Radware® (NASDAQ: RDWR), a leading provider of cyber security and
application delivery solutions, today announced the spinoff of its
Cloud Native Protector (CNP) business to form a new company called
SkyHawk Security. To accelerate SkyHawk Security’s development and
growth opportunities, an affiliate of Tiger Global Management will
make a $35 million strategic external investment, resulting in a
valuation of $180 million. Tiger Global Management is a leading
global technology investment firm focused on private and public
companies in the internet, software, and financial technology
sectors.
SkyHawk Security is a leader in cloud threat detection and
protects dozens of the world’s leading organizations using its
artificial intelligence and machine learning technologies. Its
Cloud Native Protector provides comprehensive protection for
workloads and applications hosted in public cloud environments. It
uses a multi-layered approach that covers the overall security
posture of the cloud and threats to individual workloads.
Easy-to-deploy, the agentless solution identifies and prevents
compliance violations, cloud security misconfigurations, excessive
permissions, and malicious activity in the cloud.
“We recognize the growing opportunities in the public cloud
security market and are planning to capitalize on them,” said Roy
Zisapel, Radware’s president and CEO. “We look forward to
partnering with Tiger Global Management to scale the business,
unlock even more security value for customers, and position SkyHawk
Security for long-term success.”
The spinoff, which adds to Radware’s recently announced
strategic cloud services initiative, further demonstrates the
company’s ongoing commitment to innovation. SkyHawk Security will
have the ability to operate with even greater sales, marketing, and
product focus as well as speed and flexibility. Current and new CNP
customers will benefit from future product development efforts,
while CNP services for existing customers will continue without
interruption.
Radware does not expect the deal to materially affect operating
results for the second quarter or full year of 2022.
About Tiger Global ManagementTiger Global
Management is a leading global technology investment firm that
focuses on private and public companies in the software, internet,
and financial technology sectors. Since 2001, Tiger Global has
invested in hundreds of companies across more than 30 countries,
including investments ranging from Series A to pre-IPO. The firm
aims to partner with dynamic entrepreneurs operating market-leading
companies in its core focus areas.
About RadwareRadware® (NASDAQ: RDWR) is a
global leader of cyber security and application delivery solutions
for physical, cloud, and software defined data centers. Its
award-winning solutions portfolio secures the digital experience by
providing infrastructure, application, and corporate IT protection,
and availability services to enterprises globally. Radware’s
solutions empower enterprise and carrier customers worldwide to
adapt to market challenges quickly, maintain business continuity,
and achieve maximum productivity while keeping costs down. For more
information, please visit the Radware website.
Radware encourages you to join our community and follow us on:
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©2022 Radware Ltd. All rights reserved. Any Radware products and
solutions mentioned in this press release are protected by
trademarks, patents, and pending patent applications of Radware in
the U.S. and other countries. For more details, please
see: https://www.radware.com/LegalNotice/. All other
trademarks and names are property of their respective owners.
Radware believes the information in this document is accurate in
all material respects as of its publication date. However, the
information is provided without any express, statutory, or implied
warranties and is subject to change without notice.
The contents of any website or hyperlinks mentioned in this
press release are for informational purposes and the contents
thereof are not part of this press release.Safe Harbor
Statement This press release includes “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. Any statements made herein that are not
statements of historical fact, including statements about Radware’s
plans, outlook, beliefs, or opinions, are forward-looking
statements. Generally, forward-looking statements may be identified
by words such as “believes,” “expects,” “anticipates,” “intends,”
“estimates,” “plans,” and similar expressions or future or
conditional verbs such as “will,” “should,” “would,” “may,” and
“could.” For example, when we say that we recognize the growing
opportunities in the public cloud security market and are planning
to capitalize on them, we are using a forward-looking statement.
Because such statements deal with future events, they are subject
to various risks and uncertainties, and actual results, expressed
or implied by such forward-looking statements, could differ
materially from Radware’s current forecasts and estimates. Factors
that could cause or contribute to such differences include, but are
not limited to: the impact of global economic conditions and
volatility of the market for our products; natural disasters and
public health crises, such as the coronavirus disease 2019
(COVID-19) pandemic; a shortage of components or manufacturing
capacity could cause a delay in our ability to fulfill orders or
increase our manufacturing costs; our business may be affected by
sanctions, export controls, and similar measures, targeting Russia
and other countries and territories, as well as other responses to
Russia’s military conflict in Ukraine, including indefinite
suspension of operations in Russia and dealings with Russian
entities by many multi-national businesses across a variety of
industries; our ability to successfully implement our strategic
initiative to accelerate our cloud business; our ability to expand
our operations effectively; timely availability and customer
acceptance of our new and existing solutions; risks and
uncertainties relating to acquisitions or other investments; the
impact of economic and political uncertainties and weaknesses in
various regions of the world, including the commencement or
escalation of hostilities or acts of terrorism; intense competition
in the market for cyber security and application delivery solutions
and in our industry in general, and changes in the competitive
landscape; changes in government regulation; outages,
interruptions, or delays in hosting services or our internal
network system; compliance with open source and third-party
licenses; the risk that our intangible assets or goodwill may
become impaired; our dependence on independent distributors to sell
our products; long sales cycles for our solutions; changes in
foreign currency exchange rates; undetected defects or errors in
our products or a failure of our products to protect against
malicious attacks; the availability of components and manufacturing
capacity; the ability of vendors to provide our hardware platforms
and components for our main accessories; our ability to protect our
proprietary technology; intellectual property infringement claims
made by third parties; changes in tax laws; our ability to realize
our investment objectives for our cash and liquid investments; our
ability to attract, train, and retain highly qualified personnel;
and other factors and risks over which we may have little or no
control. This list is intended to identify only certain of the
principal factors that could cause actual results to differ. For a
more detailed description of the risks and uncertainties affecting
Radware, refer to Radware’s Annual Report on Form 20-F, filed with
the Securities and Exchange Commission (SEC), and the other risk
factors discussed from time to time by Radware in reports filed
with, or furnished to, the SEC. Forward-looking statements speak
only as of the date on which they are made and, except as required
by applicable law, Radware undertakes no commitment to revise or
update any forward-looking statement in order to reflect events or
circumstances after the date any such statement is made. Radware’s
public filings are available from the SEC’s website at www.sec.gov
or may be obtained on Radware’s website at www.radware.com.
Investor Relations:Yisca Erez,
+972-72-3917211,ir@radware.com
Media Contact:Gerri
DyrekRadwareGerri.Dyrek@radware.com
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