corporate reputation
Private Repositories Monitoring
Monitor… Detect… Check Compliance…
developers client side (local git) and
company’s git server
many different types of secrets: API
keys, database connection strings,
credentials, certificates, etc.
with industry standards and best
practices
Detect secrets in private
source code
Detect sensitive information in private version control
system: API keys from over 200 API providers, database
connection strings, SSL certificates, usernames and
passwords, etc.

Fast Vetting
Evaluate and rate
suppliers’ security
in hours
Automation
Eliminate manual
questionnaire
process
Monitoring
Continuously monitor
changes to supplier
security
Compliance
Comply with regulations
like GDPR, CCPA &
NYDFS
Get a 360° View
Rapid security ratings are based on “outside in”
simulation combined with an “inside-out” view
Gain Control Over Supplier’s Security
Pinpoints cyber gaps and provides actionable
insights, to easily understand security gaps
Comply with Regulations
Works with suppliers to adhere to regulations &
standards like GDPR, CCPA, NYDFS & SIG
Quick Security Policy Check
Automatically detects when suppliers do not
adhere to Company’s security requirements
Remove False Positives
Facilitates engagement so false positives can be
quickly resolved
Gain Continuous Visibility
Continuously monitors & evaluates supplier &
receive live alerts about any security breaches
Description
Panorays is developer of a platform designed to automate third-party security management.
The Company's platform dramatically speed-up its third-party security evaluation process
and gain continuous visibility while ensuring compliance to regulations such as GDPR and
NYDFS, enabling clients to easily view, manage and engage in the security posture of their
third parties, vendors, suppliers and business partners.
Founders /
Management
Founded 2016
HQ New York, NY
Total Raised $20.0M
59
Dec 2019 Series A
Jun 2018 Early Stage VC
$5.0
$15.0
Product OverviewCompany Overview
Matan Or-El
Co-Founder, CEO
Meir Antar
Co-Founder, CTO
Demi Ben-Ari
Co-Founder, VP, R&D
Elad Shapira
Head, Research
Key Benefits
Outside-In |
Hacker View
Automatically tests
supplier Cyber
posture
Inside-Out |
Security Inquire
Enforces Company’s
internal policies at
the supplier
1
Performs gap
analysis on the
evaluation results
2
Company &
suppliers engage
within the platform
3
Provides easy-to-
follow instructions
for gap mitigation
4
Company approves
supplier for
onboarding
5
Continuously
monitors supplier’s
cyber posture
Automating Third Party Security Lifecycle Management
▪ Gain a 360° view of the supplier through a combination of the hacker’s view and internal policy
▪ The hacker’s view tests the posture just like a hacker would evaluate a company
▪ The internal policy ensures that the supplier complies with security policies and practices.
How It Works? Key Highlights

Real-Time Assessments Automated Patching
Hack Simulation Compliance Management
One comprehensive SAFE score representing the organization’s full security posture
60
Description
Lucideus is a provider of a cyber risk assessment platform designed to proactively secure,
continuously monitor, and reactively respond to threats in real-time. Its platform leverages
AI & ML capabilities to effectively quantify, measure, & mitigate cyber risk on an ongoing,
self-evolving basis.
Founders /
Management
Founded 2012
HQ New Delhi, India
Total Raised $13.2M
Industries Served
Company Overview Target Overview
Dec 2019 Later Stage VC
Oct 2018 Series A
Oct 2017 Angel Amit Choudhary
Jul 2016 Seed Undisclosed
Jun 2016 Angel Anand Chandrasekaran
Aug 2012 Accelerator Undisclosed
Saket Modi
CEO, Co-Founder
Vidit Baxi
CISO, Co-Founder
Anuj Kapur
COO
Nimish Chaudhary
CFO
$0.0
$1.2
$5.0
$7.0
Lucideus’s SAFE security & risk management platform integrates with existing IT infrastructure &
security tools to perform real-time assessments enabling leadership teams to quickly track,
visualize, & enhance their cyber risk posture.
SAFE Score Key Components
Aviation E-Commerce
Financial Professional Services
Technology Manufacturing

Cybersecurity Snapshot December_2019

Cybersecurity Snapshot December_2019

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