The acquisition is expected to allow the German retail company to complement the security components of its digital business models
XM Cyber will continue to operate independently. (Credit: Darwin Laganzon from Pixabay)
German retail and cloud computing firm Schwarz Group has acquired a majority stake in Israeli security startup XM Cyber for $700m.
The acquisition is expected to enable the Schwarz, the owners of the Lidl and Kaufland supermarkets, to address the future challenges in IT security.
The partnership with XM Cyber will also complement the security components of Schwarz’s digital business models.
It is also anticipated to present opportunities for continued growth and accelerated innovation for XM Cyber.
The security startup will continue to operate independently, providing a suite of products under its current brand.
Schwarz Group chief information officer Christian Müller said: “XM Cyber brings deep technical understanding and innovation that perfectly complements our portfolio for advanced cybersecurity services.
“Finding and closing security gaps from an attacker’s perspective is a disruptive approach to the way organizations can proactively protect their networks. XM Cyber’s solution builds on our strong IT security to further protect our customers, partners, and ourselves as a company.”
XM Cyber claims that it provides an innovative approach for organisations to proactively avoid cyber-attacks using the attacker’s perspective.
It enables organisations to identify critical attack paths across on-premises and multi-cloud networks, thereby helping them to close security gaps before systems are compromised.
XM Cyber’s attack path management platform is designed to continuously detect new exposures, including exploitable vulnerabilities and credentials, misconfigurations, and user activities.
The platform is said to allow companies to quickly respond to cyber risks that impact their business-sensitive systems.
The partnership with Schwarz is expected to provide the potential for further expansion of the development of XM Cyber’s business model.
XM Cyber co-founder and CEO Noam Erez said: “With the backing and international footprint of the largest European retailer, we can accelerate innovation and growth and further strengthen our position in the global cybersecurity market.”