Cyber Security Leader Radware Launches SkyHawk Security, a Spinoff of its Cloud Native Protector Business
Radware (NASDAQ: RDWR) announced the spinoff of its Cloud Native Protector business, creating a new entity named SkyHawk Security. This transition is supported by a $35 million investment from Tiger Global Management, valuing the new company at $180 million. SkyHawk Security specializes in cloud threat detection using advanced AI and machine learning to secure public cloud environments. Radware expects no material impact on its operating results due to this spinoff but aims to enhance focus on sales, marketing, and product innovation through SkyHawk Security.
- Tiger Global Management invests $35 million in SkyHawk Security, raising its valuation to $180 million.
- SkyHawk Security will focus on cloud threat detection, enhancing protection for workloads and applications in public cloud environments.
- The spinoff allows Radware to streamline operations and enhance sales and marketing focus.
- None.
Tiger Global Management invests
TEL AVIV, Israel, May 03, 2022 (GLOBE NEWSWIRE) -- Radware® (NASDAQ: RDWR), a leading provider of cyber security and application delivery solutions, today announced the spinoff of its Cloud Native Protector (CNP) 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
SkyHawk Security is a leader in cloud threat detection and protects dozens of the world’s leading organizations 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 recognize the growing opportunities in the public cloud security market and are planning to capitalize on them,” said Roy Zisapel, Radware’s president and CEO. “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.”
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.
About Tiger Global Management
Tiger Global Management is a leading 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.
About Radware
Radware® (NASDAQ: RDWR) is a global leader of cyber security and application delivery solutions for physical, cloud, and software defined data centers. Its award-winning solutions portfolio secures the digital experience by providing infrastructure, application, and corporate IT protection, and availability services to enterprises globally. Radware’s solutions empower enterprise and carrier customers worldwide to adapt to market challenges quickly, maintain business continuity, and achieve maximum productivity while keeping costs down. For more information, please visit the Radware website.
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FAQ
What is the significance of the $35 million investment in SkyHawk Security by Tiger Global Management?
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