The offensive intelligence cyber company NSO intends to expand its activities in the field of skating. NSO paid $60 million in cash for Convexum which raised only $2.2 million.
The offensive intelligence cyber company NSO, acquires the Israeli startup Convexum for $60 million in cash. Convexum has developed the ability to intercept skimmers and protect against hostile skiers, Calcalist reports this morning.
Conbaxum was founded in 2015 and has raised $2.2 million to date. The money was raised from seed-stage venture capital fund F2, runs Junction – a startup accelerator.
The founders of Conbaxum are Gilad Sahar, Tom Gol, and Niv Magen graduates of the 8200 IDF intelligence unit. The company currently employs ten people.
In 2019, Moody’s rating company estimated NSO’s revenue at $300 million. As of today, the company has no significant activity in the field of skating and represents a significant percentage of its revenue.
NSO wants to enter the skate field to integrate its activities, for example for the purpose of protecting mass sports games, airports, and institutions that may be affected by skate attacks. According to those estimates, in the coming years, and once the acquisition is complete, NSO will invest tens of millions of dollars more.
According to Calcalist, NSO has already agreed on a series of new technology projects that are expected to be embedded in the near future in the US and Australia.
Founded in 2010 by Shalev Julio and Omri Lavie NSO develops cyberbullying products. Its flagship product is Pegasus software, which is classified as a security tool and, according to the company, is designed to help governments and intelligence organizations prevent terrorist acts.
Barak Rabinovich, a partner in the venture capital fund F2, said: “Conbaxum started out with The Junction, our custom-built company that supports entrepreneurs with a bold vision. We were honored to lead the early investment round to build the company.”
Tom Livneh, owner of verbit.ai, who also serves as the company’s attorney and partner, said: “I believe in Conbaxum’s capabilities to create real value for its shareholders and customers. I have no doubt that NSO will generate significant value from it. ”
Gilad Sahar, founder and CEO of Conbaxum, said yesterday: “Joining the NSO at the end of 2019 which has brought some serious incidents with it in the civilian world and with it many opportunities. We will expand and improve the product for the benefit of our existing and new customers. ”
Shalev Julio, co-owner of NSO, said: “We have decided to expand our activities in the field of skating. This is a very evolving area, and we expect it to have significant volume in the coming years. We will sell the technology to public and government customers.”
Attorney Guy Lachman from Pearl Cohen’s office was represented by Conbaxum. NSO was represented by Attorney Asaf Harel from Meitar.