ZeroFOX acquires threat intel firm
A South Baltimore cybersecurity company has acquired an internet intelligence firm headquartered in Reston, Virginia, creating the industry’s largest threat intelligence team.
With the acquisition, ZeroFOX, located in the 1800 block of S. Charles St., will employ more than 400 workers and plans to add nearly 100 more by next year, said James C. Foster, the company’s chairman and CEO.
Foster declined to disclose what ZeroFox paid for Cyveillance, but said it was a “meaningful” amount that resulted in a deal that will provide value to both firms’ customers.
“The major asset we acquired was Cyveillance’s historical data threat intelligence set. We now think we have the most complete set of cyber threat data in the world,” Foster said. “We can say, with this acquisition, we have the best insight and most complete insight for the last 23 years.”
Foster’s company helps organizations identify risks outside their private networks, especially as more businesses pivot to digital-first operations and use social media. He said ZeroFOX was the first firm to have a security offering for organizations using Zoom to videoconference, a trend that grew exponentially during the coronavirus pandemic and the shifts to remote working and learning.
“In a down year, we’ve had a very good year,” Foster said. “With the entire world remote and digital-first, there’s never been a more important time to protect against additional risks.”
Cyveillance, acquired by LookingGlass Cyber Solutions in 2015, operates a subscription-based product that allows companies to monitor, analyze and track the threats of online phishing and malware attacks, scams, fraud schemes, information leaks and more.
Gilman Louie, co-founder of technology venture capital firm Alsop Louie and executive chairman of LookingGlass, said the two companies complement each other.
“Combined with the rich Cyveillance data, human and machine intelligence and expertise, our customers will now be fully equipped to combat growing digital threats and exert security control back into digital experiences,” Louie said in a statement. “This new powerhouse company will enable customers to achieve a new level of protection that is unique in the industry.” The acquisition was finalized Sept. 30. ZeroFox closed on a $74 million round of financing earlier this year. The round follows a $40 million Series C round raised in summer 2017, and brings ZeroFox’s backing to $162 million to date.
Foster said the company plans to keep both the Maryland and Virginia offices open for when workers can go back to work safely and will offer employees a choice as to which location they can work out of. ZeroFOX also has offices in the United Kingdom, Latin America, Asia and the Middle East.