momentum partners cybersecurity snapshot | october 2016
TRANSCRIPT
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Cybersecurity Snapshot
October 2016
Advisors & Dealmakers In Cybersecurity
Momentum Partners • Momentum Capital Markets
Cybersecurity Dashboard: October 2016
Top Financing Transactions YTD Top M&A Transactions YTD
Target Acquirer Amount ($M)
4,722
4,200
1,463
1,254
600
488
293
275
$14.41 BillionM&A Volume YTD
112M&A Transactions YTD
$4.02 Billion
Date Company Amount ($M)
1/13/16 187
7/25/16 180
6/8/16 100
2/3/16 96
1/21/16 76
1/28/16 75
7/5/16 64
8/30/16 50
Financing Volume YTD
233 Financing Transactions YTD
StackPath
Financing Activity M&A Activity
Volume ($B)
# of Deals
2015Total: 229
2016Total: 233
Volume ($B)
# of Deals2015 2016
Public Comps
Max 12.1x
Max 8.8x
Min 1.4x Min 1.5x
Median 3.7x
Median 7.4x
(EV / 2015E) (EV / 2016E)
M&A Activity
2015Total: 142
2016Total: 112
M&A EV / Rev Multiples
4.5x
5.9x
2015 2016 YTD
6
23
10
6
63614
16
5
2
13
38
26
22
28
16
271013
11
14
21
5
15
146 5 6
16
13
7
17
5536
21
14
3
12
410
142
112
2015 2016 YTD
$10.5
$14.4
2015 2016 YTD
40
23
22
19
1918
17
17
13
11
109
7 4
Specialized Threat Analysis & Protection
Identity & Access Management
Threat Intel / SecOps / IR
Cloud Security
Data Security
Mobile Security
Endpoint Security
Fraud Prevention / Transaction Security
Application Security
Risk & Compliance
Web Security
Industrial / IOT Security
Network Security
Messaging Security
MSSP
229233
2015 2016 YTD
$3.8$4.0
2015 2016 YTD
Financing Activity
5
10
15
20
25
30
Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16
Monthly Deal Count PulseFinancing M&A
(Median EV / LTM Rev)
Source: Capital IQ, Crunchbase.
Date Target Acquirer Sub-Sector EV ($M) EV / Rev
10/27/16 Application Security NA NA
10/26/16 Cloud Security NA NA
10/21/16 Network Security NA NA
10/20/16 Cloud Security 55.0 NA
10/20/16 Endpoint Security NA NA
10/19/16Cybersecurity Consulting
ServicesNA NA
10/19/16 Endpoint Security NA NA
10/19/16Identity & Access
ManagementNA NA
10/13/16 SIEM NA NA
10/11/16Cybersecurity Consulting
ServicesNA NA
10/5/16Cybersecurity Consulting
ServicesNA NA
10/5/16Identity & Access
ManagementNA NA
10/4/16 Cloud Security NA NA
10/4/16 Management BuyoutIdentity & Access
Management3.0 NA
10/4/16 Messaging Security NA NA
Cybersecurity M&A
M&A Activity
15 transactions were announced with total disclosed amount of $58.0 Million
M&A activity increased in October in terms of deal volume; however, from a deal amount perspective it was marginal in comparison to the past few months of activity where Private Equity had taken over Cybersecurity
Financing Activity
23 transactions with total disclosed amount raised of $139.3million with a median amount raised of $4.0 million
o This was 2016’s second lowest financing month since $124M was raised in March
ThreatMetrix’s $30.0M Debt Financing and SecureKeyTechnologies’ $20.6M Financing Round led all deals this month as financing activity cooled down compared to recent months
Roughly 1/2 of deals were early stage (Seed to Series A)
October Deal Flow
3
Strategic Deal Flow Commentary
Risk Solutions
Federal Services
M&A Deal Volume Increased In October, But Financing Activity Volume Cooled Down Tremendously.
Date Company Select Investors Funding StageAmount
($M)
10/14/16eCAPITAL Entrepreneurial Partners, High Tech
GruenderfondsSeries A 3.9
10/13/16 The Foundation of Internet Development Initiatives Venture 0.2
10/12/16 NA Angel NA
10/12/16A Capital, Allegis Capital, CrunchFund, Menlo Ventures, SV
Angel, Webb Investment NetworkSeries A 9.4
10/12/16KEC Ventures, Bloomberg Beta, Blu Venture Investors,
Charge Ventures, NextGen Venture Partners, Panther Angels, Sparkland Capital, Ray Rothrock
Series A 4.0
10/11/16 NA Seed 1.0
10/11/16 Balance Point Capital Partners Private Equity 20.0
10/11/16Strategic Cyber Ventures, Allegis Capital, March Capital
Partners, The HiveSeries B 12.0
10/10/16 Breed Reply Seed NA
10/6/16 NA Angel 1.1
10/6/16 Capstone Ventures, Patrillo Capital Seed 6.3
Date Company Select Investors Funding StageAmount
($M)
10/26/16 Kanye Partners Private Equity 11.0
10/25/16 Aspect Ventures, First Round Seed 2.5
10/25/16 Intel Capital Seed NA
10/25/16 True Ventures, Engineering Capital Seed 3.0
10/24/16 Gener8tor Accelerator 0.1
10/24/16 GGV Capital, Lux Capital, Planven Investments Series A 7.5
10/18/16 SVB Debt 30.0
10/18/16Kirill Sheynkman, Boldstart Ventures, Ed Chyau, Ed Sim,
Mesh Ventures, RTP VenturesVenture 3.0
10/18/16Playfair Capital, Amadeus Capital Partners, Errol Damelin,
Passion Capital, Paul ForsterSeries A 3.7
10/18/16 Venture Highway, Vishy Poosala Venture NA
10/18/16Bank of Nova Scotia, BMO Capital Markets, TD Bank,
Desjardins Venture Capital, CIBC Capital Partners, RBC Venture Partners
Venture 20.6
10/17/16 Alsop Louie Partners, Tern Plc Undisclosed NA
Note: Bold denotes lead investors. Source: Capital IQ, Crunchbase.
Cybersecurity Investing (VC & PE)
4
Venture Capital & Private Equity Activity.
October Deal Flow
Notable Financing Transactions
1
$12.0M
Series B
October 11, 2016
$9.4M
Series A
October 12, 2016
Description E8 Security is a provider of behavioral intelligence driven security solutions. Its product is a
big data, security analytics, and machine learning based solution that makes security
practitioners become business enablers. The company’s solution provides security analysts
with tools to detect and protect against the unknown and unseen harms.
Founders / Management
Founded 2013
HQ Redwood City, CA
Amount Raised $23.7M
Date Stage Amount Raised ($M) Selected Investors
Oct 2016 Series B
Nov 2015 Venture Undisclosed
Mar 2015 Series A
Dec 2014 Seed
Raises $12.0M In Series B Financing.
Company Overview Product Overview
Funding Summary: $23.7M
7
Matt RodgersHead of Product
Samantha MadridVP of Marketing
Ravi DevireddyCTO
Matt JonesCEO
Hina AsharHead of Engineering
12.0
0.7
10.7
0.3
ScalabilityEasily scales to manage the largest enterprise networks and integrates seamlessly into existing data centers. Available as an appliance or as software
Data fusionIdentifies user and device behavior and extracts relationships in endpoint, network and access data
Data explorationEnables incident response-driven data queries and investigations based on machine- or human-generated context
Risk scoring and prioritizationPrioritizes high-risk entity behaviors and threats to enable analysts to focus on the most critical threats
Anomaly and threat detectionIdentifies anomalous behaviors and suspicious activity and presents information to guide investigation
IntegrationIngests data from any source and enables bi-directional connectivity to feed behavior anomalies, threats and context to the security stack
Provides Visibility (Detect)Automatically reveals normal/anomalous behaviorsCorrelates behaviors, relationships, & tracks attack activity
Automates Threat Prioritization (Analyze)Prioritizes high-risk entity behaviors and threatsScores threats based on behavioral anomalies & customer-specific
contextual information
Enables Rapid Investigation & Threat Response (Respond) Intuitively presents information to guide investigation and exploration
of behaviors, threats and anomaliesEnables analysts to discover unseen connections to find hidden patterns
Partners
Why E8 Security?
Reduce business risk Increase Operational Efficiency Improve Return on Security Investment
Gain visibility into previously unknown persistent threats arising from all entities (users and devices)
Eliminate manual analysis and automatically prioritize threatsbased on risk
Bridge data siloes, leverage existing security infrastructure with out-of-the-box integration and enrich your security stack with intelligence
Description tCell.io develops in-application instrumentation and cloud-based analytics solutions for
application security. It provides in-application sensors that identify suspicious actions; and
cloud analytics that distill data to identify attackers and attacks.
Founders / Management
Founded 2014
HQ San Francisco, California
Amount Raised $12.0M
Date Stage Amount Raised ($M) Selected Investors
Oct 2016 Series A
Dec 2014 & Feb 2015
Seed Undisclosed
Raises $9.4M In Series A Financing.
Company Overview Product Overview
Funding Summary: $12.0M
8
Chris KingVP, Marketing
9.4
2.6
Garrett HeldDirector of Security
Ted StinsonVP, Worldwide
Sales
Boris ChenCo-Founder &
VP, Engineering
Michael FeiertagCo-Founder &
CEO
In-app sensors identify suspicious actions. Cloud analytics distill data to identify attackers and attacks
No code changes. No network changes. Easily integrated with your deploy scripts
Protect apps from OWASP top 10 attacks, bots and fraud. Manage access to data; prevent data loss. See risks in vulnerable libraries, exposed APIs, and loaded third-
party content
5 MINUTES TO DEPLOY
LOW NOISE, NO TUNING
YOU'RE COVERED
Compatible Languages
Ruby Java
PythonNode JA
How It Works
In-app instrumentation
works with cloud-based analytics to inform with context-rich
data, and protect with intelligent
policies
Notable M&A
Transactions
Product OverviewTransaction Overview
acquires
Cloud Security $55 Million
About FireLayers Transaction Summary & Rationale
Source: Company press releases and websites, 451 Research.
Redwood City, California
2013
Yair Grindlinger
Date:
HQ:
Founded:
CEO:
10/20/2016
Total purchase price of $55 million — $46 million in cash and $9 million in stock
“FireLayers gives us a platform to scale and protect the thousands of SaaS applications that enterprises use, as well as a seasoned
product and engineering team to execute,” said Gary Steele, Proofpoint CEO
“Our decision to join Proofpoint is based on its high caliber cybersecurity innovation and effectiveness at protecting customers
worldwide from advanced threats. And the new Proofpoint Israel office extends that exceptional leadership presence into Israel
for long-term success” Yair Grindlinger, CEO/ Co-founder of FireLayers
The new FireLayers-powered SaaS application threat intelligence will feed the Proofpoint Nexus platform to amplify Proofpoint’s
correlated threat intelligence across its global ecosystem
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Proofpoint Acquires FireLayers
Control Analytics Compliance
FireLayers
Consolidation In The CASB Space Continues…FireLayers On The Heels of Cisco/Cloudlock & Oracle/Palerra.
FireLayers enables the responsible adoption of cloud apps, while ensuring security, compliance and governance of any cloud application on any device by any user
Risk-based control coverage from pre-login and login on through the entire application usage including mitigations and other security tools
The FireLayers Dynamic Analytics dashboard provides a detailed usage data enabling granular auditing, forensics and alerts
Achieve and maintain compliance (like SOX, PII, and HIPAA), workflow approvals, trigger alerts on regulated and custom data: PCI, PHI, PII, IP
Risk-based AuthenticationIn real-time, FireLayers awards a risk
score for each specific action by evaluating content, context and
behavior. Based on the risk score a block/allow decision or a mitigation
response is triggered
Threat DetectionFireLayers can monitor (and audit)
activity down to the single cell level. This allows for the identification of
events for the response flow
Threat PreventionOnce events are categorized as
risky, FireLayers can interject user-centric mitigations to reduce risk
and enable the uninterrupted flow of business processes
Extended ProtectionEasily integrate with 3rd party security and monitoring tools
How FireLayers Works
Investors Cloud Applications
Utimaco OverviewTransaction Overview
acquires
Network Security
Utimaco Acquisition History Transaction Summary & Rationale
Source: Company press releases and websites, 451 Research.
Aachen, Germany
1983
Malte Pollmann
10/21/2016
“Utimaco has shown tremendous growth over the last years and has established itself as leading B-2-B cyber security player. We
are now ready to take the next step. With EQT, we found an excellent partner that combines strong Northern European heritage
with a truly global network. I am confident that this combination fits perfectly with Utimaco and will be beneficial in achieving
our future growth ambitions” Malte Pollmann, CEO at Utimaco
“Utimaco’s growth path has been truly impressive in recent years. The Company’s Management has successfully executed a
clear-cut strategy focused on close customer relations, geographical expansion and a scalable, customizable product portfolio.
The fact that all sellers are re-investing is a strong testimony to the future growth opportunities” Fredrik Atting, Partner at EQT
12
EQT Mid Market Acquires Majority Stake In UtimacoPartnership With EQT Will Further Develop Utimaco’s International Expansion.
Date:
HQ:
Founded:
CEO:
Date Company Amount ($M)
10/15/2013 NA
7/28/2008 314.0
1/31/2008 NA
10/1/2006 Acquired Utimaco Safeware France 1.6
(24% Stake)
HSM – HARDWARE SECURITY MODULES APPLICATIONS
Strong key management with a strong key injection system is the basis for a secure chain of trust in IOT. With a HSM as the Trust Anchor, each connected
device is supported from the point of production throughout its lifecycle
Code Signing
Public Key Infrastructure
Random Number Generation
Key Injection
Database Encryption
Tool to assure system integrity and to prevent tampering. To be effective, it is critical that no unauthorized party can access and abuse the code signing certificate
Utimaco HSMs rely on a True Random Number Generator, as the basis for highest-quality cryptographic key generation
Organizations can chose to encrypt their data at different levels. Databases can also be encrypted at storage level and application level
A message is encrypted with a private key and can be decrypted/verified with the corresponding public key. To reliably distribute the public key and
confirm its origin, there is a need to establish a 3rd party to assure authenticity
LAWFUL INTERCEPTION MANAGEMENT SOLUTIONS (LIMS)
LIMS
Utimaco’s LIMS has been designed as a true multivendor and multiservice system covering virtually any type of telecom network and
electronic communications service
Data Retention Suite
LIMS GatewayLIMS Access Points
Intercepts all communication services in real-time
Integrates seamlessly with more than 250 types of network nodes
Role based access control/strong encryption
High availability and disaster recovery configurations (redundancy)
Network Probes analyze all network data based on defined filter rules
Access Points can be used for targeted interception as well as for the generation of IP data records for a large range of telecom services
Gateway converts intercepted calls between SSL/ISDN & VoIP networks
It supports all common voice codecs including transcoding and protecting calls by access control and encryption
Offered as a cost efficient turn-key appliance
Carrier grade, cost effective solution for compliance with telecom data retention regulations
Automated workflows for warrant and request processing help mitigate risk of non-compliance and minimize total cost of ownership
Public Company Trading Analysis
60
65
70
75
80
85
90
95
100
105
110
Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16
92
94
96
98
100
102
9/30 10/03 10/06 10/09 10/12 10/15 10/18 10/21 10/24 10/27 10/30
October Stock Price Performance
Note: Market data as of October 31, 2016. Source: Capital IQ.
Company Price Change (%) Company Price Change (%)
$23.32 8% $153.83 3%
$84.56 9% $78.38 5%
$46.75 6% $37.25 2%
$11.62 21% $14.33 19%
$32.06 13% $11.79 6%
$3.53 7% $2.82 19%
$36.90 31% $60.19 3%
$26.50 0% $25.03 0%
$20.24 6% $35.19 2%
$3.65 33% $13.75 22%
October Stock Price Performance
LTM Indexed Stock Performance
October Indexed Stock Performance
High Growth Security
Low Growth Security
S&P 500
NASDAQ
HACK
Index
-4.9%
-3.1%
-0.8%
-1.9%-2.3%
-2.5%
2.3%
1.1%
-6.7%
1.2%
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Cybersecurity Rebounded From Mid-Month Lows To End Flat To Mostly Down In October.
Earnings Scorecard
85.3 | 87.9
Cons. | Act.
0.13 | 0.21EPS:
423.1 | 427.6
Cons. | Act.
1.08 | 1.13EPS:
314.1 | 316.7
Cons. | Act.
0.15 | 0.18EPS:
94.3 | 99.8
Cons. | Act.
0.05 | 0.19EPS:
Rev:
2Q17
Rev:
3Q16
Rev:
3Q16 3Q16 3Q16
Rev:
3Q16 3Q16
3Q162Q17 1Q17 3Q16 3Q16 3Q16
1H17 2Q17 2Q17 3Q16 3Q16
Cons. | Act.
EPS:
Rev:
42.3 | 43.7
Cons. | Act.
EPS:
Rev:
0.08 | 0.09
15
200.5 | 212.8
Cons. | Act.
EPS:
Rev:
0.03 | 0.05
4Q16
IPO Pipeline
November 9, 20165:00PM EST
November 21, 20164:30PM EST
November 9, 20165:00PM EST
November 9, 20165:00AM EST
November 10, 20162:00AM EST
41.5 | 41.6
(0.09) | (0.17)
84.5 | 86.3
Cons. | Act.
0.06 | 0.08EPS:
Rev:
Earnings Release Calendar And Results.
52.3 | 55.0
Cons. | Act.
0.23 | 0.33EPS:
Rev: 182.6 | 186.4
Cons. | Act.
(0.31) | (0.18)EPS:
Rev: 63.1 | 68.4
Cons. | Act.
(0.16) | 0.08EPS:
Rev:
50.7 | 51.0
Cons. | Act.
0.19 | 0.22EPS:
Rev:
977.0 | 979.0
Cons. | Act.
EPS:
Rev:
0.20 | 0.30
43.9 | 43.2
Cons. | Act.
0.03 | 0.02EPS:
Rev:
Public Company Analysis: Trading Metrics
Note: NM – Not Meaningful, NA – Not Available; market data as of October 31, 2016; * price performance from IPO price.
Source: Capital IQ.
Company Name Stock Price LTM Price
Performance Market Cap
($M)Enterprise Value
($M)
2015-16E Revenue Growth
2016E-17E Revenue Growth
EV / Revenue EV / EBITDA P / E
CY2016 CY2017 CY2016 CY2017 CY2016 CY2017
High Growth Cybersecurity (>20% CAGR)Palo Alto Networks 153.83 (4.5%) 14,031 13,253 37.9% 32.0% 8.4x 6.3x 39.6x 25.9x 74.1x 46.7x
Splunk 60.19 7.2% 8,098 7,078 36.8% 28.1% 7.7x 6.0x NM 54.1x NM NM
Fortinet 32.06 (6.7%) 5,536 4,506 24.1% 17.2% 3.6x 3.1x 21.5x 16.7x 50.1x 39.7x
Proofpoint 78.38 11.3% 3,322 3,271 40.7% 29.8% 8.8x 6.8x NM 66.0x NM NM
CyberArk 46.75 (5.8%) 1,569 1,333 32.1% 22.5% 6.3x 5.1x 24.3x 19.9x 43.9x 36.4x
Qualys 37.25 5.5% 1,318 1,103 20.6% 18.7% 5.6x 4.7x 17.1x 14.1x 47.3x 40.4x
Mimecast* 20.24 102.4% 1,103 999 21.2% 22.6% 6.1x 5.0x NM 61.6x NM NM
Secureworks* 11.79 (15.8%) 951 838 25.2% 19.5% 2.0x 1.6x NM NM NM NM
Rapid7 14.33 (30.3%) 603 518 40.1% 26.7% 3.3x 2.6x NM NM NM NM
Mean 31.0% 24.1% 5.7x 4.6x 25.6x 36.9x 53.8x 40.8x
Median 32.1% 22.6% 6.1x 5.0x 22.9x 25.9x 48.7x 40.0x
Low Growth Cybersecurity (<20% CAGR)Symantec 25.03 21.5% 15,579 12,665 6.1% 16.9% 3.3x 2.8x 10.3x 7.7x 24.7x 15.7x
Check Point Software 84.56 (0.4%) 14,500 13,270 6.2% 5.8% 7.7x 7.3x 13.9x 13.4x 18.7x 17.4x
Trend Micro 38.56 (1.7%) 4,831 3,649 21.9% 7.1% 2.9x 2.7x 9.7x 8.8x 30.7x 26.1x
FireEye 11.62 (55.6%) 1,972 1,779 15.8% 15.3% 2.5x 2.1x NM 69.4x NM NM
Infoblox 26.50 62.5% 1,473 1,215 (3.2%) 14.5% 3.5x 3.1x NA NA 67.4x 32.1x
Sophos 2.82 (29.0%) 1,285 1,504 7.4% 14.8% 3.0x 2.6x 21.4x 17.8x 9.6x 31.3x
Barracuda Networks 23.32 21.6% 1,220 1,044 11.7% 6.2% 3.0x 2.9x 13.6x 12.1x 33.2x 34.8x
Imperva 36.90 (47.7%) 1,203 948 6.8% 20.6% 3.8x 3.1x NM NM NM NM
F-Secure 3.53 17.7% 551 462 9.8% 6.3% 2.6x 2.5x 16.7x 13.9x 32.9x 28.6x
VDSI 13.75 (27.7%) 547 405 (21.2%) 15.6% 2.1x 1.8x 15.1x 14.7x 28.6x 20.8x
MobileIron 3.65 (5.4%) 321 241 9.6% 10.8% 1.5x 1.3x NM NM NM NM
Mean 6.4% 12.2% 3.3x 2.9x 14.4x 19.7x 30.7x 25.9x
Median 7.4% 14.5% 3.0x 2.7x 13.9x 13.6x 29.7x 27.4x
High Growth & Low Growth Cybersecurity.
16
Note: NA – Not Available; market data as of October 31, 2016.Source: Capital IQ.
High Growth & Low Growth Cybersecurity.
Company Name Revenue Revenue Growth (YoY%) EBITDA EBITDA Margin (%)
2015A 2016E 2017E 15-'16 16-'17 2015A 2016E 2017E 2015A 2016E 2017E
High Growth Cybersecurity (>20% CAGR)
Palo Alto Networks $1,150 $1,586 $2,093 37.9% 32.0% $213 $335 $512 19% 21% 24%Splunk 668 914 1,172 36.8% 28.1% 45 85 131 7% 9% 11%Fortinet 1,009 1,253 1,468 24.1% 17.2% 168 210 270 17% 17% 18%Proofpoint 265 373 485 40.7% 29.8% 5 36 50 2% 10% 10%CyberArk 161 213 260 32.1% 22.5% 45 55 67 28% 26% 26%Qualys 164 198 235 20.6% 18.7% 57 64 78 34% 33% 33%Mimecast 136 164 202 21.2% 22.6% NA 7 16 NA 4% 8%Secureworks 340 425 508 25.2% 19.5% NA (29) 0 NA (7%) 0%Rapid7 111 155 196 40.1% 26.7% (29) (32) (29) (26%) (21%) (15%)
Low Growth Cybersecurity (<20% CAGR)
Symantec $3,626 $3,847 $4,496 6.1% 16.9% $1,709 $1,227 $1,644 47% 32% 37%Check Point Software 1,630 1,730 1,830 6.2% 5.8% 938 952 993 58% 55% 54%Trend Micro 1,034 1,261 1,351 21.9% 7.1% 322 374 415 31% 30% 31%FireEye 623 721 832 15.8% 15.3% (172) (91) 26 (28%) (13%) 3%Infoblox 355 344 393 (3.2%) 14.5% 52 NA NA 15% NA NASophos 472 507 582 7.4% 14.8% NA 70 84 NA 14% 15%Barracuda Networks 309 345 366 11.7% 6.2% 64 77 86 21% 22% 24%Imperva 234 250 302 6.8% 20.6% 9 (18) (2) 4% (7%) (1%)F-Secure 160 176 187 9.8% 6.3% 31 28 33 19% 16% 18%VDSI 241 190 220 (21.2%) 15.6% 57 27 28 24% 14% 13%MobileIron 149 164 181 9.6% 10.8% (52) (29) (15) (35%) (18%) (8%)
17
Public Company Analysis: Operating Metrics
Overview of Momentum Partners
Momentum Partners
Why Momentum Partners?Momentum Partners is a boutique Cybersecurity focused advisory firm based in Silicon Valley
with operations globally. We employ a high-touch advisory model specifically designed to serve
Founders/CEOs and their Boards – Series A to exit – where we are relentless in our pursuit for
better outcomes for clients. As advisors and dealmakers in cybersecurity for two decades, we
have closed over 200 deals totaling $200 Billion in value.
Cybersecurity Enterprise IT Cloud & SaaS Defense & Government
Mergers & Acquisitions* Capital Raising*
Corporate Development Ecosystem Development
Momentum’s Senior Cybersecurity Team
Michael TedescoExecutive ChairmanFounderStrategic and Capital MarketsAdvisor to CEOs, Founders & Boards
Eric McAlpineManaging PartnerFounderSenior AdvisorCybersecurity Lead
Dino BoukourisDirectorStrategic AdvisorStart-up AdvisorVC & Private Equity
Keith SkirbeDirectorStrategic AdvisorMergers & AcquisitionsDeep Cybersecurity Expertise
CLIENT COUNTERPARTY CLIENT COUNTERPARTY CLIENT COUNTERPARTY CLIENT COUNTERPARTY CLIENT COUNTERPARTY
200+ Deals $200+ Billion
Petros KitsosSenior AdvisorStrategic AdvisorDirect Investor and Board MemberDeep Defense & Aerospace Expertise
Timothy LiptonPartnerFounderStart-Up AdvisoriCFO
(Rocketdyne)
19
Advisors & Dealmakers In Cybersecurity.
CYBERscape: The Cybersecurity Landscape
Source: Momentum Partners.
Network Security
Network Firewall Network Monitoring/Forensics
Intrusion Prevention Systems Unified Threat Management
Managed Security Service Provider Messaging Security
Application Security
WAF & Application Security
Vulnerability Assessment
Endpoint Security
Endpoint Prevention
Endpoint Detection & Response
Specialized Threat Analysis & Protection
Cloud Security
Fraud Prevention / Transaction Security
Identity & Access Management
Web Security
Risk & Compliance
Threat Intelligence
Industrial / IoT Security
Mobile SecurityData Security
Security Incident Response
SIEM
Security Operations & Incident Response
The Security Sector Is Dynamic And Vast. We Are Ceaseless & Vigilant In Our Coverage.
20
CYBERscape: The Investor Landscape
Mountain South
California
Northern California
SECURE OCTANE
Southern California
Cybersecurity-Focused Investors Government
APAC
Israel
Pacific NorthwestCanada
United Kingdom
Europe (Ex-UK)
Europe
Corporate Ventures
Midwest
Mid-Atlantic
New York
New England
Cybersecurity Is A Popular Investing Ground For Institutional Investors Around The World.
21
15
Advise. Network. Invest.
Momentum Partners, LLC
Momentum Cap i ta l Market s , LLC
340 Brannan Street | Suite 501
San Francisco, California 94107
Michael Tedesco
Executive Chairman
Eric McAlpine
Managing Partner
Keith Skirbe
Director
Dino Boukouris
Director
*Securities offered through Momentum Capital Markets, LLC, a division of Financial Telesis Inc. Member FINRA/SIPC.
Petros Kitsos
Senior Advisor
Timothy Lipton
Partner