Tiger Global Management invests $35 million in SkyHawk Security to accelerate growth
TEL AVIV, Israel, May 3, 2022 (GLOBE NEWSWIRE) — radware® (NASDAQ: RDWR), a leading provider of cyber security and application delivery solutions, today announced the spin-off of its Cloud Native Protector (CNP) business to form a new company called SkyHawk Security. To accelerate SkyHawk Security’s development and growth opportunities, an affiliate of Tiger Global Management will make a $35 million strategic outside investment, resulting in a $180 million valuation. Tiger Global Management is a leading global technology investment firm focused on private and public companies in the Internet, software and fintech sectors.
SkyHawk Security is a leader in cloud threat detection, protecting dozens of the world’s leading organizations through its AI and machine learning technologies. Its Cloud Native Protector provides comprehensive protection for workloads and applications hosted in public cloud environments. It uses a multi-layered approach that covers the overall cloud security posture and threats to individual workloads. Easy to deploy, the agentless solution identifies and prevents compliance violations, cloud security misconfigurations, excessive permissions, and malicious cloud activity.
“We recognize the growing opportunities in the public cloud security market and plan to capitalize on them,” said Roy Zisapel, president and CEO of Radware. “We look forward to partnering with Tiger Global Management to scale the business, unlock even more security value for customers and position SkyHawk Security for long-term success.”
The spin-off, which adds to Radware’s recently announced strategic cloud services initiative, further demonstrates the company’s continued commitment to innovation. SkyHawk Security will have the ability to operate with an increased focus on sales, marketing and products, as well as speed and flexibility. Current and new CNP customers will benefit from future product development efforts, while CNP’s services to existing customers will continue without interruption.
Radware does not expect the deal to materially affect second quarter or full year 2022 operating results.
About Tiger Global Management
Tiger Global Management is a leading global technology investment firm focusing on private and public companies in the software, Internet and fintech sectors. Since 2001, Tiger Global has invested in hundreds of companies in more than 30 countries, including investments ranging from Series A to pre-IPO. The firm aims to partner with dynamic entrepreneurs who operate market-leading companies in their primary focus areas.
malware® (NASDAQ: RDWR) is a global leader in cyber security and application delivery solutions for physical, cloud and software-defined data centers. Its award-winning portfolio of solutions secures the digital experience by providing corporate IT, application and infrastructure protection and availability services to businesses around the world. Radware solutions enable enterprise and carrier customers around the world to quickly adapt to market challenges, maintain business continuity, and achieve maximum productivity while keeping costs low. For more information, visit the malware website.
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This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement made in this document that is not a statement of historical fact, including statements about the plans, prospects, beliefs or opinions of Radware, is a forward-looking statement. – looking for statements. In general, forward-looking statements can be identified by words such as “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans” and similar expressions or future or conditional verbs such as “will,” “should” , “would”, “can” and “might”. For example, when we say that we recognize the growing opportunities in the public cloud security market and plan to capitalize on them, we are using a forward-looking statement. Because such statements refer to future events, they are subject to various risks and uncertainties, and the actual results, expressed or implied by such forward-looking statements, could differ materially from Radware’s current forecasts and estimates. Factors that could cause or contribute to such differences include, among others: the impact of global economic conditions and market volatility for our products; natural disasters and public health crises, such as the coronavirus disease 2019 (COVID-19) pandemic; a shortage of components or manufacturing capacity could cause a delay in our ability to fulfill orders or increase our manufacturing costs; our business may be affected by sanctions, export controls and similar measures, directed at Russia and other countries and territories, as well as other responses to Russia’s military conflict in Ukraine, including the indefinite suspension of operations in Russia and dealings with Russian entities for many multi -national companies in a variety of industries; our ability to successfully implement our strategic initiative to accelerate our business in the cloud; our ability to expand our operations effectively; timely availability and customer acceptance of our new and existing solutions; risks and uncertainties related to acquisitions or other investments; the impact of economic and political uncertainties and weaknesses in various regions of the world, including the start or escalation of hostilities or acts of terrorism; intense competition in the cyber security and application delivery solutions market and in our industry generally, and changes in the competitive landscape; changes in government regulation; outages, interruptions or delays in hosting services or our internal network system; compliance with open source and third-party licenses; the risk that our intangible assets or goodwill may be impaired; our reliance on independent distributors to sell our products; long sales cycles of our solutions; changes in foreign currency exchange rates; undetected defects or errors in our products or a failure of our products to protect against malicious attack; the availability of components and manufacturing capacity; the ability of suppliers to provide our hardware platforms and components for our major accessories; our ability to protect our proprietary technology; claims of intellectual property infringement made by third parties; changes in tax laws; our ability to realize our investment objectives for our cash and liquid investments; our ability to attract, train and retain highly qualified personnel; and other factors and risks over which we may have little or no control. This list is intended to identify only a few of the major factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Radware, please see Radware’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC), and the other risk factors discussed from time to time by Radware in reports filed with, or provided to, the SEC. Forward-looking statements speak only as of the date they are made and, except as required by applicable law, Radware makes no commitment to revise or update any forward-looking statement to reflect events or circumstances after the date of such statement. It’s done. Radware’s public filings are available on the SEC’s website at www.sec.gov or can be obtained from Radware’s website at www.radware.com.
Yisca Erez, +972-72-3917211,