Estonian SaaS cybersecurity platform Rangeforce sold to Israeli company Cyberbit

 

Estonian cybersecurity company Rangeforce has been sold to its Israeli competitor Cyberbit. The parties have not disclosed the amount of the transaction.

This is an exit for US investment platform Energy Impact Partners and cyber and deep tech investor Paladin Capital Group, which invested $20M in Rangeforce in January 2023.

RangeForce is a cybersecurity company that develops a platform for training and analyzing cyber threat defense skills. RangeForce provides organizations with a cloud-based platform for assessing, improving, and testing their cyber defense readiness. On the platform, teams can practice repelling simulated attacks in a simulated environment. The company was founded in 2019 in Estonia by Taavi Must, Margus Ernits, and Jaanus Kink. 

Cyberbit is an Israeli company founded in 2015 as a subsidiary of Elbit Systems, a leading Israeli defense contractor. The company develops cloud-based cybersecurity training and simulation software solutions designed to prepare employees to respond to real cyberattacks.

Paladin Capital Group is an investment company that supports and develops innovative startups. The company specializes in cybersecurity and advanced technologies. It was founded in 2001 by Michael Stead and Mark Maloney. It has offices in Washington, New York, London, Luxembourg, and Silicon Valley.

Energy Impact Partners (EIP) is a venture capital and private investment firm specializing in strategic investments in companies and technologies in the energy and utilities sectors. Founded in 2015, it is headquartered in New York, USA.