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- Checkmarx
Checkmarx Acquisition, Valuation, Funding & Investors
Checkmarx was acquired by Hellman & Friedman and TPG for $1.1B in March 2020.
Cumulative funding Checkmarx raised
$92M
across 3 funding rounds
Key investors in Checkmarx
Salesforce
XT Investments
Insight Partners
About Checkmarx
Checkmarx is an application security company that sells software for finding and fixing vulnerabilities in code. It was founded in Israel in 2006 and now has its headquarters in Atlanta, Georgia. Its Checkmarx One platform combines static and dynamic application security testing, software composition analysis, supply chain security, infrastructure-as-code scanning and developer training, delivered mostly as a cloud subscription. Customers are enterprises and government bodies that build software, and the product is used by developers and security teams inside their development pipelines. The company has added capabilities through acquisitions such as Codebashing, Custodela, Dustico and Tromzo. It was backed by Salesforce Ventures and Insight Partners before being acquired in 2020 by Hellman and Friedman, with TPG as a co-investor.
Founded
2006
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Valuation
$1.1B (acquired Mar 2020)
Checkmarx Acquisition
Checkmarx was acquired by Hellman & Friedman and TPG for $1.1B on 16 March 2020.
Before the acquisition Checkmarx had raised $92M across 3 funding rounds.
Hellman & Friedman, with TPG as co-investor, agreed to acquire control of Checkmarx from Insight Partners in March 2020 in a cash transaction valued at $1.15 billion. The deal closed in April 2020. Insight Partners, which had bought the company in 2015 and held about 70% beforehand, kept a substantial minority interest, and employees were reported to own about 10%. At announcement the transaction was described as the largest acquisition of an application security company to date. Checkmarx's chief executive Emmanuel Benzaquen said the company would continue to be run independently, as it was under Insight. Checkmarx was founded in 2006 and is led by Benzaquen and chief technology officer Maty Siman. It sells application security testing software that finds and fixes weaknesses in source code and protects web and mobile applications. The company is headquartered in Ramat Gan, Israel, employs more than 700 people, about half of them in Israel, and serves more than 1,400 customers in 70 countries.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 16 Mar 2020 | PE buyout | $1.1B |
Sources: en.globes.co.il
Checkmarx Funding History
Checkmarx has raised a total of $92M across 3 funding rounds.
Checkmarx's first fundraising round was a Series A in January 2011. The most recent completed round was a $84M Series C in June 2015.
Checkmarx funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Jun 2015 | Series C | Insight Partners (lead) | $84M | Checkmarx, founded in 2006 in Tel Aviv, Israel, is a leader in software application security testing tools, helping developers identify vulnerabilities in source code before deployment. The company serves major customers including Salesforce, SAP, and the US Army, with over 700 customers worldwide as of 2015. By June 25, 2015, Checkmarx announced an $84 million investment from Insight Venture Partners (now Insight Partners) to fuel product innovation and global expansion, growing its employee headcount to over 150 in the prior 12 months. The investment positioned Insight Partners as a key owner, with the firm later selling a majority stake to Hellman & Friedman in 2020 at a $1.15 billion valuation while retaining a substantial minority interest. The company expanded significantly post-2015, reaching over 700 employees and 1,400 customers across 70 countries by 2020, including 40% of Fortune 500 companies. This growth underscored its position in the application security market amid rising cybersecurity demands. |
| Nov 2013 | Series B | XT Investments (lead); Salesforce | $8M | Checkmarx, an Israeli IT security company founded in 2006, raised $8 million in a financing round on November 12, 2013, led by XT Investments with participation from Salesforce.com. The company develops technology to analyze application code for security vulnerabilities, enabling preemptive fixes during software development. Checkmarx achieved 2,200% growth over the five years prior to 2013, ranking eighth on Deloitte's Technology Fast50 Israel list. Prior to this round, Checkmarx had raised a total of approximately $6.5 million, bringing cumulative funding to $14.5 million by mid-2015. |
| Jan 2011 | Series A | Salesforce; XT Investments | - | Checkmarx received a Series A investment from XT Investments, then called Ofer Hi-Tech and a subsidiary of the Israeli conglomerate Ofer Brothers Group, together with Salesforce in 2011. The amount was not disclosed. It was the company's first institutional financing and preceded the $8 million Series B of 2013 and the $84 million Series C led by Insight Venture Partners in 2015. Checkmarx was founded in 2006 in Israel and develops static application security testing software that finds, fixes and blocks vulnerabilities in the source code of web and mobile applications early in the development lifecycle. Salesforce was also one of its customers. The company grew to about 150 employees across Israel and the United States by 2015. |
Who has invested in Checkmarx?
3 investors have backed Checkmarx across its funding rounds, including Salesforce, XT Investments and Insight Partners.
Lead investors include Insight Partners and XT Investments.
Checkmarx Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | Jan 2011 | ||
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Start Free TrialAcquisitions by Checkmarx
Checkmarx has acquired 4 companies to date.
Last acquisition by Checkmarx was on December 9th 2025. Checkmarx acquired Tromzo for undisclosed valuation.
Latest Acquisitions by Checkmarx
| Description | Tromzo is a developer-first application security management platform bridging developers and security teams. The Helsinki-headquartered company scales AppSec programs by eliminating implementation barriers. Its tools prioritize risks and automate remediation in CI/CD pipelines. | Dustico is a SaaS platform scanning open-source software for supply chain threats. Tel Aviv-headquartered, it detects trojanized packages, malicious dependencies, and backdoors in npm, PyPI, and GitHub repositories using behavioral analysis and code inspection. Dustico integrates with CI/CD pipelines to secure developer workflows before deployment. | Custodela is a U.S.-based consultancy specializing in DevSecOps and application security integration. The firm embeds tools like Snyk and Veracode into CI/CD pipelines for continuous scanning and developer remediation. Serving enterprises in finance and healthcare, it conducts security maturity assessments and training. Formed in 2019 by veterans from Cisco and Symantec, Custodela operates nationwide with remote delivery. | Codebashing is a SaaS platform for application security training tailored to developers, featuring gamified labs on OWASP Top 10 risks like SQL injection and XSS. Modules run in browsers without setups, tracking progress via leaderboards and certificates. Used by 100,000+ professionals at companies like Check Point and universities, the Tel Aviv-based tool, launched in 2015, integrates with IDEs and LMS systems for enterprise teams. |
| HQ Country | ||||
| HQ City | San Francisco, CA | Tel Aviv | Toronto | London |
| Deal Date | 9 Dec 2025 | 5 Aug 2021 | 7 Nov 2018 | 24 Jul 2017 |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed |
| EV/Revenue | ||||
| EV/EBITDA | ||||
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Checkmarx Competitors
Checkmarx competitors include listed companies like Mitek Systems and Riskified, and private ones like Tines, BigID, GeoComply and Sift.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1.1B | - | ||
| Private | $100M | - | $1B | 10.0x | ||
| Private | $100M | - | $1B | 10.0x | ||
| Private | - | - | $1B | - | ||
| Publicly listed | $180M | $37M | $778M | 3.7x | ||
| Publicly listed | $345M | ($31M) | $1.1B | 2.3x |
Checkmarx Public Comps
Checkmarx is no longer listed, but its public comps include Riskified, Red Violet, Eastcompeace Tech, Radware, Rapid7, NSFOCUS, DPtech, Asiainfo Security, Yubico and BeiJing Certificate.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $345M | ($31M) | 2.7x | 2.3x | (29.8x) | 26.6x | |||
| $90M | $24M | 11.3x | 9.8x | 43.0x | 26.2x | |||
| $198M | $26M | 4.1x | - | 31.2x | - | |||
| $302M | $20M | 3.5x | 3.2x | 53.6x | 22.1x | |||
| $860M | $63M | 1.4x | 1.5x | 19.5x | 7.3x | |||
| $381M | $37M | 3.5x | 3.3x | 35.7x | 35.2x | |||
| $183M | $25M | 5.0x | 4.6x | 37.1x | - | |||
| $1.2B | ($11M) | 1.4x | 1.3x | (147.4x) | 399.4x | |||
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Common questions about Checkmarx
| When was Checkmarx founded? | Checkmarx was founded in 2006. |
| Where is Checkmarx headquartered? | Checkmarx is headquartered in Atlanta, GA, United States. |
| Is Checkmarx publicly listed? | No, Checkmarx was acquired by Hellman & Friedman and TPG in March 2020. |
| Who acquired Checkmarx? | Checkmarx was acquired by Hellman & Friedman and TPG in March 2020. |
| How much was Checkmarx acquired for? | Checkmarx was acquired for $1.1B in March 2020. |
| How much funding has Checkmarx raised? | Checkmarx has raised $92M across 3 funding rounds. |
| What was Checkmarx's last funding round? | Checkmarx's last funding round was a $84M Series C in June 2015, led by Insight Partners. |
| Who are Checkmarx's investors? | Checkmarx's investors include Salesforce, XT Investments and Insight Partners. |
| Which companies are comparable to Checkmarx? | Companies comparable to Checkmarx include Tines, BigID, GeoComply, Sift, Mitek Systems and Riskified. |
| How many companies has Checkmarx acquired? | Checkmarx has acquired 4 companies, including Tromzo, Dustico, Custodela and Codebashing. |
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