Cybersecurity Market Review Q2 2017

Cybersecurity
Market Review
Q2 • 2017
Advisors & Dealmakers In Cybersecurity.

Momentum Partners at
September 26 - 27 • South San Francisco.
Newsweek’s Annual Structure Security Conference Select Notable Speakers

Arlete Hart
September 26 - 27 CISO
Patrick Morley
• •
President & CEO
South San Francisco Topic: “Security at the FBI” Topic: “The Cybersecurity Landscape”
Conference Center
Join us as at Newsweek’s Annual Structure Security event which will bring together over 500 cyber executives, Scott Chasin Candace Worley
investors, advisors and over 40 speakers, including the FBI, IBM, Cisco, Century Link, UBER, Carbon Black, CEO & Co-Founder Chief Technical Strategist
Verodin, and many others for cutting edge discussions and workshops about latest industry trends.
Topic: “The Problem in Enterprise Topic: “Warning: What You Need to
Industry Topics Include: Security” Know About the Security Workforce Crisis”
How Virtualization Could Funding The Future of Securing The Internet of The Cybersecurity
Transform Cloud Security Security Innovation Things Landscape
Mark Hatfield David Mahon
Founder & General Partner VP & Chief Security Officer
Internet Vulnerabilities: The Evolution of The Automating Application The Problem In Topic: “Funding the Future Of Security
How You Will Be Owned CISO Security Enterprise Security Topic: “The Evolution of the CISO”
Innovation”
Select Conference Advisors Leading Security Experts, Investors and Advisors

Dino Boukouris Charles Beeler
Director & Founding Member General Partner
Momentum Partners Rally Ventures
Jay Leek Matt Bigge

Managing Director Operating Partner
ClearSky Security Crosslink Capital
Asheem Chandra Alex Doll

General Partner Managing Member
Greylock Partners Ten Eleven Ventures
2
Table of Contents
A Comprehensive Review Of The Cybersecurity Strategic Landscape In 2Q17.
I. About Momentum Partners 4

▪ The Premier Cybersecurity Advisors ▪ Thought Leadership In Cybersecurity
▪ Highly Focused On The Cybersecurity Sector ▪ Momentum’s Vast Cybersecurity Network & Reach
▪ Prolific M&A Advisory Experience ▪ Why Momentum Partners
▪ Balanced & Highly Experienced Advisors
II. Executive Summary 12
▪ 2017: Market Update & Observations ▪ Cybersecurity Multiples Have Begun To Increase After Their Rerating
▪ The Cybersecurity Dashboard: Q2 2017 ▪ CYBERscape
▪ A Summary of Recent Strategic Activity in Cybersecurity
III. Cybersecurity Industry Perspectives 18
▪ In Focus: Data Privacy ▪ Update: Private Equity Continues To Cybersecurity
▪ In Focus: Cloud Security ▪ 2Q17 Cybersecurity Investor Spotlight
IV. Public Company Trading Analysis 23

▪ Cybersecurity Sector vs. Benchmark Performance ▪ Public Company Trading Analysis
▪ Despite An Uptick In Correlation of Value To Growth… ▪ Okta IPO Profile
▪ …Balancing Growth & Profitability Matters Much More
V. Momentum’s Watch List 33
▪ Q2 2017 Watch List ▪ Momentum’s Watch List Outperforms
VI. M&A Activity In Cybersecurity 38

▪ Cybersecurity M&A Activity ▪ Highlighted M&A Transactions
▪ Notable M&A Transactions
VII. VC Activity In Cybersecurity 55
▪ Financing Activity Since 2010 ▪ Venture Capital Activity
▪ Cybersecurity Startups & Investors ▪ Highlighted Fundraising Activity
3
I. About
Momentum
Partners
The Premier Cybersecurity Advisors
Enterprise Class Advice. Aligned With The Entrepreneur.
The Firm The Founders Empathy

Momentum Partners is a boutique
Michael Tedesco
Cybersecurity focused Investment Founder & Executive Chairman Objectivity
20+ Years M&A and Board Advisory Across
Bank based in Silicon Valley with Enterprise IT, Board Member, & Investor
operations globally. We employ a Action
bespoke high-impact advisory model Eric McAlpine
tailored to the unique needs of earlier Founder & Managing Partner
15+ Years Board/CEO Advisor, Tenacity
stage Founders/CEOs and the Cybersecurity & Enterprise Software
complexity of later stage/Public Innovation

companies – Series A to Exit – where Keith Skirbe Dino Boukouris
we are relentless in our pursuit for Director Director
Long Term Loyalty
better outcomes for our clients.
Momentum Partners
200+ Deals $200+ Billion

Momentum Capital Markets
340 Brannan Street | Suite 501
Sense of Humor
San Francisco, California 94107
5
Highly Focused On The Cybersecurity Sector
Significant Deal Experience And Comprehensive Coverage Across The Cybersecurity Landscape.
Network ● Vulnerability Management ● Web ● Email ● Cloud ● SIEM ● Analytics ● Threat Intelligence ● Mobile ● Endpoint ● MSSP
acquired by acquired by Board Advisory acquired acquired acquired by acquired acquired by

&
Corporate Strategy
Cloud Secure Cloud Threat SaaS / Mobile Endpoint Network / Web

SIEM MDM
Security Orchestration Intelligence Security Security Security
Undisclosed Undisclosed $220M $65M Undisclosed Undisclosed $465M
acquired acquired acquired by acquired by Strategic acquired acquired acquired by

Financing
&
Share Buyback
Network Email Vulnerability SaaS / Email Intrusion Managed Security Network
Security Security Management Security Detection Services Security
$295M $273M $86M $695M $2.0B $145M $135M Undisclosed
6
Prolific Technology M&A Advisory Experience: 200+ Deals For Over $200+ Billion
Highly Experienced At Executing Transactions Of All Sizes Across All Enterprise IT Sectors For Two Decades.
Client Counterparty Transaction Amount ($M) Client Counterparty Transaction Amount ($M) Client Counterparty Transaction Amount ($M)
Merger 25,000 Sellside 497 Buyside 170
Sellside 13,299 Sellside 465 Sellside 162
Defense 10,300 Joint Venture 420 Buyside 157
Sellside 8,005 Buyside 420 Buyside 145
Buyside 5,030 Sellside 400 Sellside 142
Buyside 3,500 Sellside 375 Buyside 112
Buyside 2,448 Sellside 339 Sellside 106
Sellside 1,900 Sellside 327 Dual Track 97
Buyside 1,700 Buyside 295 Sellside 86
Buyside 1,600 Buyside 273 Buyside 75
Wireless Solutions Divestiture 1,400 Sellside 245 Buyside 65

Business
MOE 1,300 Buyside 230 Buyside 63
Database Sellside 1,000 Sellside 219 Buyside Undisclosed

Business
Buyside 900 Sellside 205 Cable Access

Business
Divestiture Undisclosed
Buyside 710 Sellside 200 Sellside Undisclosed
Sellside 695 Sellside 180 Management Buyout MBO Undisclosed

An EDS Company
Sellside 593 Sellside 178 Sellside Undisclosed
Buyside 500 Sellside 170 Sellside Undisclosed
7
Balanced & Highly Experienced Advisors
A Bespoke, High-Impact Advisory Boutique For Discerning Clients Seeking Better Outcomes.
Our Advisory Services Our Balance

Cybersecurity
▪ Mergers & Acquisitions
- Sellside 37% 28%
Enterprise IT
- Buyside
- Divestitures 35% Cloud & SaaS
- Joint Ventures
- Dual Process (+ Cap Raise) <$150M $150M - $500M $500M+
Internet
▪ Valuations & Fairness Opinions 13%
47%
Mobile
▪ Private Capital Formation
40%
Services
▪ Corporate Strategy & Development
Sellside Buyside Other
Defense & Industrial Tech
▪ Partnerships & Business Development
Median Deal Size: $295M
8
Thought Leadership In Cybersecurity
Momentum’s Team Is Dedicated To Providing Thought Leadership In Addition To Our Dealmaking & Advisory Services.
Industry Research Sector Research Landscape Reviews
9
Momentum’s Vast Cybersecurity Network & Reach
A Unrivaled Global Network of Buyers, Innovators, Investors, & Security Professionals.
Executives Investors
7,300+ 1,700+
Companies CISOs
2,200+ 700+
10
Why Momentum Partners?
Advise. Network. Invest.
I. Advise. II. Network. III. Invest.

Mergers & Acquisitions Executives Early To Late Stage Typically
at Inflection Point
Chief Security Officers
Capital Formation
Board Members & Investors Special Situations
Corporate Strategy & Policy Influencers
Corporate Development Proprietary Deal Flow
Entrepreneurs
Board Advisory Deal Makers Syndicate Investments Via Network
Mass. Velocity. Momentum.
Our extensive Cybersecurity network and ecosystem reach combined with our deep
mxv=p domain expertise will drive successful outcomes for our clients and investments.
11
II. Executive
Summary
2Q17: Market Update And Observations
VC Activity Saw A Tremendous Increase While M&A Activity Declined Through 2Q17.
Top 5 Movers 2Q17
▪ Public market valuations for Cybersecurity have begun to increase since their rerating a year ago from ’The Peak’
in June 2015, with median TTM Revenue Multiples up 42% compared to a year ago
Valuations ▪ High Growth Cybersecurity public comps were up 8% during the quarter, while our Low Growth Cybersecurity
69%
34%
39%
comps were up 2%, relative to the NASDAQ which was up 4%, the S&P 500 which was up 3% and the HACK
index which was up 2% 9% 8%
▪ After two consecutive quarters of increasing Cybersecurity M&A activity we saw a significant decline in 2Q17 with
total announced M&A volume totaling $509M across 25 transactions
Exits: M&A & ▪ Notable M&A transactions during Q2 included Microsoft’s acquisition of Hexadite ($100M), EQT Partners’
acquisition of Open Systems ($120M) and Thales’ acquisition of Guavas ($215M)
IPO Activity ▪ ForeScout (2017) & Carbon Black (2016) confidentially filed for their IPO; OKTA successfully IPO’d in April 2017 IPO Pipeline
pricing at $17 / share, currently up 34% since its IPO File Confidentially
on 2/1/17
Filed Confidentially
on 09/30/16
▪ Q2 saw a significant increase in the number of large rounds, with 9 companies raising more than $50M in funding
including Sumo Logic ($75M), Alert Logic ($70M), Cybereason ($100M), Illumio ($125M), Netskope ($100M),
Investment Tanium ($100M), Crowdstrike ($100M), Signifyd ($56M) and Armor ($89M)
2Q17 funding totaled $1.5B across 73 transactions, representing the 2nd largest funding quarter for Cybersecurity
Activity ▪
since 2010 and the largest since 1Q16 which totaled $1.7B
▪ In 2Q17, 44% of deals were early stage (Seed to Series A), with a median amount raised of $5.1M; the remainder
consisted of late stage (Series B+) with a median amount raised of $17.0M
▪ According to Gartner, public cloud will be the prime delivery model for more than 60% of security applications by
the end of 2017. CASBs continue to increase the urgency for control and viability of cloud services by addressing
the gaps in security due to the increase in cloud service & mobile usage
Industry ▪ Gartner recently highlighted the Top Technologies for Security in 2017: Cloud Workload Protection Platforms,
Observations Remote Browser, Deception, Endpoint Detection & Response (EDR), Network Traffic Analysis, Managed Detection
& Response (MDR), Microsegmentation, Software-Defined Perimeters, CASBs, OSS Security Scanning and Software
Composition Analysis for DevSecOps and Container Security
13
The Cybersecurity Dashboard: Q2 2017
$2.1 Billion 134 $5.2 Billion 69
Financing Volume YTD Financing Transactions YTD M&A Volume YTD M&A Transactions YTD
Notable Financing Transactions Financing Activity Monthly Deal Count Pulse M&A Activity Notable M&A Transactions
Financing M&A
35 $19.4
Date Company Amount ($M) $4.3
30 Target Acquirer Amount ($M)
25
06/07/17 125 20 1,527
$2.1
15
$5.2
06/21/17 100 10 >1,100
5
06/06/17 100 0 614
Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17
2016 2017 YTD 2016 2017 YTD
Volume ($B) Volume ($B)
05/25/17 100 Public Comps M&A EV / Rev Multiples 400
268 137
Max 8.7x
Max 7.3x
05/17/17 100 4.9x 235
Median 4.2x
134 4.6x 69
Median 3.0x
04/05/17 89 215
Min 1.4x
Min 1.0x
06/27/17 75 120
2016 2017 YTD 2016 2017 2016 2017 YTD 2016 2017 YTD
01/25/17 70 (EV / 2016E Rev) (EV / 2017E Rev) 120
# of Deals (Median EV / LTM Rev) # of Deals
Multiple as of 06/30/16 Multiple as of 06/30/17
Specialized Threat Analysis & Protection

Financing Activity M&A Activity
Identity & Access Management
7 5 33 31
6 12 7 8
Threat Intel / SecOps / IR 15 22 10
10 5
Cloud Security 15 23
1 6
Data Security 5 24
9 14 3
Mobile Security
Endpoint Security 27 2016 2017 YTD 17 2 2016 3 2017 YTD
8 5
Fraud Prevention / Transaction Security Total: 268 Total: 134 7 Total: 137 11 Total: 69
34 4
Application Security 2
16
Risk & Compliance
14 12 9 4
Web Security 14 19
16 2
Industrial / IOT Security 8 11
14 6
Network Security 13 30 3 15 5 5 5
8 4 6 3 2
Messaging Security
MSSP
A Summary Of Recent Strategic Activity In Cybersecurity
Investing Activity Continues To Outpace Exits (M&A + IPO).
Selected Acquisition Activity Selected VC Activity Equity

(Date: Implied Enterprise Value / LTM Rev Multiple) (Date: $ Raised / Pre-$ Valuation / Funding Stage) (Date: $ Raised)
On File
File Confidentially Filed Confidentially

5/17: $100M / NA 5/17: $120M / NA 4/17: $215M / 7.2x 3/17: $614M / 6.1x 6/17: $125M / NA / D 6/17: $100M / NA / D 6/17: $100M / NA / E on 2/1/17 on 9/30/16
4/17: IPO: $187M

9/15: Series F: $75M
2/17: $400M / NA 2/17: $105M / 10.5x 2/17: $120M / 4.8x 1/17: $1.1B / NA 5/17: $100M / NA / Venture 5/17: $100M / NA / D 4/17: $89M / NA / F 6/14: Series E: $75M
9/13: Series D: $27M
12/12: Series C: $25M $229M
8/11: Series B: $17M
2/10: Series A: $10M
12/16: $1.9B / 2.0x 11/16: $650M / 6.5x 11/16: $2.4B / 3.6x 9/16: $NA / NA 3/17: $12M / NA / B 3/17: $15M / NA / Venture 2/17: $40M / NA / C
4/16: IPO: $112M

Dell Spinoff
9/16: $1.3B / 3.5x 9/16: $4.2B / 2.0x-2.5x 7/16: $1.5B / 3.4x 9/16: $488M /3.7x 1/17: $70M / NA / C 1/17: $45M / NA / C 11/16: $60M / NA / C
11/15: IPO: $78M
9/16: Secondary Offering: $66M
9/12: Series C: $62M
1/10: Series B: $21M $91M
12/08: Series A: $8M
6/16: $293M / 10.0x+ 6/16: $4.7B / 7.9x 6/16: NA / NA 6/16: $600M / NA 11/16: $31M / NA / C 9/16: $40M / $300M / D 8/16: $50M / NA / F
7/15: IPO: $103M

12/14: Series D: $30M
11/11: Series C: $50M
$89M
2/10: Series B: $2M
2/16: $100M / NA 2/16: $45M / NA 2/16: $30M / NA 1/16: $275M / 6.9x 7/16: $64M / NA / C 7/16: $180M / NA / A 6/16: $20M / $71M / B 9/08: Series A: $7M
6/15: IPO: $553M

5/02: Minority: $60M
1/16: $10M / NA 1/16: NA / NA 12/15: $35M / 1.9x 11/15: $78M / NA 6/16: $20M / NA / B 6/16: $100M / $900M / D 5/16: $41M / NA / D $64M
9/98: Venture: $4M
Source: Capital IQ, 451 Group, Crunchbase, TechCrunch.

Momentum Partners maintains a proprietary Cybersecurity M&A deal database. 15
Cybersecurity Multiples Have Begun To Increase After Their Rerating One Year Ago
Public Market Valuations For Cybersecurity Have Begun To Increase Since Their Rapid Decline From ‘The Peak.’
Max 14.8x Company EV/2016E Revenue EV/2017E Revenue % Change

Today 1.0x 2.6x 147.3%
51.0%
Reduction A Year Ago 2.7x 6.1x 125.3%
Max 8.7x
3.0x 5.2x 74.7%
Max 7.3x
2.5x 4.2x 71.0%
20.2%
2.3x 3.7x 61.1%
Increase
Median 8.5x 3.0x 4.6x 53.2%
1.9x 2.8x 46.2%
4.2x 5.6x 32.3%

64.6%
Reduction 7.0x 8.7x 24.1%
Median 4.2x
2.9x 3.3x 14.1%
3.2x 3.5x 11.0%

Median 3.0x
41.5% 3.7x 4.0x 7.6%
Increase 7.3x 7.5x 3.6%
3.5x 3.6x 2.6%

Min 2.4x
2.5x 2.3x 8.8%
EV / 2015E Revenue 38.3%
Multiple as of 6/23/15* 56.2% Increase 6.6x 5.9x 9.6%
Reduction Min 1.4x
6.9x 5.7x 16.9%
The Peak Min 1.0x
EV / 2017E Revenue
6.6x
Multiple as of 6/30/17 5.4x 18.2%
EV / 2016E Revenue 2.4x
Multiple as of 6/30/16
1.4x 40.1%
* Date Cybersecurity ETF Index HACK hit all-time high.

Note: Excludes OKTA given recent IPO status. 16
CYBERscape: The Cybersecurity Landscape
Network Security Endpoint Security Application Security
Network Firewall Network Monitoring/Forensics Endpoint Prevention WAF & Application Security
Intrusion Prevention Systems Unified Threat Management Endpoint Detection & Response Vulnerability Assessment
Managed Security Service Provider Web Security Messaging Security
Risk & Compliance Security Operations & Incident Response Data Security Mobile Security
SIEM
Threat Intelligence
Security Incident Response Identity & Access Management Cloud Security
Industrial / IoT Security Specialized Threat Analysis & Protection
Fraud Prevention / Transaction Security
The Cybersecurity Landscape is Vast and Dynamic. We Have Vigilantly Covered The Sector For Over Two Decades.
III. Cybersecurity
Industry
Perspectives
In Focus: Data Privacy
The EU General Data Protection Regulation (GDPR) Is Driving Growth In Software-Based Privacy Solutions.
What is GDPR? Companies Addressing GDPR

▪ GDPR is a regulation designed to enhance the protection of individuals residing in the EU as well as address
the export of “personal data” outside the EU
Artificial intelligence, machine learning, automation, identity
▪ It applies to all organizations that do business in the EU and any organization outside the EU handling EU intelligence and big data expertise are key capabilities and
citizens’ personal data requirements of GDPR platforms
▪ It broadens the definition of “personal data” and includes identifiers such as genetic, mental, cultural,
economic, social identity and online (IP addresses, cookies) Amount Raised
Company Founded HQ CEO
($M)
GDPR Requirements:
2015 San Francisco, CA -- Nimrod Luria
Demonstrate
Penalties: 4% of revenue Users may request a Controllers must comply
25 May 2018: GDPR enforcement of customer
or €20M (whichever is copy of personal data in with breach notification
goes into effect consent for personal data 2016 New York, NY 2.1 Dmitri Sirota
greater) a portable format windows
collection
Satisfy customer data portability Implement adequate technical Appointment of data protection 2016 Seattle, WA 3.0 Kristina Bergman
Privacy risk impact assessments
support and enable right-to-be- and organizational measures to officer (DPO) will be mandatory
will be required where privacy
forgotten and erased from protect persons’ data and for companies processing high
risks are high
records systems volumes of personal data 2013 San Jose, CA 7.0 Stuart Lacey
What Is Required Of Companies To Comply? Are Companies Prepared?

2011 New York, NY -- Todd Feinman
organizations that will fully comply by

<50% May 25, 2018 2016 San Francisco, CA -- Balaji Ganesan
of companies did not have a definitive

Know your
data
What data
exists?
Where is the
data held?
How is data
managed?
Who has
access to data? 97% strategy ready in October 2016 2016 London, UK -- Simon Loopuit
of companies expect sanction or

Existing technology stacks alone cannot meet the mandates handed down by
GDPR 23% remedial action on May 25, 2018
2016 Atlanta, GA -- Kabir Barday
Companies must be able to automatically discover and map all personal of recent Gartner client inquiries on
information across networks (unstructured and structured) and apply policies to
the information
70% privacy relate to GDPR
2017 Washington, DC -- Justin Antonipillai
Source: Gartner, Company Websites, IT Governance, EUGDPR.org.

19
In Focus: Cloud Security
Global Cloud Security Market Will Be Worth $9B In 2020, Up 21% In 2017 At $5.9B.
Why Cloud-Based Security Vendors Are On The Rise Worldwide Cloud-Based Security Services Forecast by Segment (Millions of Dollars)
The security gap is widening as traditional endpoint + perimeter based

security solutions are no longer enough to protect digital data which CAGR: 16.5% $8,924
resides in email, file sharing services, and numerous endpoints (mobile, $340
$7,809
tablet, laptop) $607
$6,863 $310 $571
$512
Most companies don't have the know how or budgets to deploy, $873
$5,851 $280 $514
manage and operate enterprise grade, state of the art, on-premise $430
$4,840 $456 $812 $971
security solutions. $250
$359 $752 $873
$221 $397
$287 $703 $786 $2,140
As more organizations and consumers migrate to cloud based services $341
$708 $1,788
$655
and infrastructure (AWS, G Suite, Office 365) there is an increased $1,609
need to secure cloud services in addition to endpoints $636
$1,334
$1,051
$3,422
$3,000
Increasing security threats, operational and cost benefits and staffing $2,100
$2,550
pressure continue to drive growth of cloud-based service providers, $1,650
affording companies with cost effective security solutions
2016 2017 2018 2019 2020
SIEM, IAM and emerging technologies such as cloud-based malware IAM, IDaaS, User Authentication Other Cloud-Based Security
sandboxes, cloud-based data encryption and web application firewalls Secure Web Gateway Secure Email Gateway
are fastest growing cloud-based security services segments Application Security Testing SIEM
Remote Vulnerability Assessment
Source: Gartner. 20
Update: Private Equity Continues To Cybersecurity
The Highly Fragmented Cybersecurity Market Lends Itself To the PE Platform/Roll-Up Playbook.
Major Cybersecurity PE ‘Platform’ Plays Recent Cybersecurity PE Activity

PE Firm Platform Add-Ons Exit Target
($2.4B / NA) ($4.7B / 7.9x) Acquirer
None
($971M / 2.7x) ($1.9B / NA) EV $120M $400M $1.9B $4.2B $1.3B $488M $1.5B
($550M / 1.9x) Beep Science ($890M / 2.0) ▪ Expect these companies and their sponsors to utilize M&A to complement organic growth
($710M / 6.0x)
Late Stage / Pre-IPO Activity
(NA / NA)
(NA / NA) ($1.9B / 2.0x)

Series A Series D Private Equity Series D Series D Series F
$180M $100M $96M $100M $125M $75M
─
(NA / NA)
─
(NA / NA)
─ Series B Series G / PE Series D Series F Series E Series D

($600M / NA)
$250M $148M / $100M $110M $89M $100M $100M
─
(NA / NA)
─ ▪ PE/late stage and public/cross-over investors have strong appetite for break-out cybersecurity
(NKA ) stories that could exit via an IPO in 12 – 24 months
21
2Q17 Cybersecurity Investor Spotlight
During Q2 We Saw The Launch Of Four Early-Stage Funds – 3 Corporate VC & 1 Traditional VC.
Early Stage Corporate Venture Group Corporate Venture Group Corporate Venture Group
$100 Million $20 Million $100 Million $100 Million

HQ: Lehi, UT HQ: Palo Alto, CA HQ: Tokyo, Japan HQ: Menlo Park, CA
Partners: Ken Elefant, Rob Rueckert Partners: Chad Kinzelberg (PANW), Jim Goetz Partners: Eva Chens Partners: Murray Graingers
Focus: Early Stage (Sequoia), Asheem Chandna (Greylock) Focus: Early Stage Focus: Early Stage High-Growth
Type: Enterprise Software & Security Focus: Early Stage & Growth Type: Emerging technology markets, Type: Companies that are strategically
Other: Formed in June 2017 under Private Type: Innovative Security Applications focused especially the IoT market relevant or disruptive to Honeywell
Equity firm Sorenson Capital, which makes on developing cloud-delivered capabilities Other: Portfolio startups will gain access to Other: The group will concentrate on
middle-market buyout and growth equity Other: The fund will collaborate with Greylock the company’s technology and its channel partners where Honeywell can accelerate
investments. Sorenson Ventures was created Partners and Sequoia Ventures to identify and of more than 28,000 partners; while their growth through its global presence,
specifically to and focus on these early-stage evaluate innovative security applications for enhancing its vision to make the world safe access to proven technologies and installed
opportunities potential strategic co-investment for exchanging digital information base of customers and channels
Source: Capital IQ, Firm Website.

22
IV. Public Company
Trading Analysis
Cybersecurity Sector vs Benchmark Performance
Low Growth Performance Continues To Outpace High Growth Companies Performance & The 3 Indices.
150
3 Months 6 Months 12 Months
High Growth 7.6% 11.5& 18.2%
140 Low Growth 2.0% 23.8% 31.7%
NASDAQ 3.9% 13.1% 26.8%
S&P 500 2.6% 7.3% 15.5%

31.7%
130 HACK* 1.7% 12.6% 25.7%
26.8%
25.7%
120
18.2%
15.5%
110
100
90
Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
High Growth Low Growth S&P 500 NASDAQ HACK
Source: Capital IQ, market data as of June 30, 2017.

* PureFunds ISE Cybersecurity ETF. 24
Despite An Uptick In Correlation Of Value To Growth…
Public & M&A Markets Value Profit & Predictability Over Growth (Back to Basics).
10.0x
17,828 mn
2,173 mn
8.0x
12,287 mn 3,796 mn
EV / Revenue 2017E
1,511 mn
6.0x 1,509 mn
7,872 mn
7,077 mn
2,654 mn
2,713 mn 1,601 mn
1,735 mn
4.0x 17,183 mn
1,221 mn
558 mn
743 mn 731 mn
2.0x 6,580 mn
753 mn
0.0x
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
2017E Revenue Growth
R2
2Q17: 31.2% 1Q17: 16.7%
4Q16: 15.4% 3Q16: 25.6% 2Q16: 23.1%

High Growth Cybersecurity Low Growth Cybersecurity
1Q16: 23.6% 4Q15: 29.2% 3Q15: 63.2%
Note: Size of the bubble indicates Market Cap. In USD; Market data as of June 30, 2017.
Source: Capital IQ. 25
…Balancing Growth & Profitability Matters Much More
Public & M&A Markets Value Profit & Predictability Over Growth (Back to Basics).
$17,828 mn
10.0x R2
2Q17: 42.2% 1Q17: 54.1%
$2,173 mn
: -2.9% , 3.5x $3,796 mn

8.0x
: -2.0% , 2.3x
: -0.7% , 1.4x $7,872 mn

$12,287 mn
EV / Revenue 2017E
6.0x $1,511 mn
$2,654 mn
$1,509 mn
$1,735 mn
$17,183 mn
4.0x $7,077 mn
$731 mn
$1,221 mn $1,601 mn
2.0x $743 mn $6,580 mn

$558 mn
0.0x
0% 10% 20% 30% 40% 50% 60% 70%
2017E Revenue Growth + 2017E Operating Margin
Note: Size of the bubble indicates Market Cap. In USD; Market data as of June 30, 2017.
Trading Multiples: High Growth & Low Growth
Valuation Multiples For High Growth & Low Growth Cybersecurity Companies.
EV / 2016A Revenue EV / 2017E Revenue

12.2x
8.7x
8.3x
10.0x 7.5x
9.4x
8.2x 6.1x Median: 5.9x
7.3x Median: 7.3x 5.9x 5.7x 5.6x
7.2x 6.7x 5.4x 5.2x
6.4x 4.6x
5.9x 5.6x 4.2x 4.0x
5.3x
4.9x 3.6x 3.5x Median: 3.6x
4.2x 3.8x Median: 4.2x 3.3x 3.2x
4.1x 3.6x 2.8x 2.6x
2.3x
3.0x 2.8x
2.2x 1.4x
1.5x
OKTA PFPT MIME PANW SPLK CYBR RPD CHKP QLYS SOPH SYMC TSE:4704 IMPV FTNT F-SECURE FEYE CUDA MOBL VDSI SCWX OKTA PFPT MIME PANW SPLK CYBR RPD CHKP QLYS SOPH TSE:4704 SYMC IMPV FTNT FEYE F-SECURE CUDA MOBL VDSI SCWX
2016-2017E Revenue Growth 2017-2018E Revenue Growth

47% 36%
28%
34% 33% 26% 25%
Median: 26% 32% Median: 25%
26% 25% 24% 23% 21% 21% 21%
22% 18% 17% 16%
15%
17% 17% 16%
14% Median: 13% 12% 11%
Median: 10%
10% 10% 10%
13% 12% 9%
8% 6% 8% 7%
8% 5%
2%
OKTA MIME PFPT SPLK CYBR RPD PANW SYMC IMPV F-SECURE FTNT TREND QLYS SOPH MOBL SCWX CHKP CUDA FEYE VDSI OKTA PFPT SPLK MIME PANW RPD CYBR IMPV SOPH QLYS FTNT MOBL VDSI SCWX CUDA F-SECURE FEYE SYMC CHKP TREND
High Growth (3%) Low Growth
Source: Capital IQ, market data as of June 30, 2017. High Growth represented by companies
with >20% revenue CAGR; Low Growth represented by companies with <20% revenue CAGR. 27
Public Company Trading Analysis
High Growth & Low Growth Cybersecurity.
Revenue Growth EV / Revenue EV / EBITDA P/E

Stock LTM Price Market Cap Enterprise
Company
Price Performance ($M) Value ($M) 2015-2016A 2016-2017E 2017-2018E CY2016 CY2017 CY2018 CY2016 CY2017 CY2018 CY2016 CY2017 CY2018
High Growth Cybersecurity (>20% CAGR)
Palo Alto Networks 133.81 9.1% 12,287 11,433 36.3% 22.7% 21.3% 7.3x 5.9x 4.9x 34.3x 25.3x 19.7x 63.7x 46.7x 36.3x
Splunk 56.89 5.0% 7,872 6,869 42.1% 26.3% 25.6% 7.2x 5.7x 4.6x NM 50.6x 33.6x NM NM 76.3x
Proofpoint 86.83 37.6% 3,796 3,755 41.5% 33.1% 27.8% 10.0x 7.5x 5.9x NM 64.0x 42.0x NM NM 91.2x
Okta* 22.80 34.1% 2,173 1,948 86.6% 46.9% 36.2% 12.2x 8.3x 6.1x NM NM NM NM NM NM
CyberArk 49.95 2.8% 1,735 1,448 34.7% 24.6% 20.9% 6.7x 5.4x 4.4x 24.1x 23.0x 18.0x 39.6x 41.2x 32.7x
Mimecast 26.78 167.5% 1,509 1,400 26.1% 33.8% 24.9% 8.2x 6.1x 4.9x NM NM 50.4x NM NM NM
Rapid7 16.83 33.8% 731 651 42.4% 24.5% 21.0% 4.1x 3.3x 2.7x NM NM NM NM NM NM
Mean 44.2% 30.3% 25.4% 8.0x 6.0x 4.8x 29.2x 40.7x 32.7x 51.7x 44.0x 59.1x
Median 41.5% 26.3% 24.9% 7.3x 5.9x 4.9x 29.2x 37.9x 33.6x 51.7x 44.0x 56.3x
Low Growth Cybersecurity (<20% CAGR)
Symantec 28.25 37.5% 17,183 21,113 4.2% 31.6% 7.7% 5.6x 4.2x 3.9x 14.0x 9.7x 8.1x 25.0x 18.5x 14.1x
Check Point Software 109.08 36.9% 17,828 16,360 6.8% 7.7% 6.8% 9.4x 8.7x 8.2x 17.0x 16.2x 15.1x 23.1x 21.1x 19.3x
Fortinet 37.44 18.5% 6,580 5,382 26.4% 16.9% 14.8% 4.2x 3.6x 3.1x 22.3x 17.8x 14.3x 51.3x 41.1x 33.5x
Trend Micro 51.54 45.2% 7,077 5,972 1.5% 16.0% 5.5% 5.3x 4.6x 4.3x 16.2x 13.4x 12.5x 32.4x 31.0x 27.6x
FireEye 15.21 (7.7%) 2,713 2,589 14.6% 2.3% 9.3% 3.6x 3.5x 3.2x NM 41.6x 29.8x NM NM NM
Sophos 5.76 106.4% 2,654 2,942 6.1% 13.3% 17.1% 5.9x 5.2x 4.4x 47.4x 50.9x 15.0x 14.5x NM 64.0x
Imperva 47.85 11.3% 1,601 1,288 12.9% 21.5% 18.2% 4.9x 4.0x 3.4x NM 39.6x 28.1x NM NM 73.2x
Qualys 40.80 36.9% 1,511 1,266 20.5% 14.5% 16.3% 6.4x 5.6x 4.8x 18.6x 17.7x 14.5x 47.4x 48.3x 39.9x
Barracuda Networks 23.06 52.3% 1,221 1,025 12.5% 6.2% 10.2% 3.0x 2.8x 2.5x 13.4x 14.9x 12.2x 29.6x 30.5x 27.0x
Secureworks 9.29 (34.1%) 753 662 26.5% 7.9% 10.3% 1.5x 1.4x 1.3x NM NM NM NM NM NM
F-Secure 4.76 60.4% 743 633 6.4% 17.1% 10.1% 3.8x 3.2x 2.9x 24.5x 33.0x 19.7x 45.1x 69.6x 37.0x
VDSI 14.35 (12.4%) 573 427 (20.4%) (3.6%) 10.9% 2.2x 2.3x 2.1x 19.9x 26.9x 18.5x 26.6x 41.0x 34.6x
MobileIron 6.05 98.4% 558 467 11.5% 11.6% 12.0% 2.8x 2.6x 2.3x NM NM NM NM NM NM
Mean 10.0% 12.5% 11.5% 4.5x 4.0x 3.6x 21.5x 25.6x 17.1x 32.8x 37.6x 37.0x
Median 11.5% 13.3% 10.3% 4.2x 3.6x 3.2x 18.6x 17.8x 15.0x 29.6x 36.0x 34.1x
Note: NM – Not Meaningful, NA – Not Available; market data as of June 30, 2017; * price performance from IPO price.
Public Company Analysis: Operating Metrics
High Growth & Low Growth Cybersecurity.
Revenue Revenue Growth (%) EBITDA EBITDA Margin (%)

Company
2016A 2017E 2018E 16-'17 17-’18 2016A 2017E 2018E 2016A 2017E 2018E
High Growth Cybersecurity (>20% CAGR)
Palo Alto Networks $1,567 $1,924 $2,333 23% 21% $334 $453 $581 21% 24% 25%
Splunk 950 1,200 1,507 26% 26% 91 136 204 10% 11% 14%
Proofpoint 375 500 638 33% 28% 39 59 89 10% 12% 14%
Okta 160 236 321 47% 36% (61) (82) (71) (38%) (35%) (22%)
CyberArk 217 270 326 25% 21% 60 63 80 28% 23% 25%
Mimecast 171 229 286 34% 25% 9 18 28 5% 8% 10%
Rapid7 157 196 237 24% 21% (25) (22) (14) (16%) (11%) (6%)
Low Growth Cybersecurity (<20% CAGR)

Symantec $3,777 $4,970 $5,352 32% 8% $1,503 $2,166 $2,597 40% 44% 49%
Check Point Software 1,741 1,876 2,004 8% 7% 963 1011 1083 55% 54% 54%
Fortinet 1,275 1,491 1,711 17% 15% 242 302 376 19% 20% 22%
Trend Micro 1,130 1,311 1,383 16% 5% 369 444 478 33% 34% 35%
FireEye 714 731 799 2% 9% (31) 62 87 (4%) 9% 11%
Sophos 501 568 665 13% 17% 62 58 196 12% 10% 30%
Imperva 264 321 380 22% 18% 7 33 46 2% 10% 12%
Qualys 198 227 264 14% 16% 68 72 88 34% 32% 33%
Barracuda Networks 347 369 406 6% 10% 76 69 84 22% 19% 21%
Secureworks 430 463 511 8% 10% (16) (25) 2 (4%) (5%) 0%
F-Secure 167 196 216 17% 10% 26 19 32 15% 10% 15%
VDSI 192 185 206 (4%) 11% 21 16 23 11% 9% 11%
MobileIron 164 183 205 12% 12% (26) (10) (4) (16%) (6%) (2%)
Note: NA – Not Available; market data as of June 30, 2017.

IPO
April 7, 2017
Is The First Security IPO of 2017
Okta Was The Fourth Tech Unicorn To Go Public This Year (MULE, PSDO & SNAP).
11,000,000 Shares Business Overview

Okta operates an integrated system that connects persons via devices. The company’s identity cloud connects various companies to pre-integrated apps and
devices every day. It offers single sign-on, mobility management, adaptive multi-factor authentication, lifecycle management, and universal directory products
for IT customers; and complete authentication, user management, flexible administration, API access management, and developer tools for developers.
Class A Common Stock
Secure Remote User Access Platform Integration Secure User Management Industry Services
$17.00 Per Share
▪ Implement strong authentication ▪ Integrate all business ▪ Deploy one user database and ▪ Industry specific solutions for
$187,000,000 policies to verify users and applications and technologies authentication system for any Healthcare, Government,
reduce security incidence threats into one entity set of connected applications Education, Energy, Financial
▪ Give employees secure access to ▪ Maintain security while ▪ Create one consolidated profile Services, Technology, and
needed tools while maintaining connecting with all parties that for each user, then analyze their Non-Profit Institutions
control of IT environment your company interacts with engagement
Key IPO Statistics Summary Financials Stock Performance Since IPO

Headquarters San Francisco, California Exchange NASDAQ
28.00
Founded 2009 Current Price ($) 22.80
Employees 898 52 W High / Low ($) 28.25 / 22.05 27.00
Ticker OKTA Market Cap (USD $M) 2,173.5 26.00
Listing Date April 07, 2017 Total Debt ($M) 0.0
25.00
Shares Offered 11,000,000 Enterprise Value ($M) 1,948.3
Offer Price $17.00 (Initial range was $13.00 - $15.00) LTM Revenue ($M) 181.5 24.00
Amount Raised $187,000,000 (Net Proceeds: $173,910,000) LTM EBITDA ($M) (86.0) 23.00
Directors & Executive Officers owns 51.1% of EV/LTM Revenue 10.7x 34% Above Offer Price
Ownership 22.00
outstanding shares and have 61.8% of voting
Structure EV/LTM EBITDA NM
power
Source: SEC filings, Capital IQ.

Note: Valuation metrics and stock price performance as of June 30, 2017. 3 31
Is The First Security IPO of 2017
Okta Was The Fourth Tech Unicorn To Go Public This Year (MULE, PSDO & SNAP).
Financial Snapshot Management Team

Revenue ($M) Adjusted EBITDA ($M) Todd McKinnon, Chief Executive Officer and Co-Founder
$200 ▪ Prior to Okta, he served as the Head of Engineering at Salesforce.com and
$160.3 FY 15 FY 16 FY 17 worked for nearly a decade in various engineering and leadership roles at
$0 PeopleSoft
$150
$85.9 ($20)
$100 J. Frederic Kerrest, COO & Co-Founder
$41.0 ($40) ▪ He previously worked at Hummer Winblad Venture Partners and
$50 Salesforce.com
($60) ($49.3)
$0 ($63.0) ($61.2)
FY 15 FY 16 FY 17 ($80) Charles Race, President, Worldwide Field Operations
▪ He brings leadership experience from serving as EVP of Worldwide Field
Growth Strategy Operations at Informatica
Drive New Customer Growth Expand Integrations and Partner Ecosystem

Bill Losch, Chief Financial Officer
▪ Grow customer base with focus on key ▪ Continue current partnerships (e.g., AWS, ▪ Prior to Okta, he served as CFO at MobiTV, Inc. and Chief Accounting
verticals, including highly-regulated sectors Atlassian, Box, Google Cloud) while adding Officer at DreamWorks Animation and Yahoo!
such as financial services, government and new integration partners (5k integrations with
healthcare (880 net new customers in FY17) cloud, mobile & web apps currently)
▪ Expand international footprint (13% of ▪ Expand indirect sales network to leverage sales Jonathan Runyan, General Counsel
revenue outside of U.S. in FY17) efforts of additional ISVs and channel partners ▪ Prior to Okta, Jonathan served as a Partner & Associate at Goodwin Procter
LLP
Deepen Existing Client Relationships Advance Platform With New Products
▪ Increase revenue from existing customers by ▪ Continue to make significant investments in
Directors
Board of
cross-selling and upselling additional products research and development, hiring top talent,
▪ Focus on current customers that limit use cases to and maintaining an agile organization
internal identity management and further their ▪ Address new use cases and offer increasing Ben Horowitz Patrick Grady Michelle Wilson Michael Stankey Michael Kourey
use of Okta platform for external use cases value to existing and potential customers
General Partner Partner Board of Director Vice Chairman CFO
Note: Fiscal Year Ends January.
4 32
V. Momentum’s
Watch List
1
Momentum’s Watch List: Q2 2017
Selected Private Companies With Tremendous Momentum.
Company Commentary Company Commentary

▪ Acalvio provides Advanced Threat Defense (ATD) solutions to detect, engage and respond to malicious ▪ Illusive Networks’ Deceptions Everywhere® technology neutralizes targeted attacks and Advanced
activity inside the perimeter. The solutions are anchored on patented innovations in Deception and Persistent Threats (APT) by creating a deceptive layer across the entire network. By providing an endless
Data Science. This enables a DevOps approach to ATD, enabling ease of deployment, monitoring and source of false information, illusive disrupts and detects attacks with real-time forensics and without
management. Acalvio enriches its threat intelligence by data obtained from internal and partner eco- disruption to business. Illusive’s newly developmed Deception Management System™ (DMS), is an
systems, enabling customers to benefit from defense in depth, reduce false positives, and derive advanced machine learning platform that preemptively identifies attack pathways and autonomously
Raised: $33.1M actionable intelligence for remediation. Raised: $30.0M creates best-fit deceptions based on continuous real-time environment analysis.
HQ: Santa Clara, CA ▪ Leadership: Ram Varadarajan (CEO/Co-Founder), Nat Natraj (President/Co-Founder) HQ: Tel Aviv, Israel ▪ Leadership: Ofer Israeli (CEO & Founder), Matan Kubovsky (VP, Research & Development)
▪ Baffle develops an end-to-end data encryption solution that makes data breaches irrelevant by ensuring ▪ Netonomy provides a simple, reliable and secure network for the connected home, designed to help
that data remains encrypted when it is stored on-premise, in the cloud, processed by databases or service providers secure their customers’ networks. Its solution features an app-centric approach that lets
cached in memory. Baffle offers organizations a way of eliminating or mitigating the risks of a data users manage their network from a mobile app. Netonomy’s software-only solutions includes three
breach due to compromised IT administrator credentials by restricting access to sensitive data only components: a minimal-footprint router agent that monitors both internal and external traffic, cloud
through authorized applications. Baffle’s software solution is delivered as a cloud-centric service where it backend that receives telemetry from installed routers and identifies attacks in real time, and a mobile
Raised: $3.0M deploys and manages all aspects of enterprise data encryption including key management. Raised: NA app for receiving information about the network.
HQ: Santa Clara, CA ▪ Leadership: Ameesh Divatia (CEO/Co-Founder), Priyadarshan Kolte (CTO/Co-Founder) HQ: Tel Aviv, Israel ▪ Leadership: Eyal Yair (CEO), Yaron Muzikant (VP Product), Yair Manor (VP R&D)
▪ BluVector applies machine learning network security for security teams to detect and respond to ▪ Prifender offers an enterprise solution for tracking and controlling the use of personal information at all
advanced cyber security attacks at digital speed. BluVector’s Intel grade, high-speed appliance enables times. Its platform uses artificial intelligence technology to discover and map personal information across
Security Operations Center (SOC) analysts and Incident Response teams to gain actionable insight on networks and systems, both structured and unstructured, while associating identities with their
advanced threats in real time. Only BluVector uses AI and machine learning to look across the entirety of respective obligations so organizations can better manage and demonstrate accountability and
network data to find linkages, analyze relationships and develop targeted threat profiles in real-time—so compliance. The company provides users with a practical way to view, control, report, and query data
Acquired By LLR Partners Raised: NA
that security staff can zero in on the meaningful threats before the damage is done. to meet privacy obligations and key performance indicators.
HQ: Arlington, VA HQ: San Francisco, CA
▪ Leadership: Kris Lovejoy (CEO), Aaron Levine (CFO), Travis Rosiek (Chief Technology & Strategy Officer) ▪ Leadership: Nimrod Luria (CEO), Omer Matitayahu (COO), Christopher Glover (CTO)
▪ Digital Guardian’s provides data security solutions to protect data from insider and outsider threats. It ▪ Risk Recon enables customers to control third-party risk by providing vendor security assessments that
offers data loss prevention solution that automatically blocks and controls only those behaviors that pose a are comprehensive, actionable and available on demand. They can evaluate the security program of any
threat to organization based on the user, event, and data type. Digital Guardian network agents provide organization – SaaS, outsourcer or an in-house provider. Risk Recon’s SaaS delivers transparent security
visibility, analysis, and control needed to detect and prevent data breaches. The company also provides measurements, analytics, and analyst-level insight to improve third-party risk management programs. By
professional services that include outsider and insider threat protection implementation, and training. It continuously monitoring an organization’s internet presence, they deliver accurate, actionable
Raised: $138.4M offers its solutions for application control, data classification, & device/email control and encryption. Raised: $15M
measurements to reveal each vendor’s “risk reality.”
HQ: Waltham, MA ▪ Leadership: Ken Levine (President/CEO), Ed Durkin (CFO), Douglas Bailey (CSO) HQ: Boston, MA
▪ Leadership: Kelly White (CEO & Founder), Eric Blatte (President, Co-Founder)
▪ ForgeRock is a digital identity management company transforming the way organizations interact ▪ WebLife offers a change to how organizations approach employee Internet use by providing a separate,
securely with customers, employees, devices and things. The ForgeRock Identity Platform is an all-in-one private and secure space for employees to conduct personal web browsing. The cloud-based service
digital identity system to help organizations secure the identity of anything, build trusted, personalized provides employees a right-to-privacy while at the same time addressing key legal, HR, and IT business
relationships with their customers, and provide a seamless omnichannel experience. ForgeRock believes challenges related to employees’ use of Internet. WebLife’s program not only provides a benefit to
that digital identity has the power to enable trusted digital relationships anywhere, on any device, that employees, but also improves companies’ security postures, reducing their liability and enhancing their
Raised: $52.2 make new cloud, mobile, and IoT services possible. Raised: $3.5M compliance with global privacy obligations.
HQ: San Francisco, CA ▪ Leadership: Mike Ellis (Chairman/CEO), Lasse Andresen (CTO, Co-Founder), John Fernandez (CFO) HQ: Los Angeles, CA ▪ Leadership: David Melnick (CEO), Adrian Roston (CTO), Kenny Lee (Chief Product Officer)
Source: Momentum Partners, PitchBook Data, CrunchBase, Company Press Releases.

35
Momentum’s Watch List 2016 & 2017
Identifying the Industry’s Most Promising Cybersecurity Companies.
Q1 2017 Q4 2016 Q3 2016 Q2 2016

Milestone / Progress Milestone / Progress Milestone / Progress Milestone / Progress
Q1 2016 Q4 2015 Q3 2015 Q2 2015
Milestone / Progress Milestone / Progress Milestone / Progress Milestone / Progress
36
Momentum’s Watch List Outperforms
Achieving Major Milestones Since Making The Firm’s Watch List.
Company Milestones / Progress Company Milestones / Progress Company Milestones / Progress

Angel ($3M) Series A ($8M) Acquired ($100M) by Debt Financing (Undisclosed) Series C ($70M)
Acquisition of Series C ($31M) Acquisition of Acquired by Venture ($7M)
Convertible Note ($0.4M) Series A ($7M) Series A ($4M) Series B (Undisclosed) Series A ($7M)
Seed ($2M) Seed-II Venture ($3M) Series C ($44M) Series F ($89M)

Undisclosed Erez Kreiner
Series B ($25M) Series C ($65M) Venture ($1M) Series B ($20M)
Undisclosed
Series C ($42M) Series D ($100M) Series B ($5M) Undisclosed Round ($15M)
Series B ($25M) Series C ($30M) Series B ($15M) Series A ($12M)
Acquired ($280M) by Invested ($0.3M) in Series D ($41M) Series C ($28M)
Invested ($3M) Invested ($32M) Series B ($10M) Series D ($100M)
Series A ($10M) Series B ($17M) Venture (Undisclosed) Series B ($33M)
Series C ($21M) Acquisition of Series A ($14M) Series A ($12M)
Series B ($12M) Debt Financing ($3M) Acquired ($55M) by JV
Series B ($15M) Series C ($30M) Series B ($14M) Venture ($10M)
Series A ($33M) Series B ($25M) Total Transactions 60

Total Amount Raised $1.1B
Series G ($76M) Series A ($6M)
Total M&A EV $435.0M
37
VI. M&A Activity In
Cybersecurity
Cybersecurity M&A Activity: Deal Volume and Exit Multiples
Cybersecurity M&A Activity Has Been Consistent YoY Since 2014.
Cybersecurity M&A Volume By Year (# Deals) Median Cybersecurity EV/TTM Revenue Multiples
136 142 137

5.5x
5.0x 4.9x
107 4.5x 4.6x
101 100
88
69
2010 2011 2012 2013 2014 2015 2016 YTD 2017 2013 2014 2015 2016 YTD 2017
▪ Cybersecurity M&A activity in 2017 is on target to out pace 2015 & 2016 by number of deals: ▪ There were 10 deals YTD with disclosed multiples at a median of 4.6x TTM revenue
- 2017 YTD, announced M&A volume totaled $5.2B, representing 69 transactions: CA ▪ 3 notable acquisitions YTD with disclosed TTM revenue multiples:
Technologies/Veracode; Keysight Technologies/Ixia; Heat Software(Clearlake - Thales acquired Guavas, 7.2x TTM Revenue
Capital)/LANDESK; Madison Dearborn Partners/Bluecat Networks – represent a majority of
$ amount for total of $3.6B - Palo Alto Networks acquired LightCyber, 10.5x TTM Revenue
▪ Contemplated transactions are increasingly falling into four categories: - Sophos acquired Invincea, 4.8x TTM Revenue
- Transformational (a la CA Technologies/Veracode; Heat Software/LANDESK) ▪ The median Cybersecurity exit multiple in 2016 was 4.9x, as valuations continued to
stabilize, YTD 2017 exit multiples are slightly lower in comparison with 2016 at 4.6x TTM
- Expansion/Roadmap Gap (a la Microsoft/Hexadite; CyberArk/Conjur; Thales/Guavas) Revenue
- Opportunistic (a la HPE Aruba/Niara; Forcepoint/Skyfence)
- Private Equity/Buyout (a la EQT/Open Systems; Madison Dearborn Partners/Bluecat Networks)
Source: Momentum Partners, 451 Research.

39
Cybersecurity M&A: A Closer Look At Deal Value & Multiples
Cybersecurity M&A Activity Since 2010 With Disclosed Transaction Values And Multiples.
M&A By Deal Size M&A By Valuation Multiples (EV / LTM Rev)

55% 35%
31%
50% 47%
30% 28%
45%
40% 24%
25% 37
35%
32 18%
20%
30% 112
$200M Median Deal Size For >10x 29
25%
15%
20% 17% 21
15% 13% 10%

41 10%
10% 8% 22
6% 5%
31
5% 23 11
14 19
0% 0%
>$0M - $50M $50M - $100M $100M - $250M $250M - $500M $500M - $1B $1B+ >0.0 - 3.0x 3.0x - 5.0x 5.0x - 10.0x 10.0x+
▪ The median exit enterprise value for Cybersecurity exits since 2010 was $63.5M ▪ Valuations for M&A exits in Cybersecurity vary for many reasons – growth, market leadership,
customer validation, technology and team
▪ M&A exits in Cybersecurity are typically below $100M – 60%+ of the time
▪ Exits >10x are a minority (18%) where the buyers are typically cash rich and willing to pay
▪ Exits > $1B are rare, representing 8% of all deals (7 public, 9 private and 3 spin-out)
what it takes (median cash balance of the buyers at time of acquisition was $2.2B and
median market cap was $16.3B)
Buyers
Source: Momentum Partners, 451 Research, Capital IQ.

40
Notable Cybersecurity M&A Transactions
Cybersecurity M&A Transactions With Disclosed Transaction Values.
Date Target Buyer Enterprise Value ($M) TTM Revenue ($M) EV / Revenue
06/30/17 Cloud Security Corporation Management Buyout 0.4 − −
06/20/17 ProofID Limited PEGRight 5.0 − −
06/08/17 Hexadite Microsoft 100.0 − −
05/11/17 Conjur CyberArk Software 42.0 − −
05/05/17 Open Systems EQT Partners 120.0 − −
04/28/17 Guavus Thales S.A. 215.0 30.0 7.2x
04/20/17 SecurEnvoy Shearwater Group PLC 25.7 4.1 6.3x
04/04/17 Cloud Security Corporation Zhi Lu Peng 0.4 − −
03/15/17 Greenview Data Zix Corporation 8.1 − −
03/14/17 CyberGhost S.R.L. Crossrider Plc 9.8 2.2 4.4x
03/08/17 Sotera Defense Solutions The KEYW Corporation 235.0 − −
03/07/17 Avaya (Network Security Solutions Business) Extreme Networks 100.0 − −
03/06/17 Veracode CA 614.0 − −
02/28/17 LightCyber Palo Alto Networks 105.0 10.0 10.5x
02/23/17 BlueCat Networks Madison Dearborn Partners 400.0 − −
02/08/17 Invincea Sophos 120.0 − −
02/08/17 Skyfence Networks Forcepoint 40.0 − −
02/01/17 Niara HPE Aruba 50.0 − −
02/01/17 Delta ID Fingerprint Cards AB 120.0 − −
01/30/17 Ixia Keysight Technologies 1,659.3 495.2 3.4x
01/17/17 CynergisTek Auxilio 34.2 15.0 2.3x
Source: Capital IQ, 451 Research.

41
01/09/17 Harvest.ai Amazon 20.0 − −
01/09/17 BluVector LLR Partners 50.0 − −
01/03/17 LANDESK Lumension Security (Heat Software) 1,100.0 − −
12/27/16 Hexatier Huawei 42.0 − −
12/06/16 Optiv Security KKR 1,900.0 943.3 2.0x
11/21/16 Dyn Oracle 650.0 100.0 6.5x
11/20/16 LifeLock Symantec 2,362.1 650.2 3.6x
11/11/16 Virtual Security Research NCC Group 6.0 − −
11/01/16 Barricade Security Systems Sophos 1.9 − −
10/20/16 FireLayers Proofpoint 55.0 − −
10/04/16 ValidSoft UK Management Buyout 3.0 − −
09/19/16 Infoblox Vista Equity Partners 1,254.3 358.3 3.5x
09/07/16 McAfee TPG Capital 4,200.0 − −
08/26/16 PhenixID Clavister Holding 11.5 1.1 10.5x
08/24/16 Return Path, Email Fraud Protection Division Proofpoint 18.0 − −
08/17/16 Modulo Security SAI Global 5.2 − −
08/17/16 Sypris Electronics, Cyber Security Solutions Analog Devices 42.0 − −
07/26/16 Appcito A10 Networks 6.5 − −
07/25/16 OpenLimit WISeKey 20.4 13.1 1.6x
07/22/16 Damballa Core Security Technologies 9.0 − −
07/19/16 Confer Technologies Carbon Black 100.0 − −

42
07/13/16 Imprivata Thoma Bravo 488.5 131.1 3.7x
07/07/16 AVG Technologies AVAST Software 1,463.0 430.6 3.4x
06/29/16 IDscan Biometrics GB Group 60.8 10.3 5.9x
06/28/16 Cloudlock Cisco 293.0 − 10.0x+
06/12/16 BlueCoat Symantec 4,722.2 598.3 7.9x
06/07/16 AccelOps Fortinet 32.0 − −
06/01/16 Ping Identity Corporation Vista Equity Partners 600.0 − −
05/05/16 Advanced Security Consulting Falanx Group 0.8 − −
04/27/16 ANXeBusiness Open Text 104.0 − −
04/18/16 CSIdentity Experian 360.0 − −
03/23/16 Sookasa Barracuda Networks 0.4 − −
03/10/16 Agata Solutions CyberArk 3.1 – –
03/03/16 Safend SuperCom 1.5 – –
02/29/16 Resilient Systems IBM 100.0 – −
02/18/16 ValidSoft Cross River Initiatives 12.6 – –
02/08/16 IronKey Enterprise Management Services DataLocker 0.4 – –
02/08/16 IID Infoblox 45.0 – –
02/01/16 Invotas FireEye 30.0 – –
01/20/16 iSight Partners FireEye 275.0 40.0 6.9x
01/13/16 ScrapeSentry Distil 10.0 − −
01/05/16 TowerSec Harman Becker Automotive Systems 75.8 − −

43
12/16/15 Evault Carbonite 14.0 − −
12/14/15 SurfRight Sophos 31.8 − −
12/11/15 Cyveillance LookingGlass Cyber Solutions 35.0 18.0 1.9x
12/10/15 Trustev TransUnion 44.0 − −
11/24/15 Fox-IT Group NCC Group 140.6 29.0 4.9x
11/17/15 Aura Information Security Kordia Group Limited 6.5 − −
11/09/15 Secure Islands Microsoft 77.5 − −
11/09/15 Elastica Blue Coat Systems 280.0 7.5 37.3x
11/02/15 Bloxx Akamai 18.7 − −
10/27/15 Lancope Cisco 452.5 − −
10/22/15 Cloudpath Networks Ruckus Wireless 9.0 − −
10/21/15 TippingPoint Technologies Trend Micro 300.0 169.0 1.8x
10/19/15 Vormetric Thales e-Security 421.0 53.5 7.9x
10/13/15 Logentries Rapid7 71.1 − −
10/09/15 LastPass LogMeIn 115.7 11.2 10.3x
10/08/15 Daegis Open Text 20.8 23.7 0.9x
10/07/15 Viewfinity CyberArk 30.5 − −
10/06/15 Code Green Networks Digital Guardian 18.0 − −
10/05/15 Foreground Security Raytheon Company 62.0 − −
09/29/15 Intronis Barracuda Networks 65.0 20.6 3.2x
09/24/15 Billguard Prosper 30.0 − −

44
09/22/15 Elitcore Technologies Sterlite Technologies 27.3 22.3 1.2x
09/21/15 Absolute Software HEAT Software 11.0 − −
09/16/15 Infoplex Bulletproof Group 2.6 4.3 0.6x
09/08/15 Adallom Microsoft 290.0 − −
09/04/15 Good Technology Blackberry 425.0 211.9 2.0x
08/25/15 Above Security Hitachi Data Systems 4.7 − −
08/06/15 Pawaa Software Cisco 5.0 − −
07/31/15 Sansa Security ARM Holdings 71.6 − −
07/09/15 Caspida Splunk 190.0 − −
06/30/15 OpenDNS Cisco Systems 635.0 − −
06/26/15 White Sky Intersections 1.1 − −
06/16/15 Knowledge Consulting Group ManTech International 68.0 − −
06/10/15 Brivo Systems Dean Drako 50.0 − −
06/09/15 Reflexion Networks Sophos 22.0 − −
06/08/15 IdMlogic CA Technologies 20.0 − −
06/02/15 nSense F-Secure 20.0 7.8 2.6x
05/27/15 ShieldArc Palo Alto Networks 18.0 − −
05/06/15 Privax AVG 60.0 − −
05/04/15 NT Objectives Rapid7 6.5 − −
04/28/15 Cervalis CyrusOne 400.0 70.0 5.7x
04/21/15 Watchdox Blackberry 70.0 − −

45
04/20/15 Websense Raytheon 1,900.0 − −
04/14/15 Fidelis Cybersecurity Marlin Equity Partners 200.0 60.0 3.3x
04/18/15 Oculis Labs Optio Labs 0.5 − −
04/07/15 Trustwave Singtel 785.7 216.0 3.6x
04/02/15 Lacoon Mobile Security Check Point 80.0 − −
03/31/15 Redspin Auxilio 3.9 − −
03/24/15 Accumuli NCC Group 82.8 34.9 2.4
03/10/15 Blue Coat Systems Bain Capital 2,400.0 − −
03/10/15 CyActive Paypal 43.0 − −
03/02/15 Emerging Threats Proofpoint 32.3 − −
03/02/15 Xerocole Akamai 16.6 − −
03/02/15 Cloudshield Lookingglass Cyber Solutions 5.0 − −
02/24/15 Optenet Allot Communications 38.0 − −
02/19/15 MegaPath Managed Services Business Global Technology & Telecom 152.4 142.4 1.2x
01/14/15 IntellinX Bottomline Technologies 84.9 − −
12/09/14 Tripwire Belden 710.0 118.5 6.0x
11/13/14 Aorato Microsoft 200.0 − −
11/05/14 Blackbird Technologies Raytheon 420.0 − −
10/21/14 Silversky Networks BAE Systems 232.5 − −
10/20/14 RightSignature Citrix Systems 36.0 − −
10/13/14 Danaher (Textronix, Arbor, Fluke) Netscout 2,619.4 836.0 3.1x

46
10/01/14 MobileSpaces Pulse Secure 100.0 − −
09/15/14 Attachmate Micro Focus 2,159.4 875.4 2.5x
09/11/14 Morvirtu Blackberry 32.5 − −
09/04/14 Meldium LogMeIn 15.0 − −
09/03/14 Location Labs AVG Technologies 220.0 33.0 6.7x
09/02/14 BeyondTrust Software Veritas Capital 310.0 70.5 4.4x
09/02/14 SOFTPRO Kofax 34.7 13.3 2.6x
08/08/14 SafeNet Gemalto 890.0 454.8 2.0x
08/04/14 MDotLabs Comscore 4.5 − −
07/31/14 NetClarity Hexis Cyber Solutions 1.9 − −
07/29/14 Secusmart Blackberry 9.0 − −
07/22/14 Pulse Secure Siris Capital Group 250.0 125.6 2.0x
07/21/14 Retail Decisions ACI Worldwide 205.0 − −
07/08/14 Delphiis Auxilio 2.7 − −
07/07/14 CA Arcserve Data Protection Assets Marlin Equity Partners 170.0 − −
Mean 310.2 176.2 5.2
Median 50.0 46.8 3.6

47
Highlighted M&A
Transactions
1
acquires acquires acquires acquires acquires
open
systems
Undisclosed $100M $42M $120M $215M

June 12, 2017 May 24, 2017 May 11, 2017 May 5, 2017 April 28, 2017
Honeywell Acquires Nextnine
Honeywell Will Deliver Industry’s Only Field-Proven Solution To Secure Connected Industrial Operations & IoT.
Transaction Overview Nextnine Overview

Nextnine provides security management solutions and technologies for industrial cyber security. ICS Shield, is a top-down
OT security management solution to secure connected environments that can be deployed as a single system.
Date: 6/12/2017
acquires ICS Shield End Customer Distribution
Discover: Identify what’s on the Network
Americas EMEA Asia
HQ: New York, NY ▪ Asset Auto-Discovery: schedule active and passive discovery of ICS assets
▪ Configuration Collection: collect detailed data about each asset Oil & Gas 119 1,061 170
acquires
▪ Change Management: monitor changes in asset inventory & configuration Medical & Pharma 818 14 26
Founded: 1998 ▪ Asset Visualization: Provide clear view of all field assets by business & geography
Minerals & Mining 249 498 80
Connect: Enable Secure Remote Access
▪ Remote Access: centralized authentication, session accounting and control Machinery & Automation 42 413 9
CEO: Shmulik Aran ▪ Password Vault: authenticate remote users without sharing device credentials
▪ Secure file distribution & data transfer
Total 1,228 1,986 285
Protect: Policy Management Partners

IoT Security Undisclosed ▪ Log Collection: empower improved risk management
▪ Automate software patching and anti-malware updating
▪ File backup and restore
Nextnine Funding Summary: $39.5M ▪ Create whitelists and blacklists
Date Stage Amount Raised ($M) Selected Investors Transaction Summary & Rationale
Sep 2006 Series C 10.0 ▪ “This acquisition shows our ongoing commitment to providing our customers with a comprehensive portfolio of cyber
security solutions to protect and defend their industrial control systems and process control networks. Honeywell’s
Jan 2005 Venture 5.0 extensive global reach will increase Nextnine’s availability to a broader range of customers.” - Vimal Kapur, President,
Honeywell Process Solutions
Jan 2001 Series B 20.0
▪ “Honeywell is eyeing the Industrial Internet of Things market opportunity to connect and manage industrial installations
Jan 1998 Seed 4.5 across a range of sectors and its acquisition of Nextnine will potentially provide a known quantity in the critical area of
security.” – Seeking Alpha
Source: Company press releases and websites, Capital IQ, 451 Research.
50
Microsoft Acquires Hexadite
Looks Again To Israel To Strengthen Its Cybersecurity Efforts (Adallom, Secure Islands, Aorato).
Transaction Overview Hexadite Overview

Cyber Analyst Thinking At The Speed of Automation
Modeled after the investigative and decision making skills of top cyber analysts and driven by AI, Hexadite’s Automated Incident
Date: 5/24/2017 Response Solution (AIRS) remediates threats and compresses weeks of work into minutes. With analysts free to focus on the most
advanced threats, Hexadite optimizes overtaxed security resources for increased productivity, reduced costs, & stronger overall security
Solutions By Hexadite
HQ: Boston, MA
Alert: Prioritization Investigate: Investigate Decide: Evaluate, Remediate: Choose How
Doesn’t Protect Everything. No Then Eradicate To Close The Loop
acquires Exceptions
▪ Allows existing security ▪ After receiving an alert, ▪ Aggregates data from the ▪ With semi-automated or fully
Founded: 2014 investments to operate at full Hexadite AIRS automatically most advanced and up-to- automated remediation
capacity launches an investigation date threat intelligence feeds capabilities, you can choose
▪ Integrates with any detection ▪ The result of one ▪ Uses proprietary algorithms the level of human
system via email, syslog or APIs investigation can trigger to inspect content and act on involvement
to expedite deployment and multiple parallel every threat
CEO: Eran Barak investigate every alert investigations
Sec Ops / Incid. Response $100 Million Strengthen Security Increase Productivity Reduce Costs
HEXADITE
Quickly shut down attacks and Free up resources and maximize Simplify operations and minimize
VALUE
THE
investigate all alerts to uncover hidden response effectiveness with automated damages and recovery times from attacks
threats and protect against breaches IR processes and best practices through rapid incident resolution
Hexadite Funding Summary: $10.5M
Date Stage Amount Raised ($M) Selected Investors
Transaction Summary & Rationale
▪ On May 24,2017, Microsoft reportedly has acquired Hexadite for $100M
Feb 2016 Series A 8.0
▪ “Microsoft had announced earlier this year that it would continue spending $1 billion in 2017 on cybersecurity
July 2014 Seed 2.5 research and development, excluding acquisitions it might make in the field. The company also maintains three
R&D centers in Israel.” -CNBC
Source: Company press releases and websites, Capital IQ, TechCrunch.

51
CyberArk Acquires Conjur
Deal Will Deliver Industry’s Only Enterprise-Class Solution To Secure The DevOps Lifecycle & Cloud-Native Environment
Transaction Overview The Conjur Plarform

Trust Management for Code, Machines, and People in the Cloud & Container Era
Date: 5/11/2017 Conjur enables security-conscious and regulated enterprises to deploy sensitive workloads to the cloud with confidence. It creates
and maintains trust in the code, machines, and people that make up today's digital business.
HQ: Newton, MA Make Devops Safe

acquires Privileged access & secrets management
automation to secure continuous delivery
Founded: 2013
Ensure Trusted Access At Webscale
Between the thousands of elements that
CEO: Elizabeth Lawler compose modern cloud & IoT applications
Simplify Compliance
Identity & Access Mgmt $42 Million Define, implement, and enforce your
policies, and deliver reports to prove it
CyberArk Acquisition History

Date Company Description
Provides high speed cyber solutions for government

▪ Udi Mokady, Chairman and CEO, CyberArk said “CyberArk’s acquisition of Conjur further strengthens our market
3/11/2016 agencies, enterprises, and network operators through DPI leadership position – providing the industry’s only enterprise-class solution for privileged account security and
technology.
secrets management on premises, in the cloud and across the DevOps pipeline. Now with Conjur, CyberArk
Offers app control features and administrative privilege
10/7/2015 capabilities to protect against zero-day attacks, malware, customers can truly embrace DevOps without compromising on security.”
and threats.
▪ “The addition of Conjur will help allow users to accelerate modern software deployment with the addition of
Develops an endpoint security platform that automatically
8/12/2015 uncovers sophisticated cyber-attacks by combining deep
Conjur’s DevOps security software platform which automates machine identity provisioning, authorization of
endpoint data collection and centralized analysis privileged access, service account control and machine-to-machine connectivity.” – Infosecurity Magazine
52
EQT Partners Acquires Open Systems
EQT Partners Diversifies Its Tech & Cybersecurity Portfolio By Acquiring Majority Stake Of Open Systems.
Transaction Overview Open Systems Overview

Date: 05/05/17 Security , Performance And Control For Your Network, Infrastructure And Applications.
HQ: Zurich, Switzerland

Integrated Service
Network Security Application Delivery Identity Management Global Connectivity
Management
acquires Founded 1990
Makes sure that users Ensures that business- Involves the Uses select technology Provides a Service
work with a reliable and critical applications run authentication, to connect various global Delivery Platform,
efficient infrastructure smoothly and securely, authorization and enterprise locations Mission Control Portal
CEO: Martin Bosshardt that meets both global and adhere to the management of privileges where business-critical and 24x7 Operations,
objectives and local global security policy of individuals, hardware processes are concerned. to secure the availability
needs. or applications & stability of ICT
infrastructures
Employees: ~150
▪ Distributed Firewall ▪ Web Application ▪ Identity Sever ▪ Cloud Express ▪ Service Delivery
▪ Network Security Firewall ▪ Federated Identity ▪ WAN Routing Platform
MSSP $120 Million Monitoring ▪ Email Gateway Management ▪ Mobile Entry Point ▪ 24x7 Operations
▪ Enterprise Firewall ▪ Application ▪ Web Single Sign-on ▪ Tactical Networks ▪ Mission Control
Customers ▪ WiFi Security Performance ▪ Strong ▪ Sourcing Services Portal
Management Authentication
Open Systems’ customers come from more than 180 countries, across all industry
sectors, including:
▪ On May 5, 2017, Swedish private equity fund EQT Partners AB acquired a majority stake of Open Systems, a
Swiss IT systems security company, for $120M
Government Finance Health Care Infrastructure Media Retail ▪ “The deal will be the EQT's first buyout in 2017 using its €1.1bn mid-market fund” - Unquote
53
Thales Acquires Guavus
Combined Businesses To Strengthen Thales' Portfolio Of Analytic Solutions In Aerospace, Security & Defense.
Transaction Overview Guavas Overview

Guavus provides next-generation big data analytics applications for planning, operations, customer experience
Date: 04/28/2017 management and IoT. These applications uniquely bring together computer science, data science and domain
science to provide real-time analytics that enable businesses to become more efficient, profitable and competitive.
HQ: San Mateo, California Planning Operations CEM IoT
Keep Pace with Operational analytics Improve Profitability, Cloud-based Analytics
Today's Explosive that put the customer Reduce Churn and Applications for the
Data Growth first while fueling Increase Sales Industrial IoT
acquires Founded 2006 business optimization
▪ IP Mediation ▪ Customer Insights & ▪ Fault Management

Total Raised: $138.8M ▪ Network Planning Analytics ▪ Service Assurance Segmentation ▪ Smart Metering
▪ Network Planning & ▪ Performance Management ▪ Customer Profiling & ▪ Predictive Maintenance
Forecasting ▪ Network Security & Threat Targeting ▪ Service Assurance
▪ Network Optimization Mitigation ▪ Data Monetization (Data-as- ▪ Resource Optimization
CEO: Anukool Lakhina ▪ IP Wholesale/Prospecting a-Service) ▪ Security & Breach Detection
Specialized Threat Analysis $215 Million Transaction Summary & Rationale

▪ The transaction is for a maximum enterprise value of $215 million. The transaction is subject to the achievement of significant
Customers sales growth targets and is subject to regulatory approvals and other customary closing conditions. The transaction is expected
to be completed during the third quarter of 2017.
The Guavus Difference enables Fortune 500 enterprises to leverage sensors, network,
customer and business data to become more profitable, efficient and competitive ▪ "Combined with our established expertise in other key digital technologies, the acquisition of Guavus represents a tremendous
accelerator of our digital strategy for the benefit of our customers. The application to Thales's core businesses of Guavus'
technologies and expertise in big data analytics will strengthen our ability to support the digital transformation of our customers,
whether in aeronautics, space, rail signaling, defense or security.“ -Patrice Caine, Thales' Chairman and CEO
▪ "Guavus' widely deployed machine intelligent, big data operational analytics platform transforms the quality, efficiency, scale
and security with which our customers can deliver their services, making our platform a critical enabler of digital
transformation.“-Anukool Lakhina, founder and CEO of Guavus
54
VII. VC
Activity In
Cybersecurity
Financing Activity Since 2010
Cybersecurity Startups Raised $17.6 Billion Across 1,428 Deals Since 2010.
Investment Deals And Dollars Investment Deals And Dollars

($B) (2010 – Q2 2017) ($M) (Q1 2010 – Q2 2017)
268 $1,699
80
$1,510
229 $1,164
201 207 $1,245 67 $1,271
64
59 57 61 72 73
$4.3 57
49 53
156 $3.8 51 49 49 50 $931 61
136 47 $920
40 42
120 $844$818 50
108 36
30 33
31 35 $629
$2.7
27 30 24 $515$545
$2.1 23 $446 $510 $427 $500$543 $410
28 $269
$1.7
$197$212$236 $219$259$242$248$264 $261
$1.2 $141$130
$0.8 $0.8
Q1'10
Q2'10
Q3'10
Q4'10
Q1'11
Q2'11
Q3'11
Q4'11
Q1'12
Q2'12
Q3'12
Q4'12
Q1'13
Q2'13
Q3'13
Q4'13
Q1'14
Q2'14
Q3'14
Q4'14
Q1'15
Q2'15
Q3'15
Q4'15
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
Q2'17
2010 2011 2012 2013 2014 2015 2016 YTD
2017
Investments ($B) Deals

Investments ($M) Deals
▪ $2.1B has been raised through 2Q17 ▪ Over the last eight quarters investors have poured $8.9B into Cybersecurity
▪ 2Q17 put 2017 right on pace with 2016 in terms ▪ 2Q17 funding skyrocketed totaling $1.5B across 73 transactions, representing the 2nd largest funding quarter for
of $ amount raised, with $1.5B raised in the Cybersecurity since 2010 and the largest since 1Q16 which totaled $1.7B
quarter, and number of transactions, with 73 in ▪ June 2017 had the largest number of transactions in a single month at 32 deals, single handedly raising more
2Q17 alone money in a month ($765M) than 4Q16 ($410M) & 1Q17 ($629M)
Source: Momentum Partners, CB Insights, Pitchbook Data.

Note: Data for 2014 – 2017 includes only deals with amounts raised >$1M. 56
Cybersecurity Startups And Investors
List Of Most Well-Funded Startups And Most Active VC Investors.
Most Well-Funded Cybersecurity Startups ($M) Most Active Investors in Cybersecurity*

402 28
27
26 26
25
24
Filed S-1 22
301 Confidentially
283 268
256 18
17
231 230 16 16 16
14
190 189 187 186 182 180 13
177 175 12
149 148
▪ The top 17 most well-funded startups have raised $3.7B over their lifespan ▪ Through 2Q17 Bessemer Venture Partners has become the most active investor
▪ Tanium continues to top the list of most well-funded ahead of Tenable, having raised in Cybersecurity, having invested in 28 company rounds since 2010
$100M in 2017 & $212M in 2015, totaling over $400M since 2007 ▪ 2Q17 was an active quarter with Bessemer Venture Partners, Accel Partners,
▪ An additional 19 companies have raised between $100M and $140M for a total of Sequoia Capital, & Norwest Venture Partners all making 3 Cybersecurity
$2.2B, including Digital Guardian ($135M), Bracket Computing ($132M), Pindrop investments each
Security ($122M), Ionic Security ($122M), Skybox Security ($119M), Druva ($118M),
Bromium ($116M), SentinelOne ($110M) Gigya ($106M), Darktrace ($105M)
Source: Pitchbook Data., Crunchbase.

* Investments in rounds with minimum size of $5 million. 57
Venture Capital Activity
Venture Capital Raises >$10 Million Since Q2 2015.
Date Selected Investor(s) Company Business Description Raised ($M)
Sapphire Ventures, Accel Partners, DFJ Growth, Sumo Logic is a log management and analytics company that leverages Big Data for real-time IT
27-Jun-17 75.0
Greylock, Institutional Ventures, Sequoia Capital insights. The cloud-based service provides customers with real-time interactive analytics.
Meritech Capital Partners, Bessemer Venture Auth0 is a cloud service that provides a set of unified APIs and tools that instantly enables single
27-Jun-17 30.0
Parrtners, K9 Ventures, Trinity Ventures sign-on and user management for any application or IoT device.
Capital One Growth Ventures, Groupe Arnault, Riskified operates a technology platform for online merchants that is used to prevent fraudulent
27-Jun-17 33.0
Pitango Venture Capital and other transactions of risk.
Dell Technologies Capital, TenEleven Ventures, JASK is a cyber security company that delivers artificial intelligence and analytics tools to help
27-Jun-17 12.0
Battery Ventures, Vertical Venture Partners enterprises automate their security operations.
SparkCognition is a Cognitive Security Analytics company, applying Machine Learning and AI to
26-Jun-17 Verizon Ventures, Boeing HorizonX 32.5
Cloud Security and the Internet of Things.
Alert Logic provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures,
22-Jun-17 Square 1 Bank 70.0
delivering deep security insight and continuous protection for customers.
Cybereason delivers a technology platform that automatically uncovers malicious operations,
21-Jun-17 Softbank 100.0
reconstructing them as a clear image of a cyberattack in context.
Spring Lake Equity Partners, Accomplice Matrix Sqrrl provides a big data analytic tool for detecting, investigating, and visualizing advanced
14-Jun-17 12.3
Partners, Rally Ventures cybersecurity threats.
WhiteSource fully automates all open source management needs, including open source
14-Jun-17 83North, David Strohm, Microsoft Ventures 10.0
components detection, security vulnerabilities and new version alerts.
Trusona has developed a digital identity authentication solution where there are no passwords to
13-Jun-17 Microsoft Ventures 10.0
be created, remembered, stolen, or compromised.
Bure Equity AB, New Enterprise Associates, The Yubico delivers strong hardware protection, with a simple touch, across any number of IT systems
8-Jun-17 30.0
Valley Fund and online services.
J.P. Morgan Asset Management, 8VC, Accel Illumio stops cyber threats by controlling the later movement of unauthorized communications
7-Jun-17 125.0
Partners, Andreessen Horowitz, Data Collective through its breakthrough adaptive segmentation technology.
Source: Capital IQ, PitchBook Data, CrunchBase.

58
Gili Raanan, Mickey Boodaei, Rene Bonvanie, Armis eliminates the IoT security blind spot, letting enterprises instantly see and control 17.0
6-Jun-17
Sequoia Capital, Tenaya Capital, Zohar Zisapel unmanaged or rogue devices and networks.
Accel Partners, Lightspeed Venture Partners, 100.0
6-Jun-17 Netskope performs deep usage analytics and enforces business and security policies in cloud apps.
Geodesic Capital, ICONIQ Capital
Dell Technologies Capital, F-Prime Capital RiskRecon uses proprietary data gathering techniques to create a 360-degree risk profile of an 12.0
1-Jun-17
Partners, General Catalyst, enterprise’s public IT footprint.
CounterTack provides real-time endpoint threat detection and response solutions to enterprises 20.0
30-May-17 Singtel Innov8, SAP National Security Services
and government organizations.
25-May-17 TPG Growth Tanium provides security and systems management solutions to allow real-time data collection. 100.0
ZeroFOX provides real-time social threat analytics, intelligence, and advanced security protection 19.3
24-May-17 Undisclosed
via its cloud-based cyber platform.
Sapphire Ventures, 83 North, Bessemer Venture Wandera’s pioneering web gateway for mobile provides organizations with Enterprise Mobile 27.5
18-May-17
Partners Security and Data Management.
Norwest Venture Partners, Data Collective, Wing Aporeto is a cloud-native security startup that offers comprehensive security solutions for 11.2
18-May-17
Venture Capital applications, containers, and microservices.
Accel Partners, CapitalG, March Capital Partners, CrowdStrike is a global provider of security technology and services focused on identifying 100.0
17-May-17
Telstra, Warburg Pincus advanced threats and targeted attacks.
Fontinalis Partners, Liberty Mutual Strategic 12.0
16-May-17 Karamba Security hardens Electronic Controller Units (ECUs) against any type of foreign code.
Ventures, Paladin Capital Group
GE Ventures, Shasta Ventures, Sway Ventures, Mocana creates and develops mobile application protection (MAP) app-shielding solutions, 11.0
16-May-17
Trident Capital enabling users to secure mobile apps.
Omidyar Technology Ventures, Bain Capital, Attivo Networks is the leader in dynamic deception for inside the network threat detection, attack 15.0
10-May-17
Macnica Ventures, Secure Octane, Trident Cyber analysis, and forensics.

59
CRV, Harrison Metal, Index Ventures, Oreilly Signal Sciences works across cloud and physical infrastructure, providing actionable security
9-May-17 15.0
AlphaTech Ventures prioritization based on where applications are targeted and blocking attacks.
Hasso Plattner Ventures. Battery Ventures, Vera operates as a data-security company that enables enterprises, IT organizations, and end-users
9-May-17 15.0
Capital One Ventures, Clear Venture Partners to secure and share digital information across platforms and devices.
Sierra Ventures, Storm Ventures, Dell
9-May-17 Redlock provides deep security visibility and anomaly detection for dynamic environments. 12.0
Technologies Capital
Signifyd is a SaaS-based, enterprise-grade fraud technology solution for e-commerce stores that
4-May-17 Redfield Asset Management 56.0
simplifies fraud detection through a financial guarantee.
Bain Capital Ventures, American Express VST Enterprises' VCode technology allows genuine users to authenticate themselves across a
3-May-17 14.7
Ventures, Menlo Ventures variety of online transactions and interactions.
Polaris Partners, Rally Ventures, TenEleven Twistlock develops a security suite for virtual container security in enterprises that enables
25-Apr-17 17.0
Ventures, YL Ventures developers and security operations teams to keep container-based applications safe.
Dome9 is a cloud firewall management service that creates a front-line defense that stops zero-day
19-Apr-17 Softbank 16.5
vulnerabilities, secures remote access, and centralizes policy management.
Aetna Ventures, Allegis, Bessemer Venture CyberGRX provides the most comprehensive third-party cyber risk management platform to cost-
18-Apr-17 20.0
Partners, ClearSky, GV, MassMutual Ventures effectively identify, mitigate and monitor an enterprise’s risk exposure across its entire ecosystem.
Alclear, doing business as CLEAR, develops an identity verification platform for individuals and
18-Apr-17 T. Rowe Price Associates 15.0
business travelers to get through airport security in the United States.
CRV; Hearst Ventures; Emergence Capital Zinc is a communications technology company that provides secure mobile communication
17-Apr-17 11.0
Partners; GE Ventures solutions to connect workers with their colleagues in and outside the office.
Merck Global Health Innovation Fund, Norwest ClearDATA provides a managed cloud used healthcare professionals to safeguard their patient
13-Apr-17 12.0
Venture Partners, Excel Venture Management data and power their critical applications.
PAS provides process safety, cybersecurity, and asset reliability solutions for the energy, process,
11-Apr-17 Tinicum 40.0
and power industries worldwide.

60
Microsoft Ventures, Allegis Capital, GGV Capital, Synack is a Crowd Security Intelligence platform that delivers the most secure, continuous, 21.3
11-Apr-17
Greylock Partners, GV, HPE, Icon Ventures scalable, security assessment on the market.
Armor is a secure Cloud company with managed cloud security services that deliver protection,
5-Apr-17 ST Telemedia 89.0
detection and response for data workloads and applications
LogPoint delivers a flexible and easy to use platform for collecting, analyzing, and monitoring your
4-Apr-17 Evolution Equity Partners 10.0
machine data.
Votiro provides advanced Content Disarm and Reconstruction solutions to safeguard against
26-Mar-17 Redfield Asset Management 10.0
undisclosed and zero-day exploits.
Samsung NEXT Ventures, Trident Capital Bayshore Networks protects OT machines, networks, applications, and workers and provides
21-Mar-17 11.0
Cybersecurity, Benhamou Global Ventures inspection and filtering of network flows, policy building and enforcement.
Goldman Sachs Principal Strategic Investments, Dyadic Security removes the points of failure of security by sharing cryptographic keys over two or
14-Mar-17 12.0
Citi Ventures, Innovation Ventures more servers, carrying out cryptographic operation without ever recombining them.
Jump Capital, Paladin Capital Group, Sun RiskSense enables enterprises to reveal cyber risk, quickly orchestrate remediation, and monitor
9-Mar-17 14.0
Mountain Capital, EPIC Ventures, CenturyLink the results by unifying and contextualizing internal security intelligence & external threat data.
Zimperium is a mobile security startup that develops a mobile IPS to combat advanced modern
8-Mar-17 Softbank 15.0
cyber attacks on smartphones.
ID.me is a digital identity network that empowers relying parties to grant access or benefits based
8-Mar-17 FTV Capital 19.0
on verified identity and attributes.
Touchstone Innovations, BGF Ventures, NM Garrison Technology has pioneered an anti-malware product that efficiently sidesteps the highest
6-Mar-17 14.8
Capital impact cyber threats to modern organizations (i.e. internet-borne targeted attacks).
DBJ Capital, Global Brain Corporation, Mizuho Trillium offers IoT cyber solutions for protecting automotive and IoT networks from malicious
15-Feb-17 15.0
Capital cyber-attacks including intrusive manipulation & passive monitoring or eavesdropping.
Felicis Ventures, Andy Bechtolsheim, John Dedrone, an automated drone security platform, is an extension of physical and cyber security
13-Feb-17 15.0
Chambers, Menlo Ventures into the airspace that protects a vulnerability gap exploited by the advances in drone technology.

61
Blackstone, Blumberg Capital, Glilot Capital, Intsights provides an automated system that detects, analyzes, and remediates threats by offering 15.0
13-Feb-17
Vintage Investment Partners, Wipro Ventures solutions for attack intentions, data leakage, phishing, fake applications, and VIP protection.
Demisto owns and operates an automation and collaboration platforms for security operations 20.0
9-Feb-17 Accel Partners, Slack, Clearsky
centers that provides automated incident response workflows.
Evident.io provides continuous cloud security for AWS, enabling rapid detection/remediation of 22.0
9-Feb-17 GV, Bain Capital, True Ventures, Venrock
risks, vulnerabilities, & compliance issues.
Dragoneer Investment Group, Benchmark, New 40.0
8-Feb-17 HackerOne provides a vulnerability management and bug bounty platform.
Enterprise Associates
Cisco Investments, Lightspeed Ventures Partners, Exabeam offers machine-learning technology that focuses on cyber attacker behavior to detect 30.0
7-Feb-17
Aspect Ventures, Icon Ventures, NVP modern cyber attacks.
Verato provides the most accurate identity resolution platform, which updates, matches, links, and 12.5
6-Feb-17 Bessemer Venture Partners, Columbia Capital
enriches patient and customer identities.
Redpoint, Data Collective, Granite Hill Capital SentinelOne uses predictive execution inspection to detect and protect all devices against targeted
25-Jan-17 70.0
Partners, SineWave Ventures zero day threats in real-time.
Arsenal Venture Partners, Tola Capital, Top Tier ProtectWise provides a pervasive view of the network, layered with refined analytics and a clear
18-Jan-17 25.0
Capital Partners interface that enables high performance threat hunting and accelerated incident response.
Columbia Capital, Harmony Partners, Zero OPĀQ Networks integrates networking and security to reduce complexity and costs, tighten
17-Jan-17 21.0
Gravity security control, & establish an infrastructure that allows organizations to keep ahead of threats.
Transmit Security connects applications to authenticators like face recognition, eye recognition,
12-Jan-17 Rakesh Loonkar, Mickey Boodaei 40.0
voice recognition, fingerprint, and OTP.
KPCB, Blackstone, Foundation Capital, In-Q-Tel, Phantom provides a security automation and orchestration platform that orchestrates key stages of
10-Jan-17 13.5
TechOperators security operations from prevention to triage and resolution.
BlueCross BlueShield Venture Partners, American Payfone provides businesses the ability to confirm their consumers & employees are who they say
5-Jan-17 23.5
Express, Relay Ventures, Verizon Ventures they are to create easy, secure & frictionless experience across PCs, mobile phones & tablets.

62
Future Fund, New Enterprise Associates, Norwest Bitglass provides security solutions that automatically segment, track, and secure businesses’ 45.0
5-Jan-17
Venture Partners, Singtel Innov8 sensitive data across cloud and mobile without invading the employees’ privacy.
Shea Ventures, Costanoa Ventures, Foundry VictorOps is a real-time incident management platform that combines people and data to 15.0
16-Dec-16
Group embolden DevOps teams to handle incidents as they occur and prepare for the next one.
Flint Capital, ff Venture Capital, Santander Socure consumers and businesses with a next-generation security SaaS solution to fight against the 13.0
13-Dec-16
InnoVentures, Two Sigma Ventures risk of identity theft and related fraudulent activities.
Peakspan Capital, Costanoa Ventures, Hyde Park Kenna is a Risk Intelligence & Vulnerability platform that enables InfoSec teams to prioritize and 15.0
7-Dec-16
Angels, OurCrowd, The R-Group LLC, USVP remediate vulnerabilities faster, measure and report risk, and automate their analysis.
SECDO develops innovative solutions that enable Security Operations teams to slash incident 10.0
6-Dec-16 Marius Nacht, Rafael Development Corp
response from hours to minutes.
Prevalent is a third-party risk management and cyber threat intelligence, helping organizations 60.0
17-Nov-16 Insight Venture Partners
manage and monitor security threats associated with 3rd/4th party vendors
ORIX Growth Capital, Comerica Bank, Dell, New Invincea is a creator of secure virtual containers for malware threat detection, breach prevention 10.0
16-Nov-16
Atlantic Ventures, Harbert Ventures and forensic threat intelligence.
83 North, G20 Ventures, Alex Daly, Dave Siemplify is the first end-to-end security operations platform powering today's advanced SOCs 10.0
15-Nov-16
Strohm using graph intelligence to analyze data from any source.
Georgian Partners, MassMutual Ventures, RiskIQ provides organizations the visibility and intelligence they need to secure their Enterprise 30.5
10-Nov-16
Summit Partners Digital Footprint and map their Adversaries’ infrastructure.
Indeni offers a proactive monitoring system that facilitates auto-detection and configuration, 10.0
8-Nov-16 CIRTech Fund, iAngels, Sequoia Capital
security monitoring, and remediation for security device networks.
Shasta Ventures, Bloomberg Beta, Flybridge 12.0
2-Nov-16 ValiMail authenticates legitimate email and blocks phishing attacks.
Capital Partners
TenEleven, Fairhaven Capital, Goldman Sachs, CounterTack provides real-time endpoint threat detection and response solutions to enterprises 10.0
1-Nov-16
Razor's Edge, ManTech, Siemens Venture and government organizations.

63
Proficio provides the most advanced cloud-based solutions to monitor and scan critical assets
26-Oct-16 Kayne Partners 12.0
without the need for added headcount or costly software and hardware systems.
ThreatMetrix is a cloud solution for authenticating digital personas and transactions on the Internet
18-Oct-16 SVB 30.0
by securing businesses and end users resulting from malware and data breaches.
Bank of Nova Scotia, BMO Capital Markets, SecureKey Technologies develops platform-as-a-service hardware and software solutions for chip-
18-Oct-16 20.6
CIBC Capital Partners, Desjardins, TD Bank based identity and payment technologies in online and mobile transactions.
GigaTrust is a provider of pervasive content security management solutions that allows
11-Oct-16 Balance Point Capital Partners 20.0
organizations to reduce risks associated with data / intellectual property loss.
Strategic Cyber Ventures, Allegis Capital, March
11-Oct-16 E8 Security helps enterprises analyze and detect advanced attacks and malicious insider activities. 12.0
Capital Partners, The Hive
Baseline Ventures, EDB Investments, EPIC Shape Security stops automated web and mobile application attacks, like credential stuffing,
29-Sept-16 40.0
Ventures, GV, KPCB, Northern Light, Venrock content scraping, and application-layer DDoS, that bypass existing defenses.
Sequoia Capital, Blue Cloud Ventures, EDB Druva Software provides data protection and governance solution for public and private clouds in
28-Sept-16 51.0
Investments, Hercules Capital, Tenaya Capital an enterprise.
General Catalyst, Acero Capital, John Thompson, Contrast Security develops application security software that stops hackers from stealing data
28-Sept-16 16.0
Paul Sagan, Ron Gula through Web applications.
Thomvest Ventures, Greylock Partners, Sequoia Skyhigh Networks is a cloud access security company, enables companies to embrace cloud
25-Sept-16 40.0
Capital services with appropriate levels of security, compliance, and governance.
White Ops provides online fraud detection solutions. It offers Real Time Dashboard, a solution
19-Sept-16 Grotech Ventures, Paladin Capital Group 20.0
that enables users to identify, track, and classify automated fraud in real time.
GGV Capital, Flybridge Capital Partners, BitSight provides a security rating platform, which analyzes external data on security behaviors that
15-Sept-16 40.0
Globespan Capital Partners, Menlo Ventures allows to manage third party risk, and benchmark performance.
Bessemer, ICV Capital, Innovation Endeavors, Claroty discovers the most granular elements. By extracting critical data, and formulating
13-Sept-16 32.0
Marker, Mitsui, Red Dot Capital Partners actionable insights, it provides visibility and brings unparalleled clarity to OT networks.

64
Greylock Partners, Aspect Ventures, Singtel Cato Networks provides cloud-based platform to manage multiple hardware and software 30.0
13-Sept-16
Innov8, USVP, Gur Shatz, Shlomo Kramer products and provide security against hacking, data theft and other security problems.
American Express Ventures, Menlo Ventures, 19.0
8-Sept-16 Signifyd is a SaaS-based, enterprise-grade fraud technology solution for e-commerce stores.
TriplePoint Capital
Cyence has developed an economic cyber risk modeling platform quantifying cyber risk in 40.0
8-Sept-16 NEA, Dowling Capital Management, IVP
probabilities and dollars.
Riverwood, Adams Street, Delta-v, EDB 50.0
30-Aug-16 LogRhythm provides log management and security information and event management solutions.
Investments, Exclusive Ventures, Siemens
Millennium Technology Value Partners, Centana Jumio is an identity management and credentials company that helps businesses reduce fraud and 15.0
30-Aug-16
Growth Partners increase revenue by utilizing proprietary computer vision technology.
Maverick Ventures, Arsenal, Bloomberg Beta, BlueTalon provides data-centric security for big data initiatives. It delivers precise, consistent and 16.0
25-Aug-16
Data Collective, Divergent, Signia Venture dynamic user access controls to data across Hadoop, Cassandra & SQL data platforms
Trinity Ventures, Bessemer Venture Partners, K9 Auth0 is an identity-as-a-service that authenticates and authorizes apps/APIs with any popular 15.0
24-Aug-16
Ventures, SVB identity provider running on any popular software stack on any device/cloud.
NEA, Blu Venture Investors, Center for ThreatQuotient offers a software platform that helps security teams mitigate cyber attacks by 12.0
23-Aug-16
Innovative Technology aggregating and managing intelligence on threats.
Bessemer, Blue Delta Capital, Haystack Partners, Virtru provides data encryption and digital privacy protection, keeping data sent online private for 29.0
22-Aug-16
NEA, Quadrant Capital, Soros Fund individuals and organizations.
Bat Blue is a cloud security service that leverages a unique Globally Distributed Security 13.5
18-Aug-16 Undisclosed
Abstraction Layer (Global Seal) technology to deliver uniform and consistent security.
Trident Cyber, Peloton Equity, BlueCross ID Experts provides software and services to organizations for managing cyber risks and data
18-Aug-16 27.5
BlueShield Venture, Sandbox Advantage breaches, and to consumers to protect and restore their identities from identity theft.
Pelion Venture Partners, Square Peg Capital, UpGuard analyzes data about the state of corporate networks to devise a numerical score that
11-Aug-16 17.0
Fenwick & West, IAG gives a security risk score, used by insurance companies for cyber insurance.

65
Tempered Networks is a security platform that enables organizations to rapidly deploy identity-
8-Aug-16 Rally Capital, IDG Ventures, Ignition Partners 10.0
based overlay networks to ‘cloak’ trusted endpoints, networks and assets.
ThinAir keeps users safe by providing insight and protection against four key vectors of data
3-Aug-16 Undisclosed 15.0
breaches: Insider Threats, Criminal Adversaries, Data Exfiltration, and Human Error.
Bessemer Venture Partners, Foundry Group, Distil Networks’s SaaS bot detection and mitigation solutions acts as a protective shield against
2-Aug-16 21.3
SVB, Techstars bots, malware and competitors that try to scrape websites without permission.
Paladin Capital Group, Bessemer Venture PhishMe provides training to employees against phishing threats enabling them to identify, report,
27-Jul-16 42.5
Partners and mitigate spear phishing, malware and drive-by threats.
Accel (Series A), Ignition Partners (Series B), Acalvio provides Advanced Threat Defense (ATD) solutions to detect, engage and respond to
26-Jul-16 17.0
Elieses (Series B) malicious activity inside the perimeter.
Deutsche Telekom Partners, HP Pathfinder, SafeBreach provides a “hacker's view” of an enterprise’s security posture to proactively predict
26-Jul-16 15.0
Maverick Ventures, Sequoia, Shlomo Kramer attacks, validate security controls and improve SOC analyst response.
StackPath is a web services platform that unifies enterprise security, leveraging collaborative
25-Jul-16 ABRY Partners, Insiders 180.0
intelligence to make each service smarter/more secure with every threat detected.
Insight Venture Partners, Spark Capital, Union Sift Science offers large-scale machine-learning technology services that help e-commerce
19-Jul-16 30.0
Square Ventures businesses detect and fight fraud.
19-Jul-16 83North, Battery Ventures, Cisco Investments GuardiCore provides network security solutions for software-defined data centers. 20.0
Foundation Capital, Shasta Ventures, New York Skycure is a predictive mobile threat defense company that actively detects and prevents mobile
19-Jul-16 16.5
Life Insurance, Pitango, Lane Bess cyberattacks while preserving user privacy and experience.
Accelerate IT Ventures, Grayhawk Capital, Blue Cedar Networks develops / operates Atlas platform, an end-to-end application security and
19-Jul-16 11.0
Benhamou Global, Generation Ventures connectivity solution to protect assets across the extended enterprise.
Silent Circle is a global encrypted communications service that provides cutting-edge encrypted
15-Jul-16 Santander Bank 50.0
text, e-mail, mobile phone and video teleconferencing services.

66
Bay Dynamics develops automated cyber security and risk solutions for enterprises, by turning
13-Jul-16 Carrick Capital Partners, Comcast Ventures 50.0
enterprise data into actionable information risk intelligence.
Vertex Ventures, Aspect Ventures, Magma Indegy provides visibility and security for industrial control networks to ensure operational
13-Jul-16 23.0
Venture Partners, Shlomo Kramer continuity and reliability.
Greycroft Partners, Bloomberg Beta, Cisco, Jump Flashpoint’s Deep & Dark Web data, expertise and technology enable organizations to glean
12-Jul-16 12.0
Capital, K2 Intelligence, Tech Operators intelligence that informs risk and protects their ability to operate.
7-Jul-16 AM Partners, VMS Investment Group Post-Quantum, provides data confidentiality, authenticity, and access control solutions. 10.0
Twistlock develops a security suite for virtual container security in enterprises that enables
6-Jul-16 TenEleven Ventures, Rally Ventures, YL Ventures 10.3
developers and security operations teams to keep container-based applications safe.
KKR, Hoxton Ventures, Softbank, Summit Darktrace’s Enterprise Immune System technology automatically detects and responds to emerging
5-Jul-16 10.0
Partners, TenEleven Ventures threats, powered by machine learning and mathematics from Univ. of Cambridge.
StackRox offers a software that provides cyber security and cloud computing services for the
30-Jun-16 Undisclosed 64.0
enterprises.
Blackstone Ventures, Cisco Investments, Verodin is defining the emerging concept of instrumented security, enabling customers to measure
28-Jun-16 10.0
Crosslink Capital, Rally Ventures and continuously validate the cumulative effectiveness of layered security.
GV, Boldstart Ventures, Evolution Equity Security Scorecard provides a cybersecurity rating and continuous risk monitoring platform
23-Jun-16 10.0
Partners, Sequoia Capital, Two Sigma allowing enterprises to gain operational command of their security posture.
Access Industries, Amplify Partners, Battery LightCyber provides behavioral attack detection solutions and the first to integrate user, network
22-Jun-16 20.0
Ventures, Glilot Capital, Shlomo Kramer and endpoint context to provide security visibility into attack activity.
Zerto provides enterprise-class business continuity and disaster recovery solutions for virtualized
21-Jun-16 CRV 20.0
infrastructure and cloud.
20-Jun-16 Delta-v Capital, LiveOak Venture Partners NSS Labs is an independent, information security research and testing organization. 16.0

67
Tigera is solving networking and security problems inherent in deploying and enforcing policy in
16-Jun-16 NEA, Wing 13.0
large private, public, and hybrid enterprise clouds.
Insight, Blackstone, Capital One, Ten Eleven, Cylance utilizes artificial intelligence, algorithmic science and machine learning to proactively
8-Jun-16 100.0
DFJ, KKR, Fairhaven, Khosla protect organizations against advanced threats.
ReliaQuest is a pioneer in IT security solutions, ensuring that organizations remain secure and
7-Jun-16 FTV Capital 30.0
compliant as the IT world changes.
Warburg Pincus, Lazarus Israel Opportunities Zimperium is a mobile security startup that develops a mobile IPS to combat advanced modern
7-Jun-16 25.0
Fund, Sierra Ventures, Telstra Ventures cyber attacks on smartphones.
Amazon, Goldman Sachs, GV, Hayman Capital, Ionic Security, a data security platform, provides access control, intellectual property monitoring,
1-Jun-16 45.0
Icon Ventures, KPCB, Meritech data encryption, and policy management.
Transunion, Bessemer Venture, Firstmark Capital, Dashlane makes identity and payments simple and secure everywhere with its password manager
25-May-16 22.5
Rho Ventures and secure digital wallet.
Norwest, Greylock Partners, Alloy Ventures, Agari leverages the company’s proprietary, global telemetry network and patent-pending
24-May-16 22.0
Battery Ventures, First Round, Scale Venture predictive Agari Trust Analytics to identify and stop phishing attacks.
Redline Capital, Telstra Ventures, Work-Bench, vArmour provides software-defined security solutions for virtualized data centers and government
24-May-16 41.0
Allegis, Citi Ventures, Highland Capital cloud operators.
StageOne Ventures, Magma, Greenfield Cities
17-May-16 AVANAN is a stealth mode startup that offers enterprise-grade security for data in the cloud. 14.9
Holdings
Wickr is a secret messaging app allowing its users to send and receive top-secret messages,
12-May-16 Sand Hill Ventures 34.0
pictures, videos, audios, and files.
Fairhaven Capital, .406 Ventures, MassMutual Pwnie Express provides full threat detection of every wireless and wired device in and around your
11-May-16 12.9
Ventures, Ascent Venture Partners workplace.
Security First offers data protection and data integrity, secure information sharing, secure digital 14.8
10-May-16 Undisclosed
communications, data in motion security, and data at rest security solutions.

68
Evident.io provides continuous cloud security for AWS, enabling rapid detection/remediation of 14.8
28-Apr-16 Bain Capital, True Ventures, Venrock
risks, vulnerabilities, & compliance issues.
Helion Venture Partners, India Alternatives, Seclore’s Enterprise Digital Rights Management solution enables organizations to control the usage 15.7
27-Apr-16
Sistema Asia Fund, VenturEast of files wherever they go, both within and outside of organizations’ boundaries.
NewSpring Capital, Atlanta Equity, Flybridge VidSys provides a physical security information management (PSIM) and converged security and 12.0
26-Apr-16
Capital Partners, Jvax Investment Group information management (CSIM) software platform.
Institutional Venture Partners, General Catalyst, Anomali’s platform is a security intelligence solution that aggregates millions of threat indicators 11.0
21-Apr-16
GV, Paladin Capital Group into existing security systems.
Scale Venture Partners, NEA, Sequoia, Forter's platform uses cyber intelligence combined with behavioral and identity analysis to help 30.0
21-Apr-16
Commerce Ventures, Eleven Two Capital merchants spot fraudulent transactions.
Blackbird Ventures, Costanoa, Paladin, Rally Bugcrowd's Crowdcontrol platform safely orchestrates a flexible array of managed bug bounty, 32.0
20-Apr-16
Ventures, Salesforce, Industry Ventures penetration test, and responsible disclosure offerings.
Threat Stack provides a fully integrated, cloud-native continuous monitoring solution that gives 15.0
15-Apr-16 Scale Venture Partners, .406 Ventures
customers instant visibility and automatically responds to changes in their environment.
Onfido's identity verification software, powered by machine learning technology, verifies peoples 15.4
14-Apr-16 Idinvest Partners, Crunchfund, Wellington Foods
identities before running further searches(i.e. Criminal/Anti-Money-Laundering).
Highland Capital Partners Europe, Auriga Nexthink provides smarter IT through analytics. Captures all local and network activities in real-
13-Apr-16 25.0
Partners, Galeo-Ventures, Waypoint Capital time across all endpoints and transforms end-user data into actionable analytics.
Advantech Capital, Qiming Venture, China FraudMetrix develops online software solutions for anti-theft and fraud management applications
13-Apr-16 40.0
Broadband, IDG Capital, Linear Venture in financial, insurance, payment, and online shopping.
Vertex Ventures, Data Collective, Andy PerimeterX is a provider of behavior-based threat protection technology. Its PerimeterX Bot
11-Apr-16 32.0
Bechtolsheim Defender, accurately protects commerce, media and enterprise websites from any attack.
7-Apr-16 ARBY Partners Edgile provides strategic security and risk consulting services to Fortune 500 companies. 35.0

69
Drive Capital, Healthy Ventures, SVB, Khosla CrossChx is identity resolution for smarter healthcare, it creates a universal patient ID to organize 15.5
6-Apr-16
Ventures, Moonshots Capital, NCT Ventures healthcare data and enable a new breed of innovative applications.
A16z, Highland Capital, Intel Capital, Silver Lake Bromium’s endpoint protection solutions automatically create hardware-isolated micro-VMs that 40.0
24-Mar-16
Waterman, Lightspeed, Meritech Capital secure every user task.
GV, Cisco, Index Ventures, Intel Capital, Skyport Systems develops Hyper-Secured Infrastructure that ensures the security of mission-critical 30.0
15-Mar-16
Northgate, Sutter Hill Ventures, Thomvest IT assets, with tight integration of compute, security, virtualization and policy.
Pelion Venture Partners, Madrona Venture 10.0
14-Mar-16 ICEBRG is a stealth network security company.
Group
Menlo Ventures, QED Investors, IA Ventures, 20.0
25-Feb-16 Signifyd is a SaaS-based, enterprise-grade fraud technology solution for e-commerce stores.
Allegis Capital, Tim Eades, Bill McKiernan
Qihoo 360 Technology, Shanghai Ziyou 100.0
17-Feb-16 360 Security provides mobile security applications.
Investment Management
Qumra Capital, Entree Capital, Genesis Partners, Riskified operates a technology platform for online merchants that is used to prevent fraudulent
10-Feb-16 25.0
Phoenix Insurance, NTT DOCOMO and other transactions of risk.
Sutter Hill Ventures, Clear Venture Partners, Vera operates as a data-security company that enables enterprises, IT organizations, and end-users
10-Feb-16 21.0
Battery Ventures, Amplify Partners to secure and share digital information across platforms and devices.
Bain Capital Partners, Commerce Ventures, InAuth is the most complete mobile authentication and anti-fraud solution offering multiple
10-Feb-16 29.9
Lightspeed Venture Partners security options to financial institutions and the mobile transaction market.
Trinity Ventures, Ten Eleven Ventures, Storm Digital Shadows provides cyber situational awareness that helps organizations protect against
9-Feb-16 14.0
Ventures, Passion Capital cyber attacks, loss of intellectual property, and loss of brand integrity.
Symantec is a global provider of security and systems management solutions that help businesses
4-Feb-16 Silver Lake Partners 500.0
and consumers secure and manage their information and identities.
Goldman Sachs, Accel, NEA, Bay Partners, Sonatype helps development organizations intelligently source, manage, assemble, secure and
4-Feb-16 30.0
Hummer Winblad, Morgenthaler Ventures maintain open source and third-party components.

70
Skybox Security provides integrated security solutions that provide visibility of exploitable attack 96.0
3-Feb-16 Providence Equity Partners
vectors, hot spots of vulnerabilities, network misconfigurations and risky firewall rules.
Cisco, Edison Partners, Georgian Partners, eSentire protects mid-sized organizations from sophisticated cyber threats in real-time 24/7 by 19.5
3-Feb-16
VentureLink, Northleaf Capital Partners leveraging behavioral, reputational and signature-based capabilities.
Carbon Black provides endpoint threat detection, response, and prevention solutions to detect 14.0
3-Feb-16 Undisclosed
and stop cyber threats.
Foundation Capital, Eddy Shalev, Gilat 10.0
1-Feb-16 Kaymera provides military-grade cyber defense solutions for mobile devices.
Opponent
Google Capital, IVP, Felicis Ventures, A16z, Citi 80.8
28-Jan-16 Pindrop Security provides caller-ID products to detect, report, and mitigate phone fraud.
Ventures, GV
Lightspeed Venture Partners, Norwest Venture Fireglass’ Threat Isolation Platform eliminates common attack vectors against browsers, emails, 20.0
26-Jan-16
Partners, SingTel Innov8 documents and web applications.
ForeScout enables organizations to continuously monitor and mitigate security exposures and 76.0
21-Jan-16 Wellington Management
cyber attacks
Malwarebytes develops anti-malware technologies to detect and remove malicious programs from 50.0
21-Jan-16 Fidelity Investments
PCs.
20-Jan-16 Global Emerging Markets Limited WISeKey develops online security and identity management solutions worldwide. 61.0
StorageCraft provides best-in-class backup, disaster recovery and business continuity solutions for 187.0
13-Jan-16 TA Associates
servers, desktops and laptops.
IVP, 83North, Battery Ventures, Harmony Zerto provides enterprise-class disaster recovery and business continuity software for virtualized 50.0
13-Jan-16
Partners, USVP, ClalTech, RTP Ventures data centers and cloud environments.
Blue Coat, Knollwood Investments, Venrock, Appthority develops application security solutions that help businesses identify the risks hidden 10.0
31-Dec-15
USVP inside mobile applications.

71
Trustbridge Partners, Danhua Capital, Linear Trustlook develops a static analysis platform for detecting suspicious behavior and malicious 17.0
16-Dec-15
Capital Partners, Sparkland Ventures characteristics for Android operating systems.
Brookline Venture Partners, Fairhaven Capital 66.0
16-Dec-15 Digital Guardian provides data security solutions to protect data from insider and outsider threats.
Partners, GE Pension Trust, LLR Partners
American Express Ventures, BDC Venture 15.0
15-Dec-15 Trulioo provides an online portal for identity verification services.
Capital, Blumberg Capital, Tenfore Holdings
NewSpring Capital, Alsop Louie Partners, Lookingglass Cyber Solutions develops cyber threat intelligence monitoring and management 50.0
11-Dec-15
Neuberger Berman platforms.
Amadeus Capital Partners, Aspect Venture ForeScout enables organizations to continuously monitor and mitigate security exposures and 75.4
9-Dec-15
Partners, Bain Capital Ventures cyber attacks.
Core Capital Partners, Genacast Ventures, ZeroFOX provides real-time social threat analytics, intelligence, and advanced security protection 27.0
3-Dec-15
Highland Capital Partners, NEA, SVB via its cloud-based cyber platform.
Avecto's Defendpoint software protects endpoints from malware and cyberattacks through 49.0
2-Dec-15 JMI Equity
privilege management, application control and sandboxing technology.
Blu Venture Investors, NEA, Center for ThreatQuotient offers a software platform that helps security teams mitigate cyber attacks by 10.2
2-Dec-15
Innovative Technology aggregating and managing intelligence on threats.
ThreatConnect provides a cyber threat intelligence platform that allows global organizations to 16.0
1-Dec-15 Grotech Ventures, SAP National Security Services
manage massive amounts of threat information.
Alibaba, GE Ventures, Jérusalem Venture Theta Ray offers malware detection and prevention solutions for critical infrastructure, 20.0
1-Dec-15
Partners, Poalim Ventures communication systems, and financial systems.
Tola Capital, Arsenal Venture, Crosslink Capital, ProtectWise provides a pervasive view of the network, layered with refined analytics and a clear 15.0
17-Nov-15
Paladin Capital, Trinity Ventures interface that enables high performance threat hunting and accelerated incident response.
Menlo Ventures, Jerusalem Venture Partners, AppDome’s dynamic wrapping SaaS technology provides shield to enterprise and consumer-facing 13.0
11-Nov-15
OurCrowd, Draper Nexus apps from advanced cyber threats, mobile fraud, and data theft.

72
Norwest Venture Partners, Invus Group, TigerText provides security software for text messaging for physicians to use on their mobile 50.0
11-Nov-15
Accolade Partners, Shasta Ventures, REV devices.
Tenable Network Security specializes in developing software that enables real-time network 250.0
10-Nov-15 Insight Venture Partners, Accel Partners
monitoring to detect hackers and other malicious actors.
Costanoa Ventures, Foundation Capital, Split Guardian Analytics is provider of fraud prevention software for protecting online channels and 10.9
9-Nov-15
Rock Partners, Triangle Peak Partners accounts.
iboss Cybersecurity provides innovative APT Defense, Web Security and Mobile Security 35.0
3-Nov-15 Goldman Sachs
Solutions.
Foundation Capital, Matrix Partners, Northbridge Confer provides endpoint detection and response solution (EDR) that proactively identifies attacks 17.0
2-Nov-15
Venture Partners and provides real-time visibility across all endpoints.
30-Oct-15 Merck Global Health Innovation Fund Exostar develops B2B information sharing software. 15.0
Lumeta provides network situational awareness platform which is source for enterprise network 13.0
29-Oct-15 Undisclosed
infrastructure and cybersecurity analytics.
Cato Networks provides cloud-based platform to manage multiple hardware and software 20.0
27-Oct-15 Aspect Venture Partners, US Venture Partners
products and provide security against hacking, data theft and other security problems.
SourceClear develops software security platform for developers that help organizations identify 10.0
27-Oct-15 Index Ventures, Storm Ventures
components across software portfolio.
IronNet Cybersecurity provides suite of technologies that provide real-time threat assessment and 32.5
25-Oct-15 Trident Cybersecurity, KPCB
updates and consulting services.
Icon Ventures, Allegis Capital, Cowboy Ventures, Area 1 Security provides campaign delivery systems and allows enterprises to identify cyber attacks 15.0
14-Oct-15
KPCB, First Round Capital and other attacking campaigns before they unfold using their anti phishing platform.
.406 Ventures, Accomplice, KPCB, Highland Carbon Black provides endpoint threat detection, response, and prevention solutions to detect 54.5
14-Oct-15
Capital, Evolution Equity Partners and stop cyber threats.

73
Fidelity Management, Goldman Sachs, Allegis Bracket Computing’s Virtual Infrastructure Software spans multiple heterogeneous clouds with one 46.4
14-Oct-15
Capital, A16z, NVP, Sutter Hill, GE, ARTIS set of advanced security, data management, and networking infrastructure.
DataVisor provides big data security analytics to help protect consumer-facing websites and 14.5
13-Oct-15 GSR Ventures, NEA
mobile apps from cyber criminals.
Cybereason delivers a technology platform that automatically uncovers malicious operations, 59.0
13-Oct-15 Charles River Ventures, Softbank, Spark Capital
reconstructing them as a clear image of a cyberattack in context.
Third Point, Granite Hill, SineWave Ventures, Sentinel One uses predictive execution inspection to detect and protect all devices against 25.0
7-Oct-15
Data Collective, Tiger Global, UpWest targeted zero day threats in real-time.
JMI Equity, NEA, Split Rock Partners, Accel Code42 Software provides secure cloud services for endpoint data protection and security that 85.6
6-Oct-15
Partners, allow their users to limit risk, meet data privacy regulations, and recover from data loss.
Norse delivers continuously-updated and unique Internet and darknet intel that helps 11.4
30-Sep-15 KPMG
organizations detect and block attacks.
DAG Ventures, AME Cloud Ventures, Juniper Vectra Networks’ X-series platform uses next-gen compute architecture and combines data 35.1
29-Sep-15
Networks, Intel Capital, IA Ventures, Accel analytics and machine learning to detect attacks.
Icon Ventures, Aspect Ventures, Shlomo Kramer, Exabeam offers machine-learning technology that focuses on cyber attacker behavior to detect 25.0
29-Sep-15
Norwest Venture Partners modern cyber attacks.
Arsenal Venture, EDB Investments, Fairhaven CounterTack provides real-time endpoint threat detection and response solutions to enterprises
25-Sep-15 17.9
Capital Partners, Ten Eleven Ventures and government organizations.
Fidelity Management, Baidu, Qualcomm CloudFlare is a web performance and security company that provides online services to protect
22-Sep-15 108.7
Ventures, Microsoft, NEA, Google, Venrock and accelerate websites online.
Morphick team has developed the only proven platform-enabled managed service to enable their
21-Sep-15 Orchard Holdings Group 10.0
customers to prevent, detect, and respond to even the most advanced attacks.
Tascent develops and deploys biometric identity products and solutions based upon a strong
17-Sep-15 Tano Capital 18.5
heritage in iris recognition and multimodal high throughput and mobile biometrics.

74
Allianz Digital Corp Ventures, Vertex, Magma Argus is an automotive cybersecurity pioneer, helping car manufacturers, their Tier I suppliers and 26.0
10-Sep-15
Venture, SBI Holdings, Allianz, Magna Int’l aftermarket connectivity providers protect connected cars.
10-Sep-15 IVP, TPG, Andreessen Horowitz, T. Rowe Price Tanium provides security and systems management solutions to allow real-time data collection. 147.5
Andreessen Horowitz, Greylock, Sequoia, 75.0

8-Sep-15 Okta is an integrated identity and mobility management service.
Altimeter Capital, Glynn Capital, Khosla
ICONIQ, Accel Partners, Lightspeed, 75.0
3-Sep-15 Netskope performs deep usage analytics and enforces business and security policies in cloud apps.
Social+Capital Partnership
Bessemer Venture Partners, Citi Ventures, Illusive networks offers deception technology enabling protection against targeted attacks and 22.0
2-Sep-15
Innovation Endeavors, Marker, NEA APTs.
Evolution Equity Partners, .406 Ventures, Arsenal 17.0
25-Aug-15 Onapsis provides solutions for securing business-critical applications and infrastructure.
Venture Partners
Bastille is pioneering IoT security with next-generation security sensors and airborne emission 13.8
24-Aug-15 Bessemer Venture Partners, Thomas Noonan
detection, allowing corporations to accurately quantify risk and mitigate threats.
Lightspeed, Benchmark, Meritech Capital, Shasta 35.9
19-Aug-15 CloudPassage provides server security products for public and hybrid cloud hosting environments.
Ventures, Tenaya Capital, Musea
AlienVault’s Unified Security Management Platform delivers a unified, simple and affordable 52.0
18-Aug-15 IVP, GGV Capital, KPCB, Trident Capital
solution for threat detection, incident response and compliance management.
Google Capital, TPG Capital, EMC, Lightspeed Zscaler offers integrated, cloud-delivered Internet security including web security, firewalls, mobile 110.0
3-Aug-15
Venture Partners security, IoT security and DLP.
DFJ Growth, Dell Ventures, KKR, Blackstone, Cylance utilizes artificial intelligence, algorithmic science and machine learning to proactively
28-Jul-15 42.0
Thomvest, Khosla, Draper Nexus, TenEleven protect organizations against advanced threats.
Accelerate IT Ventures, Trident Capital, Mocana creates and develops mobile application protection (MAP) app-shielding solutions,
24-Jul-15 14.8
Panasonic Venture Group enabling users to secure mobile apps.

75
Darktrace’s Enterprise Immune System technology automatically detects and responds to emerging 25.0
14-Jul-15 Summit Partners
threats, powered by machine learning and mathematics from Univ. of Cambridge.
Accel Partners, Google Capital, Rackspace, CrowdStrike is a global provider of security technology and services focused on identifying 100.0
13-Jul-15
Warburg Pincus advanced threats and targeted attacks.
Blackstone, Allegis Capital, Marc Benioff, Igor RedOwl Analytics provides proactive risk oversight software solutions for compliance, insider 17.5
13-Jul-15
Sill, Kevin Plank, Christian Lawless threat & investigations.
Pinnacle Ventures, Redpoint eVentures, Quihoo PSafe is a Brazilian company developing Secure Cloud Computing software suites such as the
1-Jul-15 30.0
360 Technology PSafe Antivirus for safe internet browsing.
Total Amount Raised ($M) 7,640.9

Median Amount Raised ($M) 20.0

76
Highlighted
Fundraising
Activity
$75.0M $30.0M $12.0M $32.5M $70.0M $100.0M $12.3M
Series F Series C Series A Series B Debt Series D Series C
June 27, 2017 June 27, 2017 June 27, 2017 June 26, 2017 June 22, 2017 June 21, 2017 June 14, 2017
$125.0M $100.0M $100.0M $100.0M $15.0M $15.0M $12.0M
Series D Series E Private Equity Series D Series B Venture Series A
June 7, 2017 June 6, 2017 May 25, 2017 May 17, 2017 May 10, 2017 May 9, 2017 May 9, 2017
$16.5M $20.0M $40.0M $21.3M $89.0M
Series C Series B Private Equity Series C Series F
April 19, 2017 April 18, 2017 April 11, 2017 April 11, 2017 April 5, 2017
Raises $75M in Series F Financing.
Company Overview Product Overview

Sumo Logic provides a cloud-native machine data analytics service to build, run, and Collect & Centralize Research & Analyze
secure applications. The company offers solutions in the areas of continuous delivery, ▪ Easily run searches and correlate
▪ Collect terabytes of data from
monitor and troubleshoot, and compliance and security aspects that analyzes more than any application, cloud, server, events in real-time across the full
network device or sensor application stack
Description 100 petabytes of data, more than 16 million searches, and delivers 10s of millions of ▪ Centralized logging eliminates ▪ Reduce hundreds of thousands of
insights daily. It serves technology, retail/e-commerce, media and entertainment, need for additional archiving, log events into groups of patterns
backups and restores
telecommunication, financial service, education, healthcare, pharmaceutical, staffing, real ▪ APIs easily develop and
integrate data sources Monitor & Visualize
estate, manufacturing, travel, and government industries.
▪ Real-time dashboards unify all data
streams
▪ Compare status against operational
and security KPIs to gain visibility
Founders / into abnormal behaviors
Management
Alert & Notify Detect & Predict
Ramin Sayar Christian Beedgen Steve Fitz Bruno Kurtic Aaron Feigin
President & Co-Founder & Chief Revenue VP, Product & VP, Marketing & ▪ Use custom alerts when specific ▪ Analyze thousands of data
CEO CTO Officer Strategy Communication events and outliers are streams with a single query to
identified across data streams determine baselines and identify
Founded 2010 ▪ Proactively notify your team outliers
HQ Redwood City, CA when data deviates from ▪ Machine learning helps to detect
calculated baselines anomalies
Amount Raised $230M in 5 Rounds
Funding Summary: $230M
Unified Logs and Metrics Advanced Analytics Proven Customer Success Date Stage Amount Raised ($M) Selected Investors
Analyze all data in real Machine learning and Thousands of customers Jun 2017 Series F 75.0
time and monitor apps predictive analytics help rely on Sumo Logic for
and infrastructure in real- make sense of operational and business Jun 2015 Series E 80.0
time unexpected behavior insights
May 2014 Series D 30.0
Elastic Scalability Instant Value Secure by Design
Nov 2012 Series C 30.0
Multi-tenant architecture Pure SaaS offering; Industry’s benchmark
scales on demand to Provides access to in delivering secure Jan 2012 Series B 15.0 Shlomo Kramer
support rapid growth the latest capabilities SaaS
and cloud migration in minutes Dec 2010 Series A Undisclosed
Source: Company Website, Crunchbase, Capital IQ, TechCrunch.

79
Raises $30M in Series C Financing.

Auth0 is a cloud service that provides a set of unified APIs and tools that instantly enables Auth0 allows customers to easily and quickly connect to apps, choose identity providers, add users, set up
single sign-on and user management for any application or IoT device. It is a modern rules, customize login page and access analytics from the Auth0 dashboard.
identity infrastructure, built for developers. Auth0 provides open source SDKs for all
Description Auth0 Platform
popular platforms, operating systems, devices and programming languages. It allows
connections to any identity provider from social to enterprise to custom Auth0 Login Box Breached Password Detection
Secures your website and any login breaches; Blocks hackers from impersonating users with
username/password databases. integrate business security with any application compromised credentials from data breaches
Passwordless Multi-Factor Authentication

Allows users to login without need to remember Removes the need for one-time codes; simply
Founders / their password; secure from brute-force entry download app and approve login requests with tap
Management of button
Jon Gelsey Matias Woloski Eugenio Pace Lewis Carpenter Chris Dukelow Auth0 Dashboard
CEO Co-Founder & CTO Co-Founder & VP, CMO CFO
Customer Success
Connect and Integrate with APIs, Enterprise
Founded 2013 and Different Databases
Everything can be controlled on the Auth0
HQ Bellevue, WA Dashboard; support more authentication options
Amount Raised $54.3M in 4 Rounds become as simple as toggling a button.
Auth0 By the Numbers Funding Summary: $54.3M

Auth0 solves complex and large-scale identity use cases for global enterprises with their extensible and Date Stage Amount Raised ($M) Selected Investors
easy-to-integrate platform, security billions of logins every year
Jun 2017 Series C 30.0
Monthly Logins
1.1B+ Securely
Authenticated
Aug 2016 Series B 15.0
2K+ 42M+ 70+ 24/7 6.9
Jun 2015 Series A
Enterprise Logins Countries with Support
Subscribers Everyday Auth0 Coverage 1.3M+ Malicious Logins
Prevented
Sep 2014 Seed 2.4

80
Raises $12M in Series A Financing.

JASK designs technology that gives analysts greater support and leverage to eliminate JASK monitors networks end to end, using advanced AI to surface and triage the most relevant
cybersecurity exposure. It automates network monitoring and complements the attacks, while providing a clear picture of the attack surface. With instantaneous, deep
technology that security operations and compliance programs have been built around and knowledge about attacks, analysts can make decisions with more speed and confidence.
Description
easily integrates with existing processes. JASK’s services are a solution to overtaxed and
ACT
understaffed security teams that cannot respond to every single alert by using AI and
SmartAlerts give analysts full picture of each attack’s impact. By focusing without time
machine learning to prioritize threats. consuming forensic research, analysts can quickly and effectively eradicate the attack.
SENSE AUTOMATE
Founders / Within a single day, Operationalize the
Management JASK works to reveal speed at which similar
Greg Martin Damian Miller Mustafa Rassiwala Andrew Maloney attacks, developing a Acceleration Gives Analysts More attacks are addressed
Co-Founder, Co-Founder & VP, Head of Products VP, Field cumulative
President & CEO Customer Success Operations Leverage - And Yields Smarter, in the future, setting
understanding of the technology to hunt
Founded 2015 connected sequences More Strategic Hunting
HQ San Francisco, CA of events
Amount Raised $14.0M in 2 Rounds
EVOLVE
With more routine hunting offloaded to the technology, analysts can
continually increase the effectiveness of their work
Unprecedented, Entire-Network Visibility Customize at Will, Built on Open Source Funding Summary: $14.0M
Jun 2017 Series A 12.0
Tap Into the Intelligence Community Automate Learnings For Increased Leverage
Feb 2016 Seed 2.0

81
Raises $32.5M in Series D Financing.

Sparkcognition provides cognitive security analytics solutions. It offers SparkPredict that
applies algorithms to huge bodies of sensor data, identifies impending failures long before ▪ Signature-Free, Machine Learning-Powered Anti-Malware for endpoints
they occur, and alerts operators to sub-optimal operation before it can cause any harm; ▪ Analyzes DNA of unknown files and detects malware before it breaches your perimeter
Description and SparkSecure, a cloud service or an on-premise application that provides cognitive ▪ Autonomously adapts to latest variants of ransomware, viruses, Trojans, and worms and provides advanced
insights, which work by collecting structured and unstructured data, as well as applying protection against zero-day and polymorphic threats
algorithms to find trends, patterns, and anomalies. ▪ Leverages natural language processing to generate in-context descriptions and remediation
Founders /
Management
File Reputation & Multi-Vector Machine Natural Language
Detection & Response
Amir Husain Randy Printz David Asher Kenneth Wisian Usman Shuja Application Control Learning Processing
Founder & CEO COO Executive VP, Strategy Chief Architect, Defense VP, Market
Development
Founded 2013 ▪ Acquires and transforms sensor data ▪ Adds a cognitive layer of human intelligence at
HQ Austin, TX machine scale to traditional security solutions
▪ Applies proprietary classification and prediction
Amount Raised $38.9M in 3 Rounds algorithms ▪ Identify new attacks automatically without relying
▪ Generate actionable insights and support root- on signature matching threats
Proprietary Algorithms cause analysis ▪ Collects massive amounts of structured and
unstructured data to learn and improve
Artemis Pythia
Funding Summary: $38.9M
▪ Autonomously build, test, and ▪ Automated model building algorithm
identify meaningful relationships Date Stage Amount Raised ($M) Selected Investors
▪ Uses machine learning techniques to
from thousands of combinations Series B-
distinguish noise from signals Jun 2017 32.5
II
▪ Find anomalies based on single or
▪ Combines Deep Learning and
combinations of variables
Genetic methods to develop models Apr 2016 Series B 6.0
that predict when the machine is
likely to fail Aug 2013 Series A 0.4 Undisclosed

82
Raises $70M in Debt Financing.

Alert Logic provides Security-as-a-Service solutions that secure the application and Cloud Defender Cloud Insight Threat Manager
infrastructure stack of the cloud. Alert Logic is a provider of information technology Managed Cloud Security AWS Vulnerability Management Network Intrusion Detection
network security services and technologies which include Threat Manager, a cloud- ▪ Centralized security management ▪ Complete visibility across AWS ▪ Real-time Network Monitoring
Description
powered threat management and vulnerability assessment solution that protects ▪ Managed threat detection and
environment
▪ Access to rich sources of
enterprises by identifying malicious behavior and questionable network patterns response ▪ Prioritized list of vulnerabilities internal/external data for
correlation
originating inside and outside of network. ▪ Rapid deployment ▪ 24x7 automatic protection of new,
changed or modified environment ▪ Unlimited internal and external
▪ Compliance without complexity
scans
▪ Visibility into your IT infrastructure
▪ Dozens of dashboards and reports
Founders / available out of the box
Management
Gray Hall Blake Allen Dave Colesante Greg Davis Misha Govshteyn
Web Security Manager Log Security Manager
Chairman & CEO SVP & General COO EVP, Global Sales & SVP, Products & Web Application Firewall Log Correlation & Analysis
Counsel Field Marketing Marketing
▪ Protects websites and business ▪ Collects, aggregates and
Founded 2002 critical applications from attacks normalizes log data
HQ Houston, TX ▪ 24x7 monitoring and incident ▪ Web interface gives unified view
Amount Raised $387.3M in 8 Rounds escalation into all of your data
▪ Non-invasive, no-downtime ▪ Flexible data collection options
Acquisitions (2016) (2015) (2012) deployment modes
Benefits of Alert Logic Funding Summary: $387.3M

Cloud & DevOps Application Owners Security Pros Date Stage Amount Raised ($M) Selected Investors
Jun 2017 Debt Financing 70.0
Aug 2013 Private Equity 266.0

▪ Accelerate production with ▪ Innovate safely with security ▪ Simplify with one service for
API-driven security and that keeps pace with cloud and on-premises Jun 2012 Venture 7.5
DevOps automation continuous development ▪ Expand defenses with
▪ Scale and protect with elastic ▪ Prevent attacks by finding accurate, expert protection for Jun 2012 Series F 12.2
security vulnerabilities your web apps
▪ Focus on your business: no ▪ Preserve performance and ▪ Empower app and cloud pros Apr 2011 Series E 12.6
security staff or expertise availability with out-of-band with agility and protection 2005-2009 Series A-D 19.1
required detection

83
Raises $100M in Series D Financing.

Cybereason specializes in endpoint protection, offering endpoint detection and response, Monitoring Hunting Incidence Response
next generation antivirus, and managed monitoring services. Founded by intelligence
professionals, Cybereason gives enterprises the upper hand over cyber adversaries. The
Description
Cybereason platform is powered by a custom-built-in-memory graph and detects
behavioral patterns across every endpoint and surfaces malicious operations in an
▪ Incident confirmation and ▪ Collect endpoint sensor data ▪ Incident data-gathering
exceptionally user-friendly interface. prioritization ▪ Detect suspicious activity ▪ Reverse malware
▪ System health monitoring ▪ Hunt for adversaries engineering
▪ Quarterly reporting ▪ Report findings ▪ Custom threat research
Founders / ▪ Turnkey security operations ▪ Executive and technical
Management reporting
Lior Div Yonatan Striem-Amit Yossi Naar Scott Ward Sam Curry DEEP Detect & Respond DEEP Prevent RansomFree
Co-Founder & CEO Co-Founder & CTO Co-Founder & CVO CFO CSO
▪ Increase visibility ▪ Centralized and endpoint- ▪ Stops ransomware from
Founded 2012 ▪ Reduce risk side analytics encrypting files
HQ Boston, MA ▪ Uplevel analysts ▪ Behavioral analysis in ▪ Protects against 99& of
Amount Raised $188.6M in 4 Rounds Cybereason Deep Hunting ransomware strains
▪ Go beyond automation Engine
Cybereason Response Interface Funding Summary: $188.6M
Cybereason Response Interface Date Stage Amount Raised ($M) Selected Investors
The Cybereason
Response Interface Jun 2017 Series D 100.0
uses the information
collected by the Oct 2015 Series C 59.0
platform to tell an
easy-to-understand May 2015 Series B 25.0
visual attack story
Cybereason Sensors
84
Raises $12.3M in Series C Financing.
Company Overview Product Technology Overview: Sqrrl’s Behavior Graph

Description Sqrrl is a threat hunting company, enables organizations to target, hunt, and disrupt Behavior Graph, which automatically transforms raw logs into actionable knowledge and contextual insight via
advanced cyber threats. Sqrrl operates a threat hunting platform that unites link analysis, entity extraction techniques.
user and entity behavior analytics, and multi-petabyte scalability capabilities into an
integrated solution to facilitate proactive detection of threats, such as advanced persistent
threat detection, data breach detection, malware detection, insider threat detection, alert
triage, incident investigations, threat intelligence analysis, and cyber situational awareness.
Founders /
Management
Mark Terenzoni Adam Fuchs Ely Kahn Ari Daskalakis Paul Lynch
CEO CTO VP, Business Dev VP, Field Operations VP, Sales
Founded 2012
HQ Cambridge, MA
Advanced Threat Detection and Response Platform Funding Summary: $26.5M

Target: Scope the data sets that will be used in Date Stage Amount Raised ($M) Selected Investors
the investigation, optimize with machine learning
Jun 2017 Series C 12.3
Hunt: Proactively and iteratively search through
network and endpoint data to detect and isolate Feb 2015 Series B 7.0
advanced threats
Oct 2013 Series A 5.2

Disrupt: Seamlessly pivot from hunting to forensic
analysis to disrupt adversaries before they fully
execute their attacks Aug 2012 Seed 2.0

85
Raises $125M in Series D Financing.

Illumio is a data center and cloud security company led by veterans with deep experience Illumio’s Adaptive Segmentation Capabilities Lets Organizations Understand & Protect Their Computing Assets In
in virtualization, networking and security. Illumio’s Adaptive Security Platform (ASP) is Minutes, Across A Range Of Formats In Both Data Centers & Public Clouds.
completely independent of underlying infrastructure and delivers visibility and control over With a patented, software-only
Description workloads running in any data center or cloud environment. It computes security politics architecture, the Illumio
Adaptive Security Platform
and ensures they are provisioned accurately by understanding and continuously adapting
provides the new foundation for
to changes in the infrastructure and applications. BARE-METAL SERVER VIRTUAL MACHINE CONTAINERS NETWORK PUBLIC & PRIVATE CLOUD data and cloud security.
Adaptive Segmentation Platform ADP Key Benefits

▪ Adaptive Segmentation continuously adjusts to changes in ▪ Eliminating Blind Spots inside data centers and cloud
application environment to keep enforcement intact ▪ Protecting the 80% of traffic that is invisible to perimeter
Founders /
▪ Live Visibility of applications, components and traffic firewalls
Management
▪ No dependency of underlying infrastructure to support new ▪ Enabling secure connectivity inside and between cloud
Andrew Rubin PJ Kirner Alan Cohen Nathaniel Gleicher Scott Downie or existing environments environments and private data centers
Co-Founder & Co-Founder & Chief Commercial Head of Cybersecurity VP, Support &
CEO CTO Officer Strategy Services ▪ Modeling of Policy to understand policy impact to ▪ Decreasing the Number of Firewall Rules by over 95%
application environment ▪ A Single Solution to Protect Applications
Founded 2013
▪ Auto-discovery and Policy Recommendations
HQ Sunnyvale, CA
Illumio Services
Jun 2017 Series D 125.0
Enforce Adaptive Encrypt Data in Apr 2015 Series C 100.0

Gain Live Visibility
Segmentation Motion
Illumio adaptive segmentation is Illumination provides a live app SecureConnect provides on-demand, Sep 2013 Series B 34.5
designed to apply the exact level dependency map across policy-based encryption of data in
of protection needed to the environment showing workloads, motion between any Linux/Windows
environment, or application applications & traffic flows workloads and VPN gateways Jan2013 Series A 8.0
86
Raises $100M in Series E Financing.

Netskope is a cloud application analytics and policy company. Using patented Netskope Features How the Context Engine Works:
technology, Netskope’s cloud-scale security platform provides context-aware governance
of all cloud usage in the enterprise in real time, whether accessed from the corporate
Description
network, remote, or from a mobile device. This allows security professionals to
understanding risky activities, protect sensitive data, stop online threats and respond to
incidents in a way that fits how people work today. Understand Protect Respond
▪ Offers visibility into ▪ Detects and ▪ Gives range of
all cloud usage remediate malware options to respond
▪ Gain granular and identify to violation
details about user, anomalies ▪ Can take immediate,
Founders / service, device, ▪ Use granular security automated action or
Management location for holistic and access policies deliver an
view of cloud to direct users and automated coaching
Sanjay Beri Ravi Ithal Lebin Cheng Krishna Narayanaswamy Steve Malmskog usage servers message
CEO Chief Architect VP, App Engineering Chief Scientist Chief Network Architect
By mapping out the API interactions of billions of transactions, the Netskope Context Engine has built the
Founded 2012 intelligence to cover all cloud traffic and to understand the details that make cloud security services such as
HQ threat protection, DLP, and granular policies more effective.
Los Altos, CA
Amount Raised $231.4M in 5 Rounds Funding Summary: $231.4M
What Makes Netskope Different?
Jun 2017 Series E 100.0
Sep 2015 Series D 75.0

Advanced, Granular policies Netskope Context Technology Architected for Advanced threat Cloud-scale
enterprise DLP for all servers Engine integrations any use protection architecture
May 2014 Series C 35.0
Customers
Oct 2013 Series B 15.9
Jan 2013 Series A 5.5
87
Raises $100M in Secondary Market Financing.

Tanium is a security and systems management solution that allows real-time data collection
Endpoint Security Endpoint Management
at enterprise scale. Its flagship product is a platform for IT departments to manage and
Threat Incident Patch Asset
control networks – even those comprising millions of machines and devices – with “15- Detection Response Management Inventory
Description second visibility” into network activity, rather than having to rely on days or even older
data. Tanium plans to replay the patchwork of security solutions with its near real-time Vulnerability Configuration Software Asset
Assessment Compliance Distribution Utilization
network scanning and management software, which consolidates multiple IT department
functions onto a single platform.
SIEM Big Threat File CMDB Help Asset Monitoring

Data Intelligence Reputation Desk Management
Founders /
Management Minimal Cost of Ownership, No Resilient Infrastructure = Complete Response Times Measured in
Effort to Scale Results Seconds
The Tanium
David Hindawi Orion Hindawi David Damato Scott Rubin Anirma Gupta Tanium’s unique architecture easily Designed for today’s rapidly Decentralized data aggregation and
Way
Co-Founder & Co-Founder & CEO CSO CMO General Counsel
Executive Chairman scales to millions of endpoints changing endpoints, we achieve distribution primarily across low-
without requiring ongoing 99%+ response rates from latency LAN traffic results in
Founded 2007
infrastructure additions, resulting in endpoints on the network. Every unparalleled speed and
HQ Emeryville, CA dramatic cost savings time performance
Amount Raised $405.7M
15 Second Visibility and Control Customers
May 2017 Private Equity 100.0
12 of the top 15 US banks Sept 2015 Series G 148.0
May 2015 Series F 64.0
Accuracy Completeness Confidence 4 of the Fortune 10 May 2014 Series E 90.0
99%+ of your 99%+ of your 99%+ of your
endpoint data is endpoints endpoints are May 2010 Venture 0.8 Undisclosed
current provide data with always in their #1 company across 11 Jun 2009 Venture 0.9 Undisclosed
every pass desired state industries
July 2007 Series A 2.0 Undisclosed
Source: Company Website, Crunchbase, TechCrunch.

88
Raises $100M In Series D Financing.
Company Overview Crowdstrike Falcon Product Overview

CrowdStrike unifies next-generation antivirus, endpoint detection and response (EDR), and a 24/7
managed hunting service — all delivered via a single lightweight agent. The CrowdStrike Falcon™ ▪ Sophisticated machine learning-driven malware protection
platform, certified to replace legacy antivirus, has reinvented how endpoint security is delivered with its Falcon Prevent: ▪ Unique indicator of Attack behavioral blocking
industry-leading, cloud native architecture. CrowdStrike Falcon protects customers against advanced Next-Generation Antivirus ▪ Extensive prevention of privilege escalation and ransomware
Description cyber attacks, using sophisticated signatureless artificial intelligence/machine learning and Indicator of
Attack (IOA) based threat prevention to stop known and unknown threats in real-time. Core to its ▪ Complete real-time visibility of security-related endpoint activity
innovative approach is the CrowdStrike Threat Graph™ which analyzes and correlates over 40 billion Falcon Insight: ▪ Five-second search to discover current & historic endpoint activity
events per day from millions of sensors deployed across more than 170 countries, uniquely providing Endpoint Detection & Response ▪ Contextualize events by threat intelligence, providing attribution and
crowdsourced protection for the entire customer community. additional information about the attack
▪ Global team of expert adversary hunters watching 24/7
Falcon Overwatch: ▪ Reduce alert fatigue with proactive notification and actionable alerts
Managed Threat Hunting ▪ Augment existing in-house resources and improve operational efficiency
Founders / ▪ Leverage “power of the crowd” to identify new emerging threats
Management
Shawn Henry
▪ Real-time system inventory of all managed & unmanaged endpoints
George Kurtz Dmitri Alperovitch Colin Black
President, Crowdstrike
Burt Podbere Falcon Discover: ▪ Real-time application inventory of all applications in the environment
Co-Founder & CEO Co-Founder & CTO COO CFO
Services & CSO IT Hygiene ▪ Discovery API allowing integration with other IT tools to automatically
remediate unmanaged systems and unwanted applications
Founded 2011
▪ In-depth cyber security analysis and reporting
HQ Irvine, California
Falcon Intelligence: ▪ Attack attribution and identification of unique adversary TTPs
Amount Raised $256.0M in 4 Rounds Cyber-Threat Intelligence ▪ Customizable feeds and API supporting a wide range of formats
▪ 80-plus adversaries tracked around the clock, around the globe
Why Crowdstrike Falcon?
BETTER IMMEDIATE BETTER Date Stage Amount Raised ($M) Selected Investors
PROTECTION TIME TO VALUE PERFORMANCE
May 2017 Series D 100.0
Prevention and detection Cloud architecture reduces Consolidates a full range of
against all attack types- both cost while adding speed, security functionality into one
malware and malware free efficacy and scalability integrated solution Jul 2015 Series C 100.0
✓ Continuous monitoring ✓ Always protected without troublesome Sep 2013 Series B 30.0
✓ Gain insight into adversaries attacking signature updates
endpoints ✓ Identify unauthorized systems &
✓ Prevent sophisticated attacks instantly applications in real time

89
Raises $15M In Series B Financing.

Attivo Networks provides dynamic deception technology, which in real-time detects The Attivo Solution
intrusions inside the network, data center, and cloud before the data is breached. The ThreatDefend Deception and Response Platform
Leveraging high-interaction deception techniques, the Attivo BOTsink Solution lures is designed to make the entire network a trap and to
force the attacker to have to be right 100% of the
BOTs/APTs to reveal themselves, without generating false positives. Designed for
Description time or risk being discovered. The solution combines
efficiency, there are no dependencies on signatures, database lookup or heavy distributed, high-interaction deception lures and
computation to detect and defend against cyber threats. Attivo solutions capture full decoys designed to provide early visibility into in-
forensics and provide the threat intelligence to shut down current and protect against network threats, efficient continuous threat
future attacks. management, and accelerated incident response
Comprehensive Reduction of Deception Improve Incident Identify and Defend Your
Deception & Decoy Attack Detection Authenticity Response with Understand the Network
Make the Entire Time Camouflage for Actionable Alerts Methods and Intent Reporting and
Founders / Network a Trap to Prevent Data Dynamic Substantiated Alerts of Hackers Automations to
Management Confuse and Exfiltration Behavioral Based on Attacker Analysis and Block Attacks and
Tushar Kothari Mano Murthy B.J. Shanker Ashok Shah Carolyn Crandall Venu Vissamsetty Misdirect Attackers Deception Engagement: No Forensics Quarantine Devices
CEO Co-Founder & Co-Founder & CFO & CMO VP, Security into Revealing False Positives
EVP VP, Operations VP, Finance Research Themselves
Founded 2011
Popular Use Cases
HQ Fremont, California
Lateral Movement Detection Exposed Credential & Attack Path Assessment Man-in-the-Middle
Insider, 3rd Party, Acquisition Integration Stolen Credential Ransomware Phishing
Platform Solutions Industry Solutions Specialized Environments: IoT, PoS, SCADA Cloud & Data Center Security Incident Response
Threat Detection Cloud Detection Specialty Detection Financial
Services
Energy Healthcare Funding Summary: $23.0M
Deception and decoy These include AWS, in These include
solutions provide an which the Attivo deception for ICS- Date Stage Amount Raised ($M) Selected Investors
additional line of deception platform uses SCADA Network
defense to address the deception techniques to protection, point-of-
situations where provide visibility to inside sales attack system, first
attackers have bypassed the data center threats. deception-based threat Retail Government High Tech May 2017 Series B 15.0
prevention security Open Stack integration detection platform for
systems and real-time provides efficient and IoT & distributed
notification of inside effective detection of deception platforms for
the network threats is network threats for automated incident Apr 2015 Series A 8.0
required virtualized SDDC handling

90
Raises $15M In Financing.

Vera develops and provides data security solutions for media and entertainment, professional
service, healthcare, financial service, pharmaceutical and biotechnology, and manufacturing
Vera For Files Vera For Mail Vera Platform
industries. The company offers a cloud-based information rights management platform that
Vera For Vera For Vera For
Description allows developers to build encryption, tracking, policy enforcement, and access control solutions
into their custom business applications. Its solutions allow clients to share files, create a hyper-
secure virtual deal room, secure data, track and audit data, send file blasts, automate file security,
and ensure regulatory compliance.
Military Grade File Encryption Seamless User Experience Granular Visibility & Control
▪ Military-grade AES 256 encryption at ▪ Fits into your company’s workflow ▪ 360° data visibility
the data level without impacting end-user ▪ Revoke file access instantly from
▪ Maintain data privacy experience any source
Founders / ▪ Encryption travels with your content ▪ Avoids risky end-user workarounds ▪ Enable/disable offline access & self-
Management everywhere destruct files anytime
Ajay Arora Prakash Linga Carmen Cerrelli Peeyush Rai Andy Zambito
Co-Founder & Co-Founder & VP, Finance & VP, Engineering VP, Worldwide
CEO CTO People Operations Sales
Founded 2014 Real-time Policy Enforcement Secure Any File, On Any Device Centralize Control & Analytics
HQ Palo Alto, California ▪ Change file permissions instantly ▪ Secure any type of file ▪ Full audit trail for regulatory
▪ Apply watermarks/screenshot defenses ▪ Security policies travel with your compliance
Amount Raised $50.0M in 3 Rounds ▪ Lock or kill files, even after they’ve data & remain with your files ▪ Instant mapping of file location,
been sent to recipients anywhere they’re stored access points & attempted hacks
Industry Solutions Awards
Financial Services Media & Entertainment Manufacturing May 2017 Undisclosed 15.0
Feb 2016 Series B 21.0
Healthcare Biotech & Pharma Professional Services

Nov 2014 Series A 14.0

91
Raises $12M In Series A Financing.

RedLock’s Cloud 360™ platform enables organizations to accelerate digital business by
managing security and compliance risks across their entire public cloud infrastructure without RedLock Cloud 360 Platform
impeding collaboration between software developers and IT operations to automate software Connects in minutes via APIs and aggregates massive volumes of raw configuration data, user activities, and
delivery. With RedLock Cloud 360, security teams gain a single view of existing and potential network traffic to produce concise, actionable insights. No agents or proxies.
Description risks over the entire cloud infrastructure, across multiple leading public cloud service providers
such as Amazon Web Services (AWS).The platform automatically discovers workloads within an
environment and enables continuous monitoring, anomaly detection, cloud forensics, adaptive Comprehensive Visibility Policy Monitoring
View your multi-cloud infrastructure Define policies based on industry
response, and compliance reporting.
environment from a single pane of standards and continuously monitor
glass for violations
Founders /
Management Anomaly Detection
Contextual Alerting
Automatically detect suspicious user
Varun Badhwar Gaurav Kumar Upa Campbell Wayne Jensen Alok Tongaonkar Leverage highly contextual alerts for
and network behavior using
Co-Founder & CEO Co-Founder & CTO VP Marketing Chief Architect Head of Data Science prioritization and rapid response
machine learning
Founded 2015
HQ Menlo Park, CA
Amount Raised $12.0M Compliance Reporting
Cloud Forensics
Report on risk posture to your
Key Stats The Five Step RedLock Process Go back to any point in time and
management team, board of
investigate issues within seconds
Discover Your Leverage 50+ APIs to continuously aggregate volumes of configuration, user directors, and auditors
Environment activity, and network traffic data without impeding DevOps
Sensitive
4.8 Records Connect The
Dots
Applies machine learning to connect the dots between configuration, user
activity, and network traffic data Funding Summary: $12.0M
MILLION Discovered
Comprehensive Applies data science to integrate with threat intelligence feeds, vulnerability Date Stage Amount Raised ($M) Selected Investors
Understanding scanners, and SIEM solutions
May 2017 Series A 12.0
$758
In Breach Quantify Your Scores each cloud resource for risk based on the severity of business
Costs Risks impact, policy violations, and anomalous behavior
MILLION Avoided Visualize Your Visualizes your entire cloud infrastructure environment with an interactive Feb 2016 Seed Undisclosed
Environment dependency map that provides insights into security and compliance risks

92
Raises $89.0M In Series F Financing.

Armor is the First Totally Secure Cloud Company™ that protects customers’ vital assets
ARMOR: DEDICATED CYBER SECURITY EXPERTS AT YOUR SERVICE
and helps prevent data breaches through managed multi-layer security for public and
private clouds. The Armor team also applies extensive military cyber security experience Industry Services Cloud Security Features Products
Description
for proactive threat detection, response and remediation. Forward-thinking organizations
Intellectual Property Maintaining
trust Armor for data security and compliance to stay ahead of cyber threats in the cloud.
securely manage most Compliance
valuable asset – your ideas Designed for all clouds in mind.
Protect data workloads and
Payment Compensate for the applications, whether they’re hosted
multi-layered security in a public cloud or your own IT
Human Element
prevents data breaches environment
Founders /
Management Healthcare
safe haven for electronic
Prevent Data
Chris Drake Jared Day Jeff Schilling Diana Massaro Noah Knippa records, information, etc. Breaches Provides high-performance cloud with
Founder & CEO President CSO CMO CFO the highest level of protection, while
Compliance Standards exceeding compliance requirements
Founded 2009 Recover Fast from and providing 24-7 security
meets any regulatory or
Cyber Attacks and support
HQ Richardson, Texas compliance standard

Armor Makes Cloud Compliance Easier Partners Date Stage Amount Raised ($M) Selected Investors
Apr 2017 Series F 89.0
Apr 2014 Series E 25.0

▪ Armor actively defends sensitive ePHI, PII, Jun 2013 Series D 12.0
credit card and transaction data
▪ Outsource costs tied to staff, audit expertise and Sep 2012 Series C 10.0
security via secure hosting solutions
▪ Audit-friendly and designed to address key Sep 2011 Series B 10.0 Neil Rapoport
requirements of PCI and HIPAA compliance
May 2011 Venture 1.1 Undisclosed
▪ Mapped roles and responsibilities for smooth
PCI and HIPAA compliant hosting Mar 2010 Series A 2.0 Pat Sullivan & Doug Ducey

93
Raises $20.0M In Series B Financing.

Cyber Global Risk Exchange (CyberGRX) develops and delivers a third-party cyber risk
management platform. The company offers CyberGRX, a platform through its design, Whether you are an enterprise, a third party or both, the CyberGRX platform streamlines your
automation, and advanced analytics enables enterprises to identify, assess, mitigate, and third party cyber risk management program by reducing risk and lowering costs
Description monitor an enterprise’s cyber risk exposure across its vendor, partner, and customer digital
Enterprise Solutions Third Party Solutions
ecosystem. Its platform helps enterprises automate and standardize the collection of
information, as well as prioritize, evaluate, and remediate risk. CyberGRX’s proprietary Dynamic Fully validated assessments, long form
Risk Ranker™ recommends 3 Tiers of self-assessments with automated
Plan appropriate level of due diligence Assessment validation, and short form self-
for each third party assessments with self-attestation
Founders / CyberGRX provides Risk

Share Share CyberGRX assessments
Management Assess Assessment as a Service (RAaaS) with upstream business partners
Fred Kneip Jonathan Simkins Patrick Gorman Bryan Smith Tony Urbanovich Scott Schneider
CEO CFO Head of Strategy, Product CTO COO CRO CyberGRX identifies largest risk Quarterly Three tiers of assessments offer
Mitigate exposures and recommends
Assessment comprehensive analysis
Founded 2015 prioritized remediation advice
HQ Denver, Colorado
CyberGRX ingests threat & business
Help company grow by leveraging
Amount Raised $29.0M intelligence from top providers & Growth
Monitor first class cyber security as a
correlates back to third parties in your
differentiator
ecosystem
Future of Third Party Cyber Risk Management Industry Solutions
Financial
Energy Healthcare
Services
Apr 2017 Series B 20.0

Mitigate Reduce Costs Scale Information
Identify and mitigate The CyberGRX Scale questionnaire Consumer & Retail Industrials
Technology
risk across your entire Exchange lowers the response program by
digital ecosystem with cost for companies to completing and Jul 2016 Series A 9.0
actionable, risk-based assess third party cyber sharing one
analytics risk assessment

94
Raises $16.5M In Series C Financing.

Dome9 is a cloud firewall management service. Their patent-pending security automation Dome9 Arc - SaaS platform to deliver comprehensive security, compliance & governance across public
creates a strong, front-line defense that stops zero-day vulnerabilities and exploits, secures cloud infrastructure environments.
remote access, and centralizes policy management. Available for the enterprise and hosting Network Advanced IAM Compliance
Description providers, Dome9 automates security policy management for cloud, dedicated, and Virtual Security Protection Engine
Private Servers (VPS). Their sophisticated security management platform controls Amazon
Model and enforce gold standard policies
EC2 & VPC Security Groups, as well as any OpenStack, CloudStack, and VMware vCloud- Protect against compromised Track, manage and report on
across accounts, projects, regions and
based private and public clouds. credentials and identity theft compliance posture
virtual networks
▪ Powerful visualization of network topology ▪ Enhanced layer of defense to existing public ▪ End-to-end security and compliance
and flows cloud IAM services management for continuous enforcement
▪ In-place remediation and active security ▪ Access restriction of IAM users and roles to ▪ Innovative new Governance Specification
Founders / enforcement contain blast radius Language (GSL) to create custom policies
Management ▪ Consistent management of security policies ▪ On-demand authorization to minimize risk ▪ Automated aggregation of data in real-time
across multiple public clouds of compromised accounts
▪ Over 500 industry best practices for security
Zohar Alon Roy Feintuch Eran Waldman Eyal Fingold Suda Srinivasan Jim Sortino
CEO & Co-Founder CTO & Co-Founder CFO VP, R&D VP, Growth VP, WW Sales ▪ Cloud-native, agentless security technology ▪ Audited tamper protection from suspicious encoded
protects all cloud assets user activity
▪ Industry best practices and built-in suites to
Founded 2010 ▪ Setup in under 5 minutes with no software ▪ Out-of-band authorizations from a mobile test compliance against standards
to install or agents to deploy device for added protection
HQ Mountain View, California ▪ Printable assessment reports for proof of
▪ Extensive automation delivering one-click ▪ Balance between seamless access and security posture across business units, virtual
Amount Raised $29.3M operational simplicity practical security networks and cloud accounts
Comprehensive Security Solutions Across One Platform Customers

Apr 2017 Series C 16.5
Oct 2015 Series B 8.3

Cloud Security Rugged Compliance and
Operations DevOps Governance Oct 2013
Convertible
2.5 Undisclosed
Note
10x faster, simpler, Cloud Security at the Verifiable Cloud
and more effective Speed of DevOps Security May 2011 Series A 2.0

95
Raises $40.0M In Private Equity Financing.

PAS is a provider of software solutions for ICS cybersecurity, process safety, and asset ICS Cybersecurity Automation Asset Management Operations Management
reliability to the energy, process, and power industries worldwide. PAS solutions include Secure ICS assets by leveraging Simplify configuration Transform process safety and
industrial control system cybersecurity, automation asset management, IPL assurance, industry leading inventory and management across all profitability by gaining real-time
Description configuration management automation assets to ensure insights into operational risk
alarm management, high performance HMI™, boundary management, and control loop technology operational reliability
performance optimization. PAS solutions are installed in over 1,100 facilities worldwide in
more than 70 countries.
Harden Security and Drive Compliance with Production-Centric Cybersecurity

▪ Maintain an evergreen inventory across all major proprietary and traditional IT control systems
Inventory ▪ Capture configuration data that IT-based approaches miss (I/O cards, firmware, control strategies)
Management ▪ Enable automated configuration and patch management
Founders / ▪ Reduce manual inventory efforts by 90%
Management
▪ Capture a reliable, comprehensive configuration security baseline
Eddie Habibi Dennis Ahrens Tamara Anderson Mark Carrigan Alan Elliot Jason Haward-Grau Configuration ▪ Detect unauthorized configuration changes before they become a problem
Founder & CEO VP & Chief VP, Corp Strategy & COO SVP, Global Sales CISO ▪ Automate alerts and policies to support cybersecurity requirements
Software Architect General Counsel Management
▪ Remediate unauthorized changes using workflow-driven incident response protocols
Founded 1993 ▪ Access the relevance and impact of Microsoft™ patches and vendor bulletins
Patch ▪ Drive the patch testing and mitigation using workflows
HQ Houston, Texas Management ▪ Audit patch processes for internal and regulatory compliance

▪ Enforce national and international compliance standards
Compliance ▪ Avoid regulatory fines and penalties from non-compliance
Customer Base Partners Management ▪ Enable standards, custom, and location-based reports for audit readiness
▪ Automate onsite and offsite backups for all major proprietary control systems
520+ Customers Including: Backup & ▪ Integrate proprietary system backups into disaster recovery plans
Recovery
13 of 15 ▪ Accelerate recovery from an outage or cyber incident
Top Chemical Companies
10 of 15 Funding Summary: $40.0M

Top Refining Companies Date Stage Amount Raised ($M) Selected Investors
5 of 15 Apr 2017 Private Equity 40.0
Top Power Companies

96
Raises $21.3M In Series C Financing.

Synack provides a cloud-based platform that enables customer data integrity, privacy, and Solutions Process Benefits Synack’s Hydra Technology
confidentiality. The company’s military-grade virtual private testing environment platform
Built To Integrate With Human Beings
Description allows the global security community access to enterprises and engages global security
Hydra is purpose-built to produce intelligence that is
researchers to test systems in virtual private testing environments, as well as provides immediately actionable by the SRT, making their
secure manual security assessment. discovery processes extremely efficient
Actionable Intelligence. Not Information Overload

Hydra delivers contextualized, ongoing change detection,
Synack Red Team + allowing researchers to investigate security issues and
Launchpoint Customer Assets
Founders / Hydra Technology determine which vulnerabilities are exploitable
Management
Hydra technology All Synack Red Synack tests each Continuous Perimeter Monitoring
enables the Synack Team testing activity customer asset on As you digitize your business at an accelerated pace,
Jay Kaplan Mark Kuhr Amit Sirdeshpandey Sridhar Nanjundeswaran Jim Hyman
CEO CTO VP, Finance VP, Engineering CRO Red Team to is routed through a continuous basis maintain control and visibility of your internet-facing
continuously our secure gateway and provides real- assets
Founded 2013 discover technology, time testing
vulnerabilities providing our clients coverage results Save Time and Money
HQ Redwood City, California
efficiently and with full and analytics Hydra is hosted in the cloud, meaning no physical or
Amount Raised $55.3M effectively transparency and virtual appliance to install, no software to deploy, and no
control infrastructure to acquire and maintain
Synack Provides World Class Security Services to Enterprises

Apr 2017 Series C 21.3
Scale Your Team Evaluate Risk Efficiently Analytics and Trends Secure Your Assets
Feb 2015 Series B 25.0
Harness the power of a private, Understand where a Our real-time analytics provide Get a dynamic and holistic
global network of the industry’s vulnerability is and the impact it you with vulnerability trends overview of your ever-evolving
most sought-after security talent can have on your organization. across all your assets. This attack surface. The Synack Red
to diversify your team’s scope Synack also validates if coverage can help you spot Team works to identify any Apr 2014 Series A 7.5
and scalability for security vulnerabilities are closed, systemic problems and exploitable vulnerabilities across
testing creating a feedback loop understand where you can your internet facing assets
unmatched by point-in-time improve your security Aug 2013 Seed 1.5
assessments

97
Advise. Network. Invest.
Momentum Partners
Momentum Capital Markets
340 Brannan Street | Suite 501
San Francisco, California 94107
Michael Tedesco Eric McAlpine Keith Skirbe Dino Boukouris

Executive Chairman Managing Partner Director Director
michael@wellspring.partners eric@momentum.partners keith@momentum.partners dino@momentum.partners
*Securities offered through Momentum Capital Markets, LLC, a division of Financial Telesis Inc. Member FINRA/SIPC.

Cybersecurity Market Review Q2 2017

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Cybersecurity

Advisors & Dealmakers In Cybersecurity.

Newsweek’s Annual Structure Security Conference Select Notable Speakers

Select Conference Advisors Leading Security Experts, Investors and Advisors

Jay Leek Matt Bigge

Asheem Chandra Alex Doll

I. About Momentum Partners 4

IV. Public Company Trading Analysis 23

VI. M&A Activity In Cybersecurity 38

The Firm The Founders Empathy

complexity of later stage/Public Innovation

200+ Deals $200+ Billion

acquired by acquired by Board Advisory acquired acquired acquired by acquired acquired by

Cloud Secure Cloud Threat SaaS / Mobile Endpoint Network / Web

acquired acquired acquired by acquired by Strategic acquired acquired acquired by

Merger 25,000 Sellside 497 Buyside 170

Sellside 13,299 Sellside 465 Sellside 162

Defense 10,300 Joint Venture 420 Buyside 157

Sellside 8,005 Buyside 420 Buyside 145

Buyside 5,030 Sellside 400 Sellside 142

Sellside 4,838 Buyside 380 Buyside 135

Buyside 3,500 Sellside 375 Buyside 112

Buyside 2,448 Sellside 339 Sellside 106

Sellside 1,900 Sellside 327 Dual Track 97

Buyside 1,700 Buyside 295 Sellside 86

Buyside 1,600 Buyside 273 Buyside 75

Wireless Solutions Divestiture 1,400 Sellside 245 Buyside 65

MOE 1,300 Buyside 230 Buyside 63

Sellside 1,000 Buyside 220 Buyside 61

Database Sellside 1,000 Sellside 219 Buyside Undisclosed

Buyside 900 Sellside 205 Cable Access

Buyside 710 Sellside 200 Sellside Undisclosed

Sellside 695 Sellside 180 Management Buyout MBO Undisclosed

Sellside 593 Sellside 178 Sellside Undisclosed

Buyside 500 Sellside 170 Sellside Undisclosed

Our Advisory Services Our Balance

Industry Research Sector Research Landscape Reviews

I. Advise. II. Network. III. Invest.

Mass. Velocity. Momentum.

Specialized Threat Analysis & Protection

Selected Acquisition Activity Selected VC Activity Equity

File Confidentially Filed Confidentially

4/17: IPO: $187M

4/16: IPO: $112M

7/15: IPO: $103M

6/15: IPO: $553M

Source: Capital IQ, 451 Group, Crunchbase, TechCrunch.

Max 14.8x Company EV/2016E Revenue EV/2017E Revenue % Change

1.9x 2.8x 46.2%

4.2x 5.6x 32.3%

3.2x 3.5x 11.0%

3.5x 3.6x 2.6%

* Date Cybersecurity ETF Index HACK hit all-time high.

Managed Security Service Provider Web Security Messaging Security

Security Incident Response Identity & Access Management Cloud Security

Industrial / IoT Security Specialized Threat Analysis & Protection

Fraud Prevention / Transaction Security

What is GDPR? Companies Addressing GDPR

What Is Required Of Companies To Comply? Are Companies Prepared?

organizations that will fully comply by

of companies did not have a definitive

of companies expect sanction or

Source: Gartner, Company Websites, IT Governance, EUGDPR.org.

The security gap is widening as traditional endpoint + perimeter based