Findings News
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Diginex Announces MOU for US$305m Acquisition of Findings, a leading cybersecurity and compliance automation company
Diginex Limited has announced a Memorandum of Understanding (MOU) to acquire IDRRA Cyber Security Ltd., operating as Findings, for up to $305 million. This acquisition aims to enhance Diginexs technological capabilities in cybersecurity and compliance automation. Findings, backed by Magenta Venture Partners, specializes in AI-powered vendor risk management and cloud security solutions. The transaction will be paid in Diginex shares and cash, contingent on performance metrics. This strategic move aligns with Diginexs mission to expand its footprint in the cybersecurity sector and enhance its sustainability-focused technology stack. The acquisition is subject to due diligence and regulatory approvals.
Acquisition
The Tel Aviv-based company has developed a platform that scans supplier systems in organizations with long supply chains and can quickly diagnose problems in areas of compliance.
UK compliance solutions company Diginex has announced its acquisition of Israeli cybersecurity firm Findings for $305 million. Findings, based in Tel Aviv, has developed a platform that scans supplier systems to diagnose compliance issues quickly, reducing the process from weeks to minutes. The platform is used by information security managers in various industries, including defense, government, and finance. The acquisition will see 15% of the amount paid in cash, with the remainder in Diginex shares. The main investor, Magenta Venture Partners, led the companys $5 million seed round in 2022. Findings, founded in 2019, has achieved over $10 million in annual recurring revenue and has established partnerships with major companies like NEC, Mitsui, Nasdaq, and IBM.
Acquired-by
Nasdaq-listed regtech company Diginex aims to boost supply chain risk management with IDRRA’s compliance technology.
Findings, an Israeli cybersecurity company specializing in automated supply chain risk monitoring, is being acquired by U.S.-based Diginex for approximately $305 million. The acquisition will be paid through $270 million in Diginex shares and up to $35 million in cash, with $20 million contingent on performance targets. This acquisition aims to integrate Findings expertise in vendor risk management and secure data sharing into Diginexs compliance and sustainability products. The deal is expected to enhance Diginexs capabilities in monitoring supply chain risk, especially in the context of increasing ESG concerns and cybersecurity threats.
Acquired-by
הסטארטאפ Findings הוקם כבר לפני 7 שנים אבל פעל בעיקר מתחת לרדאר, וכעת הוא מוצא לו בית חדש בסכום רכישה מרשים
https://www.jpost.com/Israel-News/Could-third-party-breaches-threaten-Israels-new-credit-data-sharing-system-587176
The Bank of Israel has launched Israels first-ever system for sharing credit data, featuring the establishment of a central credit register. The system aims to increase competition in the retail credit market by collecting data from credit providers and government authorities and transferring them to authorized lenders and borrowers. Only companies with a license from the Bank of Israel can access and provide credit ratings. However, concerns have been raised about potential vulnerabilities caused by third-party providers. Cybersecurity experts warn that hackers may target weaker companies within the supply chain to gain access to sensitive financial information. The Bank of Israel plans to enforce strict security measures for any future third parties seeking access to the database.
Customers
IDRRA Named a "Cool Vendor" by Gartner for 2018
IDRRA, a cyber security start-up specializing in automated risk assessment and management, has been selected by Gartner as a Cool Vendor in security and risk management. IDRRAs AI-powered assessment platform streamlines cybersecurity, data protection, and privacy compliance for enterprises. Gartner identified challenges in the IT security and risk management field, including the need for better approaches to vendor risk management. IDRRA was selected as a cool vendor for its innovative use of chatbots, NLP, and security consulting intellectual property in its algorithm. The company aims to change the paradigm of security and risk management by offering standardization and scalability through its platform.
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http://www.israeldefense.co.il/en/node/35093
Israeli startup IDRRA has announced its complete solution for implementing the supply chain/vendor risk management methodology of the Israel National Cyber Directorate (INCD). The solution is partly based on a partnership with Normshield, an American company offering a technical scanning solution to evaluate suppliers/vendors. IDRRA has developed an AI solution in the compliance and information security realms that facilitates the automation of processes. The methodology allows organizations to evaluate and certify the preparedness of their vendors. IDRRA also announced its partnership with Normshield, which will provide its unique Rapid Scorecard solution for scanning the supply chain.
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