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Former Treasury Secretary Steven Mnuchin’s company is leading a $ 275 million investment in Cybereason – News


Steven Mnuchin CNBC said Wednesday that his private equity firm is leading a $ 275 million investment in cybersecurity firm Cybereason to crack down on ransomware attacks.

“This is what I have been focusing on for a long time and is the main focus of our new business,” said the former President’s former Treasury Secretary. Donald TrumpManagement.

“We really like this company,” he added. “Squawk Box” interview. “It’s best-in-class technology, it has a global footprint, and it has a good management team.”

Mnuchin’s company Liberty Strategic Capital has invested $ 200 million, and Neuberger Berman and SoftBank have invested $ 75 million. Mnuchin will join Cybereason’s board of directors. The new funds are: $ 389 million received by Cybereason in previous rounds From Softbank Lockheed Martin, And venture capital firms CRV and Spark Capital.

“We’re going to accelerate growth. So far, there’s a lot of pressure on businesses when it comes to ransomware,” said Cybereason CEO Lior Div in Squawk Box with Mnuchin. Did. “Hackers, especially from Russia, have become very aggressive and companies need to find ways to protect themselves. We have developed an AI-based platform that allows private organizations to protect themselves. I am. “

Cybereason protected Corporate assets and national security benefits since 2012. In recent years, several schemes have been published, including one notable violation. Hackers broke into 12 global carriers We have acquired a large amount of personal and corporate data. Based in Boston, the company has roots in Israel’s strong technology startup sector and currently employs 800 people. Works as a whole Israel, Japan, Europe, USA

Cybereason CNBC Disruptor 50 This year’s list released in May.Joined cybersecurity companies, including newly published ones SentinelOne, Was 4th on the list.

Mnuchin and Div will eventually publish Cybereason, but neither has specified a direct timeline for such steps.

“From our point of view, this is a long-term investment and will be held for a very long time, public or private,” Mnuchin said, and the company will be in the next six months. I believe we can grow significantly. “When they do an IPO, I’m pretty indifferent. I do it at the right time. But the current focus is to use capital, grow the business, and focus on the customer.”

Cybereason earned approximately $ 120 million in recurring revenue annually at the end of last year. Told CNBC in May.. In 2019, the company Raise $ 200 million Valued about $ 1 billion from SoftBank and its affiliates.

During his time as Treasury Secretary Trump administration 2017-2021To Duke Mnuchin Priority issues surrounding cyber securityEspecially in the financial sector. Reported global ransomware attacks increased by 485% in 2020 compared to the previous year. According to Romanian cybersecurity firm Bitdefender..Recent incidents to watch—hacking, etc. Colonial pipeline And IT companies Kaseya — There is growing concern about this issue.

Mr Mnuchin said he wanted regulations on ransomware, especially on cryptocurrencies such as: Bitcoin, We will continue to ensure that digital payments are “fully transparent.” He said the top priority was to crack down on ransomware payments, and additional companies would need to obtain a license from the Treasury before making payments.

“I think this is one of the few sectors that is ahead of the curve and started spending money really early on,” he said. “This is an area where people need to keep investing, and from my point of view, technology that supports national security is one of our top priorities.”

Mnuchin started Washington, DC-based Liberty Strategic Capital earlier this year after his time as Treasury Secretary was over. Prior to joining the government, he was a Hollywood financier and funded blockbusters such as James Cameron’s “Avatar.”He was a former executive Goldman Sachs..

Former Treasury Secretary Steven Mnuchin’s company is leading a $ 275 million investment in Cybereason

Source link Former Treasury Secretary Steven Mnuchin’s company is leading a $ 275 million investment in Cybereason

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