XM Cyber Acquisition, Valuation, Funding & Investors
XM Cyber was acquired by Schwarz Group for $700M in November 2021.
XM Cyber acquisition price
$700M
Acquired by Schwarz Group · Nov 2021
Cumulative funding XM Cyber raised
$49M
across 3 funding rounds
Key investors in XM Cyber
Macquarie Asset Management
OIF Ventures
Nasdaq Ventures
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Swarth GroupUST
About XM Cyber
XM Cyber is a cybersecurity company that offers the HaXM platform for continuous exposure management through breach and attack simulation. Headquartered in Herndon, Virginia, the platform identifies attack paths from initial breach points to critical assets in on-premises, cloud, and hybrid environments. It prioritizes remediation actions and integrates with tools like ServiceNow, Splunk, and Tenable. XM Cyber serves over 500 organizations worldwide, including sectors such as finance, healthcare, and manufacturing. The company expanded its offerings in 2023 with lateral movement simulation capabilities. Founded in 2016 in Israel, XM Cyber now operates globally with offices in the United States, Europe, and Asia.
Founded
2016
HQ
HerzliyaWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Valuation
$700M (acquired Nov 2021)
XM Cyber Acquisition
XM Cyber was acquired by Schwarz Group for $700M on 22 November 2021.
Before the acquisition XM Cyber had raised $49M across 3 funding rounds.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 22 Nov 2021 | Strategic M&A | $700M |
XM Cyber Funding History
XM Cyber has raised a total of $49M across 3 funding rounds.
XM Cyber's first fundraising round was a $10M seed round in January 2017. The most recent completed round was a $17M Series B in July 2020.
XM Cyber funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Jul 2020 | Series B | Macquarie Asset Management (lead); OIF Ventures; Nasdaq Ventures; Swarth Group | $17M | XM Cyber is a breach and attack simulation (BAS) platform that helps enterprises test and improve their security posture through continuous 24/7 attack simulations. The platform automatically exposes security vulnerabilities, human errors, and misconfigurations, providing prioritized remediation recommendations. The company serves major financial institutions, government agencies, manufacturers, telecommunications providers, and critical infrastructure organizations across North America, Europe, Asia, Latin America, Israel, and Australia. In July 2020, XM Cyber closed a $17 million Series B funding round led by Macquarie Capital, with participation from Nasdaq Ventures, Our Innovation Fund (OIF), and Swarth Group. This brought total equity raised to $49 million including previous Series A and seed investments. The capital was allocated to support research and development, expand global sales and marketing capabilities, and broaden the platform's feature set. The company had released AWS attack simulation capabilities in late 2019 and expanded trial offerings in response to the COVID-19 pandemic to support enterprises rapidly shifting to remote work environments. XM Cyber's investors included recognition from the World Economic Forum as a Technology Pioneer and selection as a Gartner 2020 Cool Vendor, validating the company's position in the cybersecurity market during a period of heightened digital risk exposure. |
| Nov 2018 | Series A | Macquarie Asset Management; UST; OIF Ventures; Nasdaq Ventures | $22M | XM Cyber, an Israel-based cybersecurity company founded by former Mossad chief members, develops the HaXM platform, the first fully automated APT simulation and remediation solution in the Breach and Attack Simulation category. The platform identifies potential threats and vulnerabilities, automatically recommending remediation to protect critical assets for customers including leading financial institutions and critical infrastructure organizations across North America, Europe, Israel, and Australia. In 2018, XM Cyber received 16 industry awards, including 'Technology Pioneer' by the World Economic Forum, and emerged from stealth to launch its product. On November 13, 2018, XM Cyber closed a $22 million Series A funding round led by participants including Macquarie Capital, Nasdaq Ventures, Our Innovation Fund (OIF Ventures), and UST Global, among others. This brought the company's total funding to $32 million, following a $10 million seed round from Swarth Group in January 2017. The investors highlighted XM Cyber's importance in addressing evolving cyber threats, especially for financial services and market infrastructure. The new capital was allocated to accelerate growth through expanded sales, marketing, and engineering programs, including building a channel of integrators and MSSPs. XM Cyber also formed a sales and integration agreement with UST Global’s cybersecurity subsidiary, CyberProof. CEO Noam Erez emphasized the funding's role in expanding the company's footprint in 2019 amid hyper-sophisticated cybercrime challenges. |
| Jan 2017 | Seed | Swarth Group (lead) | $10M | XM Cyber raised a $10 million seed round from Swarth Group in 2017. The company, founded in 2016, develops breach and attack simulation technology to help organizations identify and mitigate cyber risks in hybrid cloud environments. This seed funding preceded a $22 million Series A in late 2018 and a $17 million Series B in July 2020 led by Macquarie Capital, Nasdaq Ventures, Our Innovation Fund, and Swarth Group, bringing total funding to $49 million at that point. XM Cyber was later acquired by Schwarz Group for $700 million in November 2021. |
Who has invested in XM Cyber?
5 investors have backed XM Cyber across its funding rounds, including Macquarie Asset Management, OIF Ventures, Nasdaq Ventures, Swarth Group and UST.
Lead investors include Macquarie Asset Management and Swarth Group.
XM Cyber Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Sydney | 2 | Lead | Nov 2018 | |
| Sydney | 2 | Participant | Nov 2018 | |
 Washington, DC | 2 | Participant | Nov 2018 | |
This data is available for Pro users. Sign up to see all 5 XM Cyber investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by XM Cyber
XM Cyber has acquired 2 companies to date.
Last acquisition by XM Cyber was on March 22nd 2023. XM Cyber acquired Confluera for undisclosed valuation.
Latest Acquisitions by XM Cyber
| Description | Confluera is a cybersecurity company offering autonomous threat detection and response through its Continuous Attack Graph technology. The platform tracks cyber kill chains across infrastructures to remediate attacks in real-time, reducing false positives and simplifying security operations. Based in San Francisco, California, Confluera enables security teams to focus on strategic priorities. | Cyber Observer is a critical controls monitoring platform integrating over 200 cybersecurity tools into a unified dashboard for security executives. Headquartered in the United States, it automates reporting aligned with NIST, ISO 27001, and CIS frameworks, tracking metrics across SIEM, EDR, and vulnerability scanners. Clients in finance and healthcare use it to demonstrate program maturity and close gaps proactively. |
| HQ Country | | |
| HQ City | San Francisco, CA | Caesarea |
| Deal Date | 22 Mar 2023 | 27 Jun 2022 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all XM Cyber acquisitions and their M&A valuation multiples. Start Free Trial | ||
XM Cyber Competitors
XM Cyber competitors include listed companies like PKSHA Technology and Hanwang Technology Co, and private ones like Exaforce, Onyx Security, Doppel and Pindrop.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| San Jose, CA | Private | - | - | $725M | - | |
| Wilmington, DE | Private | - | - | $640M | - | |
| Los Angeles, CA | Private | - | - | $600M | - | |
| Atlanta, GA | Private | - | - | $977M | - | |
 Japan | Publicly listed | $140M | $47M | $627M | 2.4x | |
 China | Publicly listed | $282M | ($14M) | $605M | - |
XM Cyber Public Comps
XM Cyber is no longer listed, but its public comps include Shenzhen Sunwin, Feitian Technologies, Horizon Quantum, OneSpan, CANCOM, Beijing Deep Glint Tech, DBAPPSecurity, Aura.com, PKSHA Technology and Mitek Systems.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $20M | ($147M) | 37.7x | - | (5.0x) | - | |||
| $104M | ($4K) | 6.2x | - | (168378.6x) | - | |||
| $269K | ($5M) | 2287.8x | - | (125.2x) | (33.0x) | |||
| $243M | $57M | 2.6x | 2.5x | 11.0x | 8.9x | |||
| $2B | $118M | 0.4x | 0.4x | 6.3x | 5.7x | |||
| $23M | ($29M) | 25.1x | 8.7x | (19.8x) | (80.2x) | |||
| $321M | $15M | 1.8x | 1.8x | 38.5x | 21.1x | |||
| $193M | ($155M) | 5.7x | - | (7.0x) | - | |||
This data is available for Pro users. Sign up to see all XM Cyber competitors and their valuation data. Start Free Trial | ||||||||
Common questions about XM Cyber
| When was XM Cyber founded? | XM Cyber was founded in 2016. |
| Where is XM Cyber headquartered? | XM Cyber is headquartered in Herzliya, Israel. |
| Is XM Cyber publicly listed? | No, XM Cyber was acquired by Schwarz Group in November 2021. |
| Who acquired XM Cyber? | XM Cyber was acquired by Schwarz Group in November 2021. |
| How much was XM Cyber acquired for? | XM Cyber was acquired for $700M in November 2021. |
| How much funding has XM Cyber raised? | XM Cyber has raised $49M across 3 funding rounds. |
| What was XM Cyber's last funding round? | XM Cyber's last funding round was a $17M Series B in July 2020, led by Macquarie Asset Management. |
| Who are XM Cyber's investors? | XM Cyber's investors include Macquarie Asset Management, OIF Ventures, Nasdaq Ventures, Swarth Group and UST. |
| Which companies are comparable to XM Cyber? | Companies comparable to XM Cyber include Exaforce, Onyx Security, Doppel, Pindrop, PKSHA Technology and Hanwang Technology Co. |
| How many companies has XM Cyber acquired? | XM Cyber has acquired 2 companies, including Confluera and Cyber Observer. |
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