Israeli Cyber Firm With Ties to Barak, Ex-IDF Intel Chief to Go Public on Nasdaq

Israeli offensive cyber firm Paragon is preparing for its next growth phase by merging with a Nasdaq-listed SPAC (special purpose acquisition company) to become a public entity. This move follows a December 2024 deal where U.S. investment firm AE Industrial Partners acquired Paragon and merged it with REDLattice, an American cyber company serving U.S. government and defense entities. Israel will remain the company's hub for research, development, and innovation.

Paragon and REDLattice reported combined revenues of $267 million for the twelve months ending June 2026, a 29% increase year-over-year. Paragon, founded in 2019 by former Israeli intelligence veterans Idan Nuriq, Liat Avraham, and Igor Bogodulov, along with Ehud Shaniorson, a former commander of Unit 8200, develops advanced cyber technologies for democratic governments. Former Prime Minister Ehud Barak is among its notable investors.

The company's flagship product is Graphite, a mobile surveillance and espionage system designed for data collection from within applications. Goldman Sachs and AE Industrial Partners are among the firms facilitating the transaction. As a public company, Paragon aims to expand its global operations, increase investments in technology, AI, and products, and pursue strategic acquisitions to accelerate growth and strengthen its market position.

Paragon emphasized that its commitment to operating with democratic governments and law enforcement agencies, adhering to Israeli and international regulations, and maintaining strict control mechanisms will remain central to its activities. Andy Boyd, CEO of REDLattice, stated that the merger will provide the necessary resources to accelerate growth, broaden the product portfolio, and make strategic acquisitions in related fields, while continuing to serve their government clients.