Checkmarx has secured a USD84 million investment from New York-based venture capital and private equity firm, Insight Venture Partners.
The new round of capital will be primarily used to further accelerate growth through product innovation and global expansion.
Founded in 2006 by Israeli cyber security expert Maty Siman, Checkmarx provides comprehensive solutions for application security testing and application layer attack prevention. Its flagship product is its automated static code analysis – scanning for security deficiencies in source code early in the software development lifecycle where it is most cost effective to apply fixes. With offices in both Israel and the US, Checkmarx has grown employee headcount to over 150 in the last 12 months, and is experiencing revenue growth greater than 100 per cent in 2015. The company has an industry-leading customer retention rate and currently serves over 700 customers worldwide including Salesforce.com, SAP and the US Army.
“Checkmarx was founded with the goal of becoming the world leader in the application security market to provide businesses a better way to protect their data,” says Emmanuel Benzaquen, CEO of Checkmarx. “Our partnership with Insight Venture Partners will allow us to continue our pursuit of that goal as we expand our global sales operations and widen the scope of our application security platform.”
“Security has become one of the greatest concerns for companies, and Checkmarx has a proven track record of true leadership in application security.” says Richard Wells, managing director at Insight Venture Partners. “We are pleased to add Checkmarx to our portfolio of companies as they continue to provide businesses and organisations with innovative solutions to keep their data secure against ever-increasing security threats.”
Mooreland Partners LLC served as the Company’s exclusive financial advisor in the transaction and HFN served as the Company’s legal counsel. Willkie Farr & Gallagher LLP acted a legal adviser to Insight Venture Partners.