BitSight shuts down Israel office, lays off entire team
CTech by Calcalist – Meir Orbach
American cybersecurity company BitSight, which acquired Israeli startup VisibleRisk, a cyber risk ratings joint venture created by Moodyâs and venture group Team8, is shutting down its local R&D center just 17 months after setting it up. The center employed around 40 people who are all set to lose their jobs. The transaction in September 2021 saw Moodyâs invest $250 million in BitSight, with Team8 becoming a shareholder in the company valued at the time at $2.4 billion. Team8’s stake in BitSight was estimated to be valued at hundreds of millions of dollars. However, due to the financial crisis in general, and high-tech in particular, BitSight has decided to close its activity in Israel.
Link: https://www.calcalistech.com/ctechnews/article/r1zxrmkri