Israeli cybersecurity group CYE raises $100 mln from EQT, 83North

STOCKHOLM, Feb 10 (Reuters) - Israeli cybersecurity company CYE said on Wednesday it had raised $100 million from Swedish private equity firm EQT and London-based venture capital firm 83North as it looks to expand in European and North American markets.

Cybersecurity has become a focus for businesses as the coronavirus pandemic has pushed employees to work from home, increasing the risk of hacking incidents.

The company helps businesses to prevent hacking and has also helped its clients to secure their networks after customers of U.S. software company SolarWinds were targeted by hackers using malicious software updates.

CYE supported more than 15 different organisations impacted by the SolarWinds situation in the United States and helped them to recover from the incident, Reuven Aronashvili, CYE’s founder and chief executive said.

Aronashvili said CYE, which was founded in 2012, is already profitable.

“The backing of CYE marks EQT’s first deal in Israel, which is a highly attractive market for technology investments, and a country in which EQT intends to increase its activity going forward,” said EQT partner Florian Funk. (Reporting by Supantha Mukherjee, European Technology & Telecoms Correspondent, based in Stockholm. Editing by Jane Merriman)