Charlesbank Technology Opportunities Fund, a fund managed by Charlesbank Capital Partners, has invested approximately $70 million in Elbit Systems’ Israeli subsidiary, Cyberbit Ltd. Cyberbit provides commercial training systems for cybersecurity teams.
Approximately $22 million was invested in Cyberbit and approximately $48 million was paid in consideration of a portion of Elbit Systems’ shares in Cyberbit. As a result of the investment and sale of equity holdings, Elbit Systems became a minority shareholder in Cyberbit. Claridge Israel L.P., an existing shareholder of Cyberbit, which invested $30 million in Cyberbit in June 2018, also participated in this round of investment.
Cyberbit’s Range addresses one of the most acute cybersecurity problems: preparing the human element for attacks. It has been designed to offer a hyper-realistic experience, replicating a real-world cyberattack by immersing trainees in a virtual security operations center, where they use commercial security tools to respond to live, simulated attacks. The platform delivers over 100,000 training sessions annually across five continents. Cyberbit is headquartered in Israel with offices in the US, Europe, and Asia.