Cyber security start-up DarkMatter doubles revenue to US$400mil

DUBAI: DarkMatter, a three year-old United Arab Emirates-based cybersecurity firm, has more than doubled revenue last year to over US$400mil.

The firm, which earns about 80% of its revenue from UAE government contracts, plans to grow from 650 to 900 employees by the end of the year, chief executive officer Faisal Al Bannai told Bloomberg in an interview.

DarkMatter, founded by Al Bannai in 2014, is one of the few regional cybersecurity firms in the Middle East. The start-up plans to increase its focus on ‘smartcity’ projects, helping cities use data to improve security, and provide services to blockchain-focused businesses.

“The opportunity is big,” said Al Bannai. “This is not supposed to be a UAE play. “Already today, we are in the UAE, in Finland, in Canada, and China. The aim is to start expanding in the region, and take a stronger foothold in the region.”

Al Bannai said he has had initial talks with investors in the US and Europe regarding a potential acquisition, and may explore a sale at a later stage. He declined to give a valuation.

DarkMatter’s employees include a number of former National Security Agency and Central Intelligence Agency analysts. The firm was hired by Dubai-based financial services company Eastnets to boost its cybersecurity after allegations that the firm was hacked enabling payments processed by the company to be monitored. Eastnets denied the allegation.