Varonis Co-founder Eyes Israeli Cyber Acquisitions Post-$6.3B Sale
Translated & summarized from Calcalist by baba
Varonis, an Israeli cybersecurity company, was sold to U.S.-based Proofpoint for $6.3 billion. Co-founder and CEO Yaki Fitelzon stated the acquisition offers synergy and potential for future Israeli cyber company acquisitions. The deal will delist Varonis from NASDAQ, though its Israeli development center employs 1,000 people. Fitelzon believes the merged entity can become a major player in the sector. Details on employee integration are still being finalized.
The story in 6 lines · by baba
- Varonis was acquired by Proofpoint for $6.3 billion, with its co-founder eyeing future Israeli cyber acquisitions.
- The deal will lead to Varonis being delisted from NASDAQ.
- Varonis's Israeli development center in Herzliya Pituah employs 1,000 people.
- CEO Yaki Fitelzon believes the acquisition will create a strong synergy and a major industry player.
- Fitelzon returned to Israel in 2024, citing the war as a reason for his relocation.
- The company is projected to reach $1 billion in annual revenue next year.
Varonis, an Israeli cybersecurity firm, has been acquired by American company Proofpoint for $6.3 billion in cash, a deal that will see Varonis delisted from NASDAQ. Yaki Fitelzon, Varonis's co-founder and CEO, stated that the company, which he started in 2005 with Ohad Korcs, has grown into a platform projected to reach $1 billion in annual revenue next year. Despite being registered in the U.S. with most employees there, Varonis maintains a significant development center in Herzliya Pituah, Israel, employing 1,000 people. Fitelzon, who returned to Israel in 2024 due to the war, expressed a belief that the acquisition presents an opportunity to build a major company in the sector and potentially acquire other Israeli cybersecurity firms, thereby contributing to the Israeli economy. He noted that Proofpoint, while larger with 5,000 employees compared to Varonis's 2,800, lacks a product in Varonis's specific category, suggesting a strong synergy. Fitelzon also mentioned that the deal is beneficial for shareholders and employees, with potential for the merged entity to go public again. Regarding workforce integration, he indicated that details are still being finalized, but there is interest in Varonis's development and marketing teams, with an aim to integrate Varonis employees into the larger platform. Reflecting on the company's journey, Fitelzon highlighted that Varonis, along with CyberArk and SolarEdge, put Israel on the cybersecurity map during their IPOs in a different era, emphasizing that being a public company offers more control over one's destiny.
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