Radware announced launch of CNP spinoff SkyHawk Security
Cyber security and application delivery solutions provider Radware has announced the spinoff of its Cloud Native Protector business to form a new company called SkyHawk Security.
To accelerate SkyHawk Security's development and growth opportunities, an affiliate of Tiger Global Management will make a $35 million strategic external investment, resulting in a valuation of $180 million.
Tiger Global Management is a global technology investment firm that focuses on private and public companies in the software, internet, and financial technology sectors. Since 2001, Tiger Global has invested in hundreds of companies across more than 30 countries, including investments ranging from Series A to pre-IPO. The firm aims to partner with dynamic entrepreneurs operating market-leading companies in its core focus areas.
Skyhawk Security is a specialist in cloud threat detection and protects dozens of the world's leading organisations using its artificial intelligence and machine learning technologies. Its Cloud Native Protector provides comprehensive protection for workloads and applications hosted in public cloud environments.
It uses a multi-layered approach that covers the overall security posture of the cloud and threats to individual workloads. Easy-to-deploy, the agentless solution identifies and prevents compliance violations, cloud security misconfigurations, excessive permissions, and malicious activity in the cloud.
"We recognise the growing opportunities in the public cloud security market and are planning to capitalise on them," says Roy Zisapel, president and chief executive officer at Radware.
"We look forward to partnering with Tiger Global Management to scale the business, unlock even more security value for customers, and position SkyHawk Security for long-term success," he says.
The spinoff, which adds to Radware's recently announced strategic cloud services initiative, further demonstrates the company's ongoing commitment to innovation. SkyHawk Security will have the ability to operate with even greater sales, marketing, and product focus as well as speed and flexibility. Current and new CNP customers will benefit from future product development efforts, while CNP services for existing customers will continue without interruption.
Radware does not expect the deal to materially affect operating results for the second quarter or full year of 2022.
Earlier this month, Radware was named a Leader and an Outperformer in the Innovation hemisphere of GigaOm's Application and API Protection Radar report.
GigaOm awarded Radware the highest possible scores in Key Criteria categories, such as rules bundles, AI enhancement, API discovery, data leak protection and bot management. The company also earned the highest possible marks in the Evaluation Metrics categories for flexibility, scalability, and breadth of coverage.
"To be positioned as a leader is a testament to the strength of our technology," Sharon Trachtman, chief marketing officer at Radware said at the time.
"It's also a reflection of our ability to innovate in key areas, such as automated API discovery, bot management, and behavioural-based machine learning algorithms."
