Israel-based cybersecurity company CyActive has been acquired by online payment processing company PayPal for $60m giving an exit to conglomerate Siemens, Globes reported on Thursday.
PayPal and CyActive have not yet officially confirmed the acquisition, but the deal has reportedly been signed and will close in the near future.
Established in 2013 as part of an incubator run by venture capital firm Jerualem Venture Partners (JVP), CyActive has developed predictive cybersecurity software which is able to proactively detect new threats as they emerge.
The company has received $2m in funding from Siemens Venture Capital, the corporate venturing arm of industrial and household products maker Siemens, which invested in September 2014, as well as JVP and an undisclosed foreign investor, according to Globes.