Insight Partners has reportedly sold a security company Checkmarx to Hellman & Friedman for $1.15 billion. It is speculated that the company will continue to have a minority investment share in the firm.
Traim Wasim, partner at Hellman & Friedman, noted the relevance of embedding security early in the software development lifecycle. He appeared bullish and claimed that Checkmarx has the developer-centric DNA and a practice of continuous innovation to foster the software security landscape.
Wasim eyes to relish on the legacy created by the company and underpin the company’s robust growth in the ensuing period.
It is worth noting that Checkmarx is one of the few Israeli security companies rated highly and has received accolades in the cybersecurity landscape. The company is believed to have made millions in application testing, aiding developers spot and assess errors and bugs. Besides, the security company has come through the ranks in research space, reporting and finding bugs in famous technologies, including vacuums and smart watches.
Apparently, the company has over 1,400 customers with 40% of the Fortune 500. That also includes Samsung, SAP and Salesforce.com. Founder and CTO Maty Siman and CEO Emmanuel Benzaquen are likely to remain with the company. The sheer level of continuity in the leadership team instils confidence among stakeholders, thereby catching the attention of Tarim Wasim.
The deal is likely to be completed in no less than 5 weeks. For the uninitiated, Insight Investment had infused investment in Checkmarx in 2015. The latter raised around $8 million on what appeared to be a $120 million valuation.