Cybersecurity technology provider SentinelOne agreed yesterday to buy US-based cybersecurity and identity protection software developer Attivo Networks for $617m in cash and stock, allowing semiconductor distributor Macnica and telecommunications company Singtel to exit.
Attivo uses deception technology to trap cyber attackers and get them to reveal themselves, using misdirection to prevent, detect and respond to threats. SentinelOne intends the acquisition to set the standard for extended detection and response (XDR) platforms.
The company had raised undisclosed amounts from Singtel’s corporate venturing unit, Singtel Innov8, in 2018 to increase its overall funding to $47.5m, and then from Energy Impact Partners the following year.
Attivo had secured $21m in series C funding from Trident Capital Cybersecurity, Omidyar Technology Ventures and Bain Capital Ventures in 2017, the three having joined Macnica in a $15m series B round earlier that year. Bain Capital Ventures had previously led the company’s $8m series A round in 2015.
Tushar Kothari, Attivo’s chief executive, said in a blog post: “For Attivo, this acquisition is not an exit. An exit, by its very nature, implies a change in direction or act of deceleration.
“Joining forces with SentinelOne is just the opposite: an opportunity to continue on Attivo’s current path without slowing down. In fact, as we continue to travel the road to XDR, we plan to hit the accelerator by taking advantage of the significant and growing market opportunities within our collective grasp.”
SentinelOne went public in June 2021 that it closed at over $1.4bn in July 2021 having previously raised over $700m in venture funding.
