Israel-based defence electronics contractor Elbit Systems has sold a minority share of its cybersecurity subsidiary Cyberbit to Claridge Israel for $30m, according to Reuters.
Claridge Israel is a partnership between Canada state-backed pension fund Caisse de dépôt et placement du Québec (CDPQ) and Claridge, the family office for Stephen Bronfman, whose fortune came from the Seagram drinks business.
Cyberbit has developed a platform that offers endpoint attack detection, system-on-a-chip automation, industrial control network protection and cybersecurity training and simulation.
The investment will facilitate Cyberbit’s expansion of its sales and marketing operations, primarily in the US and Canada. The money will also bolster customer and partner support and boost development.
Oded Tal, managing partner of Claridge Israel, will join Cyberbit’s board.