Private equity firm Charlesbank Capital Partners invested $70m in Israel-based Cyberbit, a cybersecurity training subsidiary of aerospace and defence technology producer Elbit Systems, yesterday.
The investment was made through the Charlesbank Technology Opportunities Fund and follows $30m in funding provided for Cyberbit by investment firm Claridge Israel in mid-2018.
Charlesbank supplied $22m in equity financing and bought $48m of shares from Elbit, which is now a minority shareholder in Cyberbit.
Cyberbit provides software that helps train cybersecurity-focused employees to recognise and combat cyberattacks. Users can access a virtual security operations centre where they face simulated attacks that they can attempt to mitigate through commercial software.
Bezhalel (Butzi) Machlis, Elbit Systems’ president and chief executive, said: “Preparing the human element for cyberattacks is one of the most acute cybersecurity challenges.
“The investment of Charlesbank in Cyberbit is a recognition of Cyberbit’s market-leading position and the growth potential of Cyberbit’s training platform – the Cyber Range. I am confident that this investment will allow Cyberbit to realise its full growth potential.”
