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The acquisition price for the cyber company, which specializes in protecting email, is estimated at $200 million.
US cyber company Fortinet (Nasdaq: FTNT) has made another acquisition in Israel. The company in question this time is Perception Point, which specializes in securing email. The acquisition price is apparently about $200 million.
Perception Point, which employs over 100 people in Israel, is estimated to have annual recurring revenue of $15 million, which means that the deal, which is all-cash, represents a revenue multiple of between 10 and 15. The company has raised $50 million from Pitango, State of Mind Ventures, and Red Dot Capital Partners.
Perception Point became one of the fastest growing cyber companies in the email category, but struggled to generate the rapid growth of larger cyber platforms such as Palo Alto Networks, Check Point, or even Wiz. It therefore looked for a buyer in the past few months, and Fortinet, for which this a second acquisition in Israel after enSilo, spotted the opportunity. Sources in the cyber industry recalled Check Point’s successful acquisition of Avanan for just $275 million. Avanan now generates annual revenue for Check Point of over $100 million.
Perception Point was founded in 2015 by Shlomi Levin and Michael Aminov, who are longer part of its management. The company’s CEO is Yoram Salinger.
Published by Globes, Israel business news – en.globes.co.il – on December 12, 2024.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2024.
Fortinet offices credit: Shutterstock
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