Insight Venture invests $84 million in Israeli cyber firm Checkmarx

Reuters News
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Posted: Jun 25, 2015 8:31 AM

TEL AVIV (Reuters) - Israeli cyber security company Checkmarx has raised $84 million in funding from New York-based venture capital firm Insight Venture Partners, which will help it accelerate growth and expand globally, it said on Thursday.

Founded in 2006, Checkmarx tests software as it is being created, automatically scanning for security vulnerabilities early in the web and mobile app development process, when they are less costly to fix.

Checkmarx employs more than 150 people in Israel and the United States, and has over 700 customers including Salesforce.com, SAP, Coca Cola and the U.S. Army.

It is a privately owned company and does not disclose financial figures. It said only that it expected its annual revenue in 2015 to more than double from last year.

Prior to this investment, Checkmarx had raised a total of $14.5 million in funding since its launch.

Insight has raised more than $10 billion and invested in over 200 companies, including Chinese online giant Alibaba and social media firm Twitter.

Speaking about the Checkmarx investment, Insight managing director Richard Wells said: "Security has become one of the greatest concerns for companies."

(Reporting by Tova Cohen; Editing by Pravin Char)