Cybereason Gets $100 Million in Funding, New CEO from SoftBank

Cybereason has received $100 million in funding, led by SoftBank Corp., to support the company’s global growth. In addition, it has a new CEO from SoftBank Corp.

Lior Div, Cybereason’s current CEO and co-founder, said partners will benefit as the new funding will support the company’s continued global growth and further advance its innovation in its extended detection and response (XDR), endpoint detection and response (EDR), and endpoint protection platform (EPP) solutions. The funding also further solidifies Cybereason’s presence in North America.

Partners play a crucial role in Cybereason’s continued global growth and foray into new sectors and geographies, he said.

Cybereason’s Lior Div

“Cybereason has a dedicated channel partner program,” Div said. “And many of the most trusted brands have helped us grow our business over the years. Working with our dedicated group of partners, we will continue to ensure that our customers are safe from data breaches and proprietary information loss.”

Eric Gan, SoftBank’s executive vice president, will serve as Cybereason’s new CEO, subject to confirmation by the company’s board and pending customary regulatory approvals. Div will transition to the role of advisor.

SoftBank, Gan Have Long History with Cybereason

Gan has a long history with Cybereason, starting with SoftBank’s initial investment in the company in 2015. Prior to SoftBank, Gan co-founded eAccess, a telecommunications company.

At SoftBank, Gan led its business development unit, which formed alliances with overseas companies. Before eAccess, Gan was an analyst and managing director for Goldman Sachs.

Cybereason’s Eric Gan

Taking Cybereason to the Next Level

“I have watched Cybereason grow from its earliest stages to a leader in the cyber industry as evidenced by its recent position as a leader in the Gartner Magic Quadrant for EPP and its record-breaking MITRE ATT&CK results,” Gan said. “I look forward to supporting Cybereason’s next stage of global growth and scale.”

Div said he’s “so proud of what we have accomplished at Cybereason.”

He also said he looks forward to being a part of helping the company move to the next level.

“Eric has watched Cybereason grow from its earliest stages to becoming one of the most recognizable global leaders in endpoint protection,” Div said. “He understands Cybereason’s business and therefore understands the importance of partners, and he is the right person to take Cybereason to the next level.”

This round of funding comes as Cybereason has experienced significant traction in recent months. That includes being named on the Forbes Cloud 100. In addition, it’s included on CNBC’s 10th Annual Disruptor 50 list of the most innovative privately held global companies.

Last October, Cybereason confirmed it isn’t looking for a buyer and isn’t planning to sell the company. That was after The Information reported that Cybereason had ditched its initial public offering (IPO) plans and instead was looking for a buyer. It said the company had hired JP Morgan Chase to find a buyer.