This California-based cybersecurity company just acquired Verodin - Technical.ly DC

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May 29, 2019 2:00 pm

This California-based cybersecurity company just acquired Verodin

After recently moving into Reston, Va., with a new office, Milpitas, Calif.-based FireEye has now acquired local cybersecurity firm Verodin in a deal valued at $250 million.
FireEye CEO Kevin Mandia speaking at the United States Naval Academy.

FireEye CEO Kevin Mandia speaking at the United States Naval Academy.

(Photo via @FireEye on Twitter)

FireEye, a publicly-traded cybersecurity company, has acquired McLean, Va.-based Verodin in a deal valued at approximately $250 million in cash and stock.

This announcement comes after FireEye recently expanded into Reston last month with a new office. The Milpitas, Calif.-based company offers a single platform for organizations to use who are struggling to prepare for, prevent, and respond to cyber attacks. Launched in 2016, Verodin was a 2017 Technical.ly DC realLIST honoree and makes a platform to measure how a company’s cybersecurity tools are working.

The transaction closed on May 28 with the addition of Verodin’s solutions including its security instrument platform, which allows companies to measure and test security environments against both known and newly discovered threats, to prepare for cybersecurity breaches and update their defenses, the companies said.

“Verodin gives us the ability to automate security effectiveness testing using the sophisticated attacks we spend hundreds of thousands of hours responding to, and provides a systematic, quantifiable, and continuous approach to security program validation,” FireEye CEO Kevin Mandia said in a press release. “We believe there is no better way to train people and instrument better security than by continually attacking the environment and adapting security controls to the real threats.”

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In June 2018, Verodin closed a $21 million Series B funding round and announced plans to open a new office in the United Kingdom. This was the company’s last major funding round announcement, bringing its total to $34 million raised at the time.

“By joining FireEye, Verodin extends its ability to help customers take a proactive approach to understanding and mitigating the unique risks, inefficiencies and vulnerabilities in their environments,” Verodin Cofounder Chris Key said in a statement.

Along with cofounding the company, Key was also CEO before the acquisition closed. There were no further details about any changes in Verodin’s leadership team included in the press release. FireEye’s Media Rep Dan Wire told Technical.ly that FireEye is still “exploring all options” when it comes to handling Verodin’s leadership team and whether the company will relocate offices.

The press release also included some “forward looking statements,” including the fact that the acquisition deal is expected to accelerate FireEye’s billings and revenue growth, adding a projected $20 million to billings in 2019 and more than $70 million to billings in 2020.

The news release states that Verodin’s solutions will continue to be available on a standalone basis through its verified resellers and through FireEye’s global network and partners. FireEye hosted a conference call on May 28 to discuss the acquisition, and an archived voice recording lives on its site.

Companies: Verodin
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