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    EU retail giant Schwarz Group snags security startup XM Cyber for $700 million – TechCrunch

    Schwartz GroupEU-based retailer today announced that it has acquired an Israeli security startup. XM Cyber For $ 700 million. Schwarz is best known as the owner of the Lidl and Kaufland supermarkets, so it may seem like a strange partnership, but the company believes that extending to security will ultimately benefit retailers. I am.

    XM aims to shut down vulnerabilities before they actually occur, simulating what an attack looks like to reveal flaws and openings in a company’s security system. It will help.

    Christian Müller, Chief Information Officer of the Schwarz Group, states that adding security pieces to the portfolio is essential, especially as online shopping grows. “Finding and closing security gaps from an attacker’s perspective is a disruptive approach to how organizations proactively protect their networks. XM Cyber’s solutions are built on strong IT security. We will further protect our customers, our partners, and ourselves as a company, “Muller said in a statement.

    Meanwhile, XM Cyber’s CEO and co-founder, Noam Elez, recognizes the benefits of being part of a large company, even if it’s not technology-focused. “For XM Cyber ​​customers, this means that Schwarz’s financial support can accelerate product innovation, scale and expand its global reach. For Schwarz customers, to the digital product range. The ability to protect suppliers, consumers, and businesses with ongoing investment is a key enabler to fulfill our promise of digital transformation, “says Erez.

    Perhaps not surprisingly, Schwarz intends to continue operating XM as an independent entity under the terms of the contract, with all 110 employees continuing to work. In short, existing customers should have little change in how things are run.

    Unless the parent company makes major changes behind the scenes, they will probably benefit from the fact that XM is part of a larger company, but some customers are also non-technical entities. The time will tell you before that.

    According to Crunchbase data, XM Cyber ​​was founded in 2016 and raised $ 49 million. The latest deal was $ 17 million in Series B in July, led by Macquarie Capital.

    EU retail giant Schwarz Group snags security startup XM Cyber for $700 million – TechCrunch Source link EU retail giant Schwarz Group snags security startup XM Cyber for $700 million – TechCrunch

    The post EU retail giant Schwarz Group snags security startup XM Cyber for $700 million – TechCrunch appeared first on California News Times.

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