Cybersecurity Market Review Q2 2016

1
Cybersecurity
Market Review
Q2 2016
Advisors & Dealmakers In Cybersecurity.
Momentum Partners, LLC •  Momentum Capital Markets, LLC

About
Momentum
Partners
Momentum Partners
Advisors & Dealmakers In Cybersecurity.
Why Momentum Partners? Momentum’s Senior Cybersecurity Team

Momentum Partners is a boutique Cybersecurity focused advisory firm based in Silicon Valley Michael Tedesco Eric McAlpine
with operations globally. We employ a high-touch advisory model specifically designed to Executive Chairman Managing Partner
serve Founders/CEOs and their Boards – Series A to exit – where we are relentless in our Founder Founder
Strategic and Capital Markets Senior Advisor
pursuit for better outcomes for clients. As advisors and dealmakers in cybersecurity for two
Advisor to CEOs, Founders & Boards Cybersecurity Lead
decades, we have closed over 200 deals totaling $200 Billion in value.

Petros Kitsos Timothy Lipton
Senior Advisor Partner
Cybersecurity  Enterprise IT  Cloud & SaaS  Defense & Government Strategic Advisor Founder
Direct Investor and Board Member Start-Up Advisor
Mergers & Acquisitions*  Capital Raising* Deep Defense & Aerospace Expertise iCFO

Corporate Development  Ecosystem Development Keith Skirbe Dino Boukouris
Director Director
Strategic Advisor Strategic Advisor
200+ Deals $200+ Billion Mergers & Acquisitions
Deep Cybersecurity Expertise
Start-up Advisor
VC & Private Equity

CLIENT COUNTERPARTY CLIENT COUNTERPARTY CLIENT COUNTERPARTY CLIENT COUNTERPARTY CLIENT COUNTERPARTY
(Rocketdyne)
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CYBERscape: The Cybersecurity Landscape
The Security Sector Is Dynamic And Vast. We Are Ceaseless & Vigilant In Our Coverage.
Infrastructure Security Endpoint Security Application Security
Network Firewall Network Monitoring Endpoint Prevention WAF & Application Security
Intrusion Prevention Systems Unified Threat Management Endpoint Detection & Response Vulnerability Assessment
Managed Security Service Provider Messaging Security Web Security
Industrial / IoT Security Security Operations & Incident Response Threat Intelligence Mobile Security Data Security
SIEM
Cloud Security
Security Incident Response
Transaction Security Specialized Threat Analysis & Protection Identity & Access Management
Risk & Compliance
Source: Momentum Partners.
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Executive
Summary
Q2 2016: Market Update And Observations
Strategic Activity Rebounded In Q2 Led By Symantec’s Acquisition Of Blue Coat.
§  There were some notable declines during Q2 – our High Growth Cybersecurity comps were -6% Top 5 Movers in Q2
while our Low Growth Cybersecurity comps were -5%, relative to the NASDAQ which was -1%,
the S&P 500 which was +2% and the HACK index which was relatively flat 18% 14%
Valuations §  Over the last 12 months valuations have rerated, with median forward multiples down ~50% for 17%
our cybersecurity company universe. Notables include FireEye, Palo Alto and Splunk, whose 33% 25%
forward multiples are down 72%, 51% and 46%, respectively
§  Cybersecurity M&A activity in 1H16 reached $5.6B; total announced M&A volume in 2Q16 totaled
$5.0B and 31 deals
Exits: M&A & §  There were several notable M&A transactions during Q2 – Symantec acquired Blue Coat for $4.7B
and Cisco acquired CloudLock for $293M, marking its 4th security acquisition over the last 12
IPO Activity months totaling roughly $1.5B
§  Optiv is planning an IPO in 2H16; Carbon Black, Veracode, Tenable, and Zscaler remain on hold
§  Q2 saw a large decline in the amount of large rounds, reaching its lowest funding quarter since
1Q15; there was only one deal announced larger than $50M in funding– Cylance ($100M)
Investment §  2Q16 funding volume reached $775M and 62 deals compared to $1.6B and 58 deals in 1Q16
Activity §  Approximately 60% of deals were early stage (Seed – Series A) with a median amount raised of
$3.7M; the remainder consisted of late stage (Series B+) with a median amount raised of $20.0M
§  Return of the Consolidators: April & May marked the first time in more than a year that none of the
consolidators announced an acquisition. That changed in June with Symantec (Blue Coat) and Cisco
(CloudLock) coming back to the table. Major moves will be made…who will be next?
Industry Selected Companies With Top Technologies
§  At Gartner’s recent Security & Risk Summit, Neil MacDonald, highlighted their top 10 technologies for
Observations InfoSec in 2016 – (i) CASB (ii) EDR (iii) Nonsignature Approaches for EPP (iv) UEBA (v)
Microsegmentation & Visibility (vi) Security Testing for DevOps (vii) Intelligence Driven SOC
Orchestration (viii) Remote Browser (ix) Deception and (x) Pervasive Trust Services
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Cybersecurity Multiples Have Rerated
Public Market Valuations for Cybersecurity Have Compressed by ~50% Over The Past 12 Months.
Max 13.6x
Company EV/2015E Revenue EV/2016E Revenue % Change
46.5% 2.2x 2.5x 10.5%

Reduction
8.1x 7.0x 12.9%
Max 7.3x 3.7x 2.9x 20.2%
9.8x 7.3x 26.2%
Median 8.1x 7.4x 4.2x 42.9%
12.8x 6.9x 46.3%
6.6x 3.5x 46.5%
Median 3.7x 12.8x 6.6x 48.6%
13.6x 6.6x 51.5%
Min 2.2x 2.4x 1.0x 56.4%
8.9x 3.7x 58.0%

54.0%
Reduction 6.1x 1.9x 69.0%
11.5x 3.2x 72.2%

Min 1.0x
EV / 2015E Revenue EV / 2016E Revenue
Multiple as of 6/30/15 Multiple as of 6/30/16
7
Severe Decline In Correlation Of Value To Growth
Public & M&A Markets Value Profit & Predictability Over Growth (Back to Basics).
10.0x
9.0x
Proofpoint
$2,823 mn Palo Alto Networks
$11,285 mn
8.0x
Check Point
$14,258 mn Cyberark
7.0x $3,073 mn $1,736 mn
EV / Revenue 2016E
6.0x Splunk
$7,525 mn
Fortinet
5.0x Qualys $5,744 mn
$1,072 mn
4.0x AVG Technologies Imperva

Trend Micro $1,444 mn
$1,247 mn Sophos $4,944 mn
$1,231 mn
3.0x Barracuda Networks FireEye Rapid 7
$964 mn $2,732 mn $523 mn
Mimecast
2.0x F-Secure
Imprivata $555 mn
$461 mn SecureWorks
MobileIron $363 mn
$1,118
1.0x $281 mn
0.0x
0% 5% 10% 15% 20% 25% 30% 35% 40%
2015-16E Revenue Growth

R2 By Quarter
High Growth Cybersecurity Low Growth Cybersecurity
Q2: 23.1% Q1: 23.6%
Q4: 29.2% Q3: 63.2%

Note: Size of the bubble indicates Market Cap (Equity value in the case of Blue Coat). In USD; Market data as of July 8, 2016.
Source: Capital IQ.
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Cybersecurity M&A in the Spotlight: TechCrunch
As Symantec Flexes Its Muscle In Security, Who Will Step Up To The Challenge?
The Symantec-BlueCoat transaction is the second largest M&A transaction The M&A markets value a combination of market leadership,
in history for enterprise security. The security market chessboard is revenue growth, predictability, and scale. In our research, the
evolving right before us. Symantec has paid handsomely to make a major Eric McAlpine correlation of revenue growth to value alone is currently a mere

move to maintain its position as a leader in the space. While the headline Founder 22%, which is historically low as valuations have traditionally
price was indeed full by financial standards, it was the deal structure that Momentum correlated much higher (70%+) to top line growth. It’s as artful as
was more interesting, with solidarity and support by two very smart private Partners ever to determine value in the context of M&A as one must
equity firms with deep experience investing in security. consider a variety of factors beyond just growth.
Security Specialized Threat

Network Endpoint Application Web Identity & Access Data Security & Cloud
Operations & Analysis &
Security Security Security Security Management Loss Prevention Security
Incident Response Protection
Innovators
Incumbents
Source: https://techcrunch.com/2016/06/27/as-symantec-flexes-its-muscle-in-security-who-
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will-step-up-to-the-challenge/
The ‘Transformative’ Cybersecurity M&A Chessboard
Major Moves Will Be Made Post Symantec / Blue Coat.
The Top Consolidators (Cash Balance $B) The Top Targets (2016E Revenue $M)
$105.3 $665.6 Advanced Endpoint Security
$63.5 $506.0 Network/Endpoint Security
$56.1 $425.3 MSSP
$15.3 $352.8 Advanced Threat Protection
$14.9 $340.9 Web Security
$9.0 $301.2 Application Security
$6.0 $211.0 IAM
$2.8 $197.8 Vulnerability Management
$1.4 §  All considered IPO candidates Cloud Security

(>$75M in Revenue)
$1.1 Application Security
§  Each likely seeking $1B+ exit
§  Backed by Vista Equity (Fund V: $5.7B) & Raytheon ($2.6B Cash) Advanced Endpoint Security
The Wild Cards The Wild Cards
Source: Momentum Partners. 10

Strategic Activity Since 2015
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)
6/16: $293M / 10.0x+ 6/16: $4.7B / 7.8x 6/16: NA / NA 6/16: NA / NA 6/16: $20M / NA / B 6/16: $20M / NA / B 6/16: $100M / NA / D 4/16: IPO: $112M
Dell Spinoff
2/16: $100M / NA 2/16: $45M / NA 2/16: $30M / NA 1/16: $275M / 6.9x 5/16: $41M / NA / D 4/16: $15M / NA / B 3/16: $30M / $245M / C
11/15: IPO: $78M
9/12: Series C: $62M

1/16: $10M / NA 1/16: NA / NA 12/15: $35M / 1.9x 11/15: $78M / NA 2/16: $23M / NA / B 2/16: $96M / NA / PE 2/16: $14M / NA / B 1/10: Series B: $21M $91M
12/08: Series A: $8M
11/15: $280M / NA 10/15: $453M / NA 10/15: $300M / 1.8x 10/15: $400M / 7.5x 1/16: $75M / NA / C 1/16: $20M / NA / A 1/16: $25M / NA / D
7/15: IPO: $103M
12/14: Series D: $30M

11/11: Series C: $50M $89M
10/15: $116M / 10.3x 9/15: $290M / NA 9/15: $425M / 2.0x 7/15: $190M / NA 12/15: $27M / $43M / B 11/15: $20M / $60M / B 10/15: $33M / NA / A 2/10: Series B: $2M
9/08: Series A: $7M
6/15: $635M / NA 5/15: $60M / NA 4/15: $200M / 3.3x 4/15: $1.9B / NA 10/15: $15M / $55M / B 8/15: $52M / $380M / E 7/15: $18M / NA / B
6/15: IPO: $553M
5/02: Minority: $60M $64M

9/98: Venture: $4M
4/15: $786M / 3.6x 4/15: $80M / NA 3/15: $2.4B / NA 3/15: $43M / NA 6/15: $30M / $122M / C 4/15: $100M / $900M / C 3/15: $11M / NA / A
Source: Capital IQ, 451 Group, Crunchbase, TechCrunch. Momentum Partners maintains a proprietary Cybersecurity M&A deal database.
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Cybersecurity IPO Insights
A Stark Contrast Of Post-IPO Performance & Corresponding Valuation Impact.
Implied Multiple On The Day of Pricing For Each Cybersecurity Sector IPO
(Multiple: EV / LTM Revenue)
20.5x
Avast Acquired AVG on July 7 for $1.3B / 3.4x LTM Rev
13.0x 13.4x
6.7x
5.3x 5.7x 5.3x
3.9x 4.4x 4.3x 4.0x 4.1x 4.6x 4.0x 4.0x 3.3x
Median: 4.5x
IPO Timing 2012 2013 2014 2015 2016
Stock
Performance 54%* 233% * 20%* 423% * 200% * 156% * 109%* 18%* 2%* 63%* 4%* 223% * 23%* 22%* 2%* 1%
(since IPO)
EV / LTM Rev
(Current) 3.1x 8.9x 2.3x 9.6x 8.5x 5.0x 4.9x 3.8x 2.4x 1.2x 2.5x 8.5x 3.1x 3.6x 3.2x 2.7x
Total $ Raised $128M $230M $120M $82M $260M $91M $128M $304M $64M $100M $75M $86M $553M $103M $78M $112M
Source: Capital IQ. Stock performance and valuation multiple as of July 8, 2016.
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1
Momentum’s Watch List: Q2 2016
Selected Private Companies With Tremendous Momentum.
Company Commentary Company Commentary

§  Lastline provides a malware protection platform to detect and stop advanced persistent §  UNIKEN’s platform, REL-ID, short for “RELative IDentity” is a safe, simple and scalable
threats, zero-day exploits, and evasive malware. It’s Deep Content Inspection™ goes security platform that tightly integrates your identity, authentication, and channel security.
beyond legacy malware analysis; inspection of suspicious objects occurs at scale in real- Combining strong “relative” identities with its patented protocol, secure application
time using a full-system emulation approach to sandboxing tunnels can be established at high speed and at IoT scale, enabling a phenomenal user
§  The company was built by Anubis and Wepawet researchers and industry veterans focused experience with every authorization and login
Raised: $23.7M Raised: $7.73M
specifically on advanced breach weaponry and tactics §  28 implementations worldwide, 4M users, 8.8M devices secured, 3 innovation awards
HQ: Redwood City, CA HQ: Odessa, FL
§  Leadership: Christopher Kruegel (CEO), Giovanni Vigna (CTO) §  Leadership: Bimal Gandhi (CEO), Robert Levine (VP of Business Development)
§  Morphisec’s patented suite of security defense tools protects enterprises against zero-day,
§  Stealth Security's ground-breaking enterprise security platform tackles the most prevalent
one-day and other exploit-based threats. It’s Moving Targeted Defense (MTD) endpoint
online threats facing organizations today
threat prevention solutions do not rely on threat signatures or suspicious behaviors, rather
they use the hackers own tactics – polymorphism and deception – to instantaneously §  They have created a uniquely revolutionary detection and mitigation product to secure
block and identify attacks the Internet from web, mobile, and API malicious automation attacks
Raised: $7M Raised: Undisclosed §  Leadership: Michael Barrett (CEO), Shreyans Mehta (CTO), Ameya Talwalkar (VP
§  Leadership: Ronen Yehoshua (CEO), Omri Dotan (Chief Business Officer), Michael Gorelik
HQ: Beersheba, Israel (VP R&D), Mordechai Guri (Chief Science Officer) HQ: Mountain View, CA Engineering), David Weisman (VP Products)
§  Prevoty is the leading provider of RASP (Run-Time Application Security Protection) §  SentinelOne provides a uniquely integrated platform (prevention, detection and response)
security, enabling enterprises to automatically protect their applications in production. powered by a Dynamic Behavior Tracking engine coupled with automated mitigation and
§  Their proprietary technology allows enterprises to embed security within the application, remediation. It’s approach is based upon deep inspection of all system processes
providing a highly personalized, configurable security solution for companies of all sizes combined with innovative machine learning to quickly isolate malicious behaviors,
Raised: $12.8M and industries Raised: $39.52M protecting devices against advanced, targeted threats in real-time
HQ: Los Angeles, CA §  Leadership: Julien Bellanger (CEO), Kunal Anand (CTO), Chris Prevost (VP Solutions) HQ: Mountain View, CA §  Leadership: Tomer Weingarten (CEO), Almog Cohen (CTO), Sameet Mehta (CFO)
§  Datashield’s model combines people, processes, and technology to help modern §  Vidder is bringing to market PrecisionAccess™, the industry’s next gen access control that
organizations and enterprises stay ahead of advanced threats that compromise security and isolates applications – ensuring zero visibility and zero access from all networked users
can cost millions of dollars and devices until trust is verified
§  Their technology gives customers visibility into potentially damaging activity within their §  PrecisionAccess™ is the most widely deployed solution based on the Software Defined
infrastructure by continuously monitoring activity across their enterprise. In addition, the Perimeter (SDP) protocol promoted by the Cloud Security Alliance (CSA)
Raised: $4M team assists customers in quickly and effectively responding to identified threats Raised: $20.68M
§  Leadership: Mark Hoover (CEO), JunaBrent Bilger (VP of Solutions Architecture)id Islam
HQ: Park City, UT §  Leadership: Michael Malone (CEO), Joel Menk (COO), Mark Webb (CTO) HQ: Campbell, CA (President/CTO), Satish Gannu (VP of Technology),
§  Cybereason delivers a proprietary detection and response platform that leverages big data, §  Templar Shield is a premier information security, risk and compliance technology
behavioral analytics and machine-learning to uncover, in real-time, complex cyber attacks professional services firm. They provide consulting and professional recruitment services to
designed to evade traditional defenses. It automates the investigation process, connects place the best professionals in the industry to enable their clients to fortify, defend, and
isolated malicious events and visually presents a full malicious operation. The platform is secure their businesses
Raised: $88.6M available as an on-premise or a cloud-based service. §  Leadership: Nicholas Friedman (CEO), Scott Barth (GRC Practice Lead and Principal),
Raised: Undisclosed
HQ: Boston, MA §  Leadership: Lior Div (CEO), Yossi Naar (CVO), Scott Ward (CFO) Bryan Shaughnessy (COO/SVP Business Delivery)
HQ: San Diego, CA
Source: Momentum Partners, PitchBook Data, CrunchBase, Company Press Releases. 14

Momentum’s Watch List: Q3 2015 to Q1 2016
A Look Back At Those Companies With Momentum From Previous Quarters.
Q1 2016 Q4 2015 Q3 2015
Series A (02/10/16): $8M

Series B (04/20/16): $15M (04/26/16): In-Q-Tel Investment
Series A (10/25/15): $32.5M
Series A (07/06/16): $10M
Series B (04/19/16): $5M
Series D (05/24/16): $41M Venture (06/14/16): $2.6M

Series B (07/12/16): $10M
Note: Following 2Q15 Watch List Companies Raised $: Darktrace ($64M Series C on 7/5/16; Cylance ($100M Series D on 6/8/16); Bayshore Networks ($6.6M Series A on 5/10/16).
15
Notable
Strategic
Activity
1
Notable M&A Transactions
acquires acquires acquires
June 28, 2016 June 12, 2016 June 1, 2016

Cisco Acquires CloudLock To Enhance “Security Everywhere”
Marks Cisco’s 4th Security Acquisition Over The Past 12 Months, Totaling ~$1.5B.
Transaction Overview CloudLock Overview
Application
Date: 6/28/2016 Discovery Integrations &
& Control Orchestrations
Security For Any Cloud Application
Total Raised: $34.9M
Acquires HQ: Waltham, MA Data Security Custom App Threat

& Compliance Security Protection
Founded: 2007
Key Components
CEO: Gil Zimmermann
Cloud Actionable
Support for Security Unparalleled
Native Cybersecurity
Any App Orchestration Coverage
Cloud Security $293 Million Intelligence
Funding Snapshot Rationale

Date Stage Amount Raised ($M) Selected Investors §  “As companies are migrating to the cloud, they need a technology partner that can accelerate that transition and deliver
critical security capabilities for all their users, apps and data in a seamless way,” said Rob Salvagno, Vice President of Cisco
Corporate Development. “CloudLock brings a unique cloud-native, platform and API-based approach to cloud security
Jan 2014 Series C 16.5 which allows them to build powerful security solutions that are easy to deploy and simple to manage.”
§  “When we started talking with Cisco about potential opportunities to collaborate, we quickly realized how much we had in
Mar 2012 Series B 8.7 common. We share the same vision on the future of security that focuses on a platform that scales to any size, provides
immediate value, is simple to manage and leverage, and is easily extensible through APIs. We also realized that by joining
forces, we could accelerate the execution of our vision with greater investments in research and development, the
Mar 2008 Series A 3.0 CloudLock CyberLab, partner enablement, and global reach which is far greater than we could have ever achieved on our
own,” said Gil Zimmermann, CEO of CloudLock.
Source: Company press releases and websites, 451 Research. 18

Symantec Acquires Blue Coat In Second Largest Cybersecurity Transaction
Symantec Not Only Acquires Blue Coat, Acquires CEO In A $4.65B All Cash Deal.
Transaction Overview Blue Coat Overview

Date: 6/12/2016 HQ: Sunnyvale, CA // Founded: 1996 In December 2011, Thoma Bravo acquired Blue Coat and
CEO: Greg Clark (Now CEO of Symantec) took company private for $1.3B. In March 2015, Bain
EV / LTM Rev: Capital acquired Blue Coat from Thoma Bravo for $2.4B.
7.8x Customers: 15,000
EV / LTM EBITDA: NM Network Platform Capabilities

Security Cloud
Acquires
Private Equity Support:
+ + Protect Cloud and On-
Premise Assets
Respond Rapidly to
Security Incidents
Protects enterprises and its users from Defend Against Manage Encrypted
cyber threats Advanced Threats Traffic
§  Advanced web and cloud security

§  Encrypted traffic management Optimize Network Leverage Cloud to
Performance Protect the Cloud
Enterprise Security $4.65 Billion §  Network performance and optimization
Transaction Funding Top 5 Cybersecurity Transactions by Value

Date Announced Acquirer Target Deal Value ($B) EV / LTM Rev
§  Symantec acquires Blue Coat for $4.65B in an all cash deal
August 19, 2010 $7.7 3.4x
§  Silver Lake makes an additional $500M investment into
June 12, 2016 $4.7 7.8x
Symantec (doubling their investment to $1B)
February 9, 2004 $4.0 14.3x
§  Bain Capital to reinvest $750M to help fund the deal
July 23, 2013 $2.7 10.7x
§  Additional $2.8B raised in the form of debt for acquisition
March 10, 2015 $2.4 3.8x
Source: Company press releases and websites, 451 Research. 19

Vista’s Acquisition Of Ping Identity Could Set Stage For Consolidation In IAM
Marks Vista’s 3rd Investment In Cybersecurity — Forcepoint And Return Path.
Transaction Overview PingPing

Identity
Identity
Product
Overview
Overview
Date: 6/1/2016 The Platform Core Capabilities
Integrate with Flexibility to store and

Total Raised: $128.4M
ID Protection identity protocols manage your users
Acquires Customize access based Centralize control over

§  Federated Access Management features ensure on user attributes user management
HQ: that users are who they say they are

Denver, CO
§  Federated Identity Management features simplify
and centralize managing identities locally and in Manage all identities Mix and match different
Founded: 2002 the cloud
and enforce policies authentication methods
§  Protects critical assets for some of the world’s

Continuous
CEO/Founder: Andre Durand largest enterprises, while still enabling secure authentication of Frictionless user
Identity & Access Management access to any application from any device trusted users and experience
devices
Funding Snapshot Rationale

Date Stage Amount Raised ($M) Selected Investors §  “Enterprises require a partner who can effectively integrate every technology stack and cloud platform to provide secure
access for their users. With Vista, we can now accelerate our vision of creating a borderless world secured through identity.
Sep 2014 Series G 35.0 The Ping team is excited to begin this next phase for Ping Identity and to broaden its reach into new markets,” said Andre
Durand, CEO of Ping Identity
Jul 2013 Series F 44.0 §  "Identity is the new strategic imperative for winning in the digital economy. With the Internet of Everything upon us, it is
more important than ever to protect and secure access to any application through identity,” said Robert F. Smith, Founder,
Jun 2011 Series D 21.0 Chairman & Chief Executive Officer of Vista. “Vista recognizes the power of Ping's platform and the strength of Ping's
business model, and we’re looking forward to working with Andre to support Ping’s growth in the dynamic and strategic field
Oct 2006 Series C of identity management.”
13.0
20
1
Notable VC Financing Activity
$100M $22.5M $22.0M $41.0M
Series D Financing Series C Financing Series D Financing Series D Financing
May 8, 2016 May 25, 2016 May 24, 2016 May 24, 2016
Raises $100M In Series D Financing
Company Overview Product Overview
Description Cylance is the first company to apply artificial intelligence, algorithmic science and
machine learning to cyber security and improve the way companies, governments and
end users proactively solve the world’s most difficult security problems. Using a + ThreatZERO
breakthrough predictive analysis process, Cylance quickly and accurately identifies
what is safe and what is a threat, not just what is in a blacklist or whitelist. Blocks threats in real time before they Reduces threat levels to near
ever cause harm zero
§  Protects from a variety of threats §  Quickly deployed and integrated
§  Boosts efficiency of IT resources §  Solutions tailored case by case
Founders / §  Secure infrastructure under one §  Eliminates all current threats to
Management
flexible solution endpoints
Stuart McClure Ryan Permeh Glenn Chisholm Jeffrey Ishmael Jon Miller
Founder & CEO/ Founder & Chief CTO CFO Chief Research Advanced Threat Protection for the Endpoint
President Scientist Officer
Founded Next-Generation
2009 Engineered to run Platform is easy to
antivirus
HQ with minimal manage and works
Irvine, CA incorporates AI
updates and few in every
Amount Raised $177M in 4 Rounds and machine
system resources environment
learning
Building The Next Generation Security Ecosystem

Funding Summary
Provides Protection Across A Wide Number Of Industries Selected Clients
Date Stage Amount Raised ($M) Selected Investors
Jun 2016 Series D 100.
0
Jul 2015 Series C 42.0
Feb 2014 Series B 20.0
Feb 2013 Series A 15.0
22
Raises $22.5M In Series C Financing.
Description Dashlane provides a platform for users to manage their passwords and online
identities across multiple sites and applications. Dashlane’s consumer products are
sold on a freemium model. The company has more than 5M consumers in 150
countries and it has enabled $6B in e-commerce transactions to date. Dashlane also Password Manager Autofill Digital Wallet
provides its products to enterprises and is building out its B2B e-commerce business. § Auto-login and password § Works on every form/mobile §  Encrypted & secured with a
auto-save § Autofill options appear on Master Password & PIN
§ Security breach alerts the page when filling forms §  Itemized receipts of all
§ Unlimited backup & devices § Saves you up to 50 hrs/yr purchases
Founders /
§ User & mobile friendly §  Express checkout
Management
Bernard Liataud
The Overall Security Model
Emmanuel Schalit Alex Fogel Guillaume Maron Jean Guillou
CEO Co-Founder Co-Founder & Co-founder & Co-founder &
VP Product Dir. Engineering Software Architect
Founded 2009
AES-256 Encryption
Local-Only Two-Factor
HQ Key Is Not
New York, NY (European Office – Paris, France) Encryption
Recorded
Or Synced Authentication
Amount Raised $52.5M in 3 Rounds

Strongest encryption, open- The key that encrypts your Choose to have encrypted Add two-factor authentication
source, 10k+ PBKDF2 salt data is derived from your data never leave your device with Google Authenticator for
Master Password or sync to all devices another layer of security
Series C Led By TransUnion Funding Summary

§ The credit monitoring and ID protection company has been making recent Date Stage Amount Raised ($M) Selected Investors
moves to shift some of its business to focus on protection for individuals
May 2016 Series C 22.5
Market Cap: $6B § In 2015, TransUnion acquired Trustev for $44M to expand its e-commerce fraud
Cash: $172M protection business May 2014 Series B 22.0
§ No specifics have been released on how the two companies expect to work Sept 2012 Series A-2 3.0
together but according to a statement the “integrated services will focus on credit
monitoring, identity and fraud protection, credit information and breaches” and Sept 2011 Series A 5.0
come to market in 4Q16
Source: Company Website, Crunchbase, Capital IQ, TechCrunch.
23
Raises $22.0M In Series D Financing.
Description Agari builds disruptive, Internet-scale, data-driven security solutions that eliminate
email as a channel for cyberattacks and enable businesses and consumers to interact.
The platform powers Agari Enterprise Protect, which help organizations protect
themselves from advanced spear phishing attacks, and Agari Customer Protect, which Protects Customers From Attacks Using Protects Enterprises From
protects consumers from email attacks that spoof enterprise brands the Enterprise’s Brand Targeted Email Attacks
§  Reduces Fraud §  Detects Targeted Attacks

§  Increases Digital Engagement and §  Identifies Malicious Messages
Founders /
Management Revenue Without Active Payloads
§  Protects Brand §  Provides Deep Forensic Visibility
Patrick Peterson Karen Andre Vidur Apparao Chris Jones John Wilson
Founder & CEO Controller CTO SVP Worldwide Field CTO
Sales Powered By The Agari Email Trust Platform
Founded 2009
Employees / HQ Unique visibility Patent-pending Elastic platform
70 / San Mateo, CA (European Office – London, UK) into 10B+ machine learning ensures that all
Amount Raised $44.7M in 4 Rounds messages/day approach to a insights are
across 3B+ positive security applied across all
mailboxes model customers
Agari Is Making Email A Safer Place
Funding Summary
Selected Customers
Deployed by Fortune Visibility into more
1000 Companies, Banks & than 10 billion May 2016 Series D 22.0
Government Agencies messages daily
Sept 2014 Series C 15.0
Oversees over 3
Feb 2013 Series B 5.0
billion mailboxes
daily
Nov 2011 Series A 2.5

24
Raises $41.0M In Series D Financing.
Description vArmour is a data center and cloud security company providing application-aware
micro-segmentation with advanced security analytics. Through vArmour’s Distributed
vArmour Fabric
Deploys inline distributed sensors to perform
Security System (DSS), organizations can gain application layer visibility and control
deep packet inspection of all workload traffic,
of their network, applications and users to prevent, detect and respond to cyber baseline normal workload communication
attacks and breaches in data center and cloud environments patterns across sensors, and enforce security
policies
vArmour SharedDefense
Timothy Eades Roger Lian Michael Shieh Marc Woolward Demetrios Lazarikos Mark Weatherford
An opt-in hosted service that continually
Founders / CEO Co-Founder Co-Founder & CTO CTO CISO Chief Cybersecurity updates vArmour DSS with a global view of
VP Engineering Strategist
Management security events, behavioral anomalies, threat
characteristics, and laterally-moving threats
across customer environments
Tony Paterra
VP Product Management
Julia Tran Eva Tsai Dan Lowden Keith Stewart Dean Hickman-Smith
SVP Field Ops
vArmour Analytics
VP People Ops VP Digital Business VP Marketing VP Strategic Markets
& Operations & Business Development
Provides visualizations into all workload
Founded 2011 traffic collected by the Fabric. These traffic
Employees / HQ 130 / Mountain View, CA (European Office – Hampshire, UK) patterns are analyzed to detect and alert on
suspicious and potential threats
Amount Raised $83M in 4 Rounds from VCs & Strategic Investors
Deployed At Hundreds Of Organizations Globally Funding Summary

3 OF THE 10 LARGEST 3 LARGEST MULTIPLE LARGE
TELECOM
3 OF THE 10
U.S. HEALTHCARE
TOP May 2016 Series D 41.0
LARGEST FORTUNE 100
SERVICE GOVERNMENT SYSTEM
BANKS RETAILER Aug 2014
PROVIDERS AGENCIES PROVIDERS Series C 21.0

Dec 2013 Series B 15.0
Jan 2013 Series A 6.0

25
M&A Activity in
Cybersecurity
Strategic Moves For Competitive Advantage Accelerating
The Landscape Of Buyers For Cybersecurity Companies Has Expanded Over Time.
Notable Deals By Sector

Cybersecurity IT Defense
IT PE 6/16: $293M / 10.0x+ 6/16: $4.7B / 7.8x 10/15: $400M / 7.5x
1/16: $275M / 6.9x 11/15: $280M / NA 4/15: $1.9B / NA

11/15: $78M / NA 7/15: $190M / NA 10/14: $233M / 3.0x
Defense Industrial
Industrial / IoT ISP PE
ISP
1/16: NA / NA 10/15: $9M / NA 8/15: NA / NA
Most Active Acquirers

12/14: $710M / 6.0x 7/15: NA / NA 4/15: $200M / 3.3x
7/14: NA / NA 4/15: $786M / 3.6x 3/15: $2.4B / NA
Source: Momentum Partners.
27
Cybersecurity M&A Activity: Deal Volume and Exit Multiples
Cybersecurity M&A Activity In Q2 Has Retreated To More Normalized Levels.
Cybersecurity M&A Volume By Year (# Deals) Median Cybersecurity EV/Revenue Multiples
136 142 7.4x
107 101 5.5x

100 5.0x
88 4.5x
57
2010 2011 2012 2013 2014 2015 1H16 2013 2014 2015 1H16
§  After reaching record levels last year, Cybersecurity M&A activity in 2016 has retreated to §  There are only 4 deals in 1H16 with disclosed multiples at a median of 7.4x TTM
more normalized levels (by # of deals) revenue.
§  Total 1H16 announced M&A volume totaled $6.1B, representing 57 deals §  Q216 had two major notable acquisitions:
(Symantec / BlueCoat represents majority of $ amount ($4.7B)
§  Cisco acquires CloudLock, 10.0x+ TTM Revenue
§  Contemplated transactions are increasingly falling into two categories:
§  Symantec acquires Blue Coat, 7.8x TTM Revenue
§  Transformational (a la Symantec/Blue Coat)
§  The median Cybersecurity exit multiple in 2015 was 4.5x as valuations continued to
§  Opportunistic (rationalizing valuation and cooling funding markets) rationalize, having declined 18% since 2013
§  Some of the more active Cybersecurity sectors include cloud security, identity & access §  1H16 median exit multiple shows an increase of 64.4% since 2015
management, threat intelligence, application security and incident response /
orchestration
Source: Momentum Partners, 451 Research.
28
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% 0.35
50% 47%
29%
0.30
45% 27%
86 26%
40% 0.25
35% 27
24 18%
0.20
30%
$280M Median Deal Size For >10x 25
25%
0.15 17
20% 16%
13% 0.10
15% 11%
29
10% 22
23 6% 6%
20 0.05
5% 11
11 11
0% 0.00
>$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 $63.3M §  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 (19%) where the buyers are typically cash rich and willing to pay what
§  Exits above $1B are rare representing 6% of all deals (3 public, 6 private and 2 spin-out)
it takes (median cash balance of the buyers at time of acquisition was $2.9B and median market
cap was $18.3B)
Buyers
Source: Momentum Partners, 451 Research, Capital IQ.
29
Notable Cybersecurity M&A Transactions
Cybersecurity M&A Transactions With Disclosed Transaction Values.
Date Target Buyer Enterprise Value ($M) TTM Revenue ($M) EV / Revenue
06/29/16 IDscan Biometrics GB Group 58.4 10.3 5.7x
06/28/16 Cloudlock Cisco 293.0 − 10.0x+
06/12/16 BlueCoat Symantec 4,722.2 598.3 7.8x
06/07/16 AccelOps Fortinet 32.0 − −
05/05/16 Advanced Security Consulting Falanx Group 0.7 − −
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 − −
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
Source: Capital IQ, 451 Research.
30
12/10/15 Trustev TransUnion 44.0 − −
11/24/15 Fox-IT Group NCC Group 135.2 29.0 4.7x
11/17/15 Aura Information Security Kordia Group Limited 6.9 − −
11/09/15 Secure Islands Microsoft 77.5 − −
11/09/15 Elastica Blue Coat Systems 280.0 − −
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 − −
09/29/15 Intronis Barracuda Networks 65.0 20.6 3.2x
09/24/15 Billguard Prosper 30.0 − −
09/22/15 Elitcore Technologies Sterlite Technologies 27.6 22.3 1.2x
09/08/15 Adallom Microsoft 290.0 − −
09/04/15 Good Technology Blackberry 425.0 211.9 2.0x
31
08/25/15 Above Security Hitachi Data Systems 4.7 − −
08/19/15 EyeLock VOXX International 20.2 − −
08/06/15 Pawaa Software Cisco 5.0 − −
07/31/15 Sansa Security ARM Holdings 66.4 − −
07/09/15 Caspida Splunk 190.0 − −
06/30/15 OpenDNS Cisco Systems 635.0 − −
06/09/15 Reflexion Networks Sophos 22.0 − −
06/08/15 IdMlogic CA Technologies 20.0 − −
06/02/15 nSense F-Secure 20.7 7.8 2.7x
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 − −
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 − −
32
03/24/15 Accumuli NCC Group 80.6 34.9 2.3
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
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
33
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 − −
07/21/14 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 − −
06/23/14 ArmstrongAdams Accumuli 5.4 − −
05/20/14 NetCitadel Proofpoint 22.8 − −
05/19/14 Divide Google 120.0 − −
05/06/14 nPulse Technologies FireEye 67.1 − −
04/24/14 DecTech Solutions GB Group 29.5 9.8 3.0x
04/23/14 docTrackr Intralinks 10.0 − −
04/07/14 Metaforic INSIDE Secure 17.4 − −
03/31/14 Blancco Oy Regenersis 71.9 17.1 4.2x
03/24/14 Cyvera Palo Alto Networks 213.3 − −
02/23/14 Boxtone Good Technology 101.0 20.9 4.8x
02/10/14 Cyberoam Sophos 80.0 − −
34
02/06/14 Skyfence Imperva 65.0 − −
02/06/14 Incapsula Imperva 40.5 − −
01/30/14 Tomium Imperva 8.1 − −
01/22/14 AirWatch VMware 1,545.0 − −
01/06/14 Morta Security Palo Alto Networks 10.3 − −
01/02/14 MANDIANT FireEye 826.5 102.0 8.1x
12/09/13 QUMAS Accelrys 47.8 19.3 2.5x
12/03/13 Alaric NCR 69.3 − −
12/02/13 Prolexic Akamai 402.6 − −
10/01/13 41st Parameter Experian 324.0 − −
09/30/13 Sensory Networks Intel 20.0 − −
09/17/13 Versafe F5 Networks 87.7 − −
08/15/13 Trusteer IBM 900.0 40.0 22.5x
08/09/13 Armorize Technologies Proofpoint 25.0 − −
07/25/13 Abaca Technology Proofpoint 2.5 − −
07/23/13 Sourcefire Cisco Systems 2,193.6 247.4 8.9x
07/18/13 PasswordBank Symantec 24.9 − −
07/08/13 Aveksa EMC/RSA 225.0 − −
Mean 273.4 140.2 4.9x
Median 59.2 40.0 3.5x
35
VC Activity in
Cybersecurity
Financing Activity Since 2010
Cybersecurity Startups Raised $13.8 Billion Across 1205 Deals Since 2010.
Investment Deals And Dollars Investment Deals And Dollars

($B) (2010 – 1H16) ($M) (Q1 2010 – Q2 2016)
246 254 71 $1,646

66 62 $1,248
59 61 60 59 59 58
201 62
62
$3.9 51 49 $1,178
156 120 47
42 $939
40 $863 $841
120 36 $775
108 $2.8 30 31 35 33
30 $604 $605
$2.4 27 23 24 $515 $528
$446 $510 $427
28
$1.7 $269
$197 $212 $236 $141 $219 $259 $242 $248 $264 $261
$1.2 $130
$0.8 $0.8
Q1'10
Q2'10
Q3'10
Q4'10
Q1'11
Q2'11
Q3'11
Q4'11
Q1'12
Q2'12
Q3'12
Q4'12
Q1'13
Q2'13
Q3'13
Q4'13
Q1'14
Q2'14
Q3'14
Q4'14
Q1'15
Q2'15
Q3'15
Q4'15
Q1'16
Q2'16
2010 2011 2012 2013 2014 2015 1H16
Investments ($B) Deals Investments ($M) Deals
§  Number of deals stay relatively flat YoY, with §  Over the last eight quarters investors have poured $7.8B into cybersecurity
2016 on pace to reach 2014 level §  On a quarterly basis 2Q16 was the lowest for investment its been since 1Q15, with value of deals reaching
§  Although dollars invested shows significant just over $775M; however, number of deals were relatively flat QoQ
slowdown in 2Q16, still on pace to grow by §  Since the slowdown of investments in March 2016 (10), we saw a relatively consistent stream of investments
$900M in 2016. in 2Q16 MoM
Source: Momentum Partners, CB Insights, Pitchbook Data. Note: Data for 2014 – 2016 includes only deals with amounts raised >$1M.
37
Cybersecurity Startups And Investors
List Of Most Well-Funded Startups And Most Active VC Investors.
Most Well-Funded Cybersecurity Startups ($M) Most Active Investors in Cybersecurity*

22
302 301 21
283 19 19
18 18 18
Acquired by Vista Equity on June 1
232 Total raised - $128M 16
14
190 187 186 13
182 177 175
156 156 11 11
148 143 10
138 9
§  The top 15 most well-funded startups have raised $3.0B over their lifespan §  Among investors, Intel Capital is the most active investor, having invested in
§  Tanium continues to top the list and is the hottest cybersecurity company, 22 companies since 2010
having raised $212M in 2015 and over $300M since 2007 §  Intel Capital’s latest notable investments were in 1Q16, which included
§  An additional 11 companies have raised between $100M and $135M for a Bromium and Skyport Systems
total of $1.4B, including Netskope ($133M), Pindrop Security ($122M), §  Accel Partners and KPCB followed with 21 and 19 investments, respectively
Skybox Security ($119M), Bromium ($116M)
Source: PitchBook Data, Crunchbase. * Investments in rounds with minimum size of $5 million.
38
Venture Capital Activity
Venture Capital Raises >$10 Million Since Q2 2014.
Investment Amount
Selected Investor(s) Company Business Description
Date Raised ($M)
Blackstone Ventures, Cisco Investments, Verodin is defining the emerging concept of instrumented security, enabling customers to
28-Jun-16 10.0
Crosslink Capital, Rally Ventures measure 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 20.0
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.
21-Jun-16 CRV Zerto provides enterprise-class business continuity and disaster recovery solutions for
20.0
virtualized 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
16-Jun-16 NEA, Wing Tigera is solving networking and security problems inherent in deploying and enforcing policy
in large private, public, and hybrid enterprise clouds.
13.0
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.
7-Jun-16 FTV Capital ReliaQuest is a pioneer in IT security solutions, ensuring that organizations remain secure and
compliant as the IT world changes. 30.0
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
1-Jun-16 45.0
Icon Ventures, KPCB, Meritech monitoring, data encryption, and policy management.
Transunion, Bessemer Venture, Firstmark Dashlane makes identity and payments simple and secure everywhere with its password
25-May-16 22.5
Capital, Rho Ventures manager 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.
Source: Capital IQ, PitchBook Data, CrunchBase.
39
Investment Amount
Date Raised ($M)
Redline Capital, Telstra Ventures, Work-Bench, vArmour provides software-defined security solutions for virtualized data centers and
24-May-16 41.0
Allegis, Citi Ventures, Highland Capital government 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
Fairhaven Capital, .406 Ventures, MassMutual Pwnie Express provides full threat detection of every wireless and wired device in and around
11-May-16 12.9
Ventures, Ascent Venture Partners your workplace.
28-Apr-16 Bain Capital, True Ventures, Venrock Evident.io provides continuous cloud security for AWS, enabling rapid detection/remediation of
risks, vulnerabilities, & compliance issues.
15.7
Helion Venture Partners, India Alternatives, Seclore’s Enterprise Digital Rights Management solution enables organizations to control the
27-Apr-16 12.0
Sistema Asia Fund, VenturEast usage 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
26-Apr-16 11.0
Capital Partners, Jvax Investment Group and information management (CSIM) software platform.
Institutional Venture Partners, General Catalyst, Anomali’s platform is a security intelligence solution that aggregates millions of threat indicators
21-Apr-16 30.0
GV, Paladin Capital Group into existing security systems.
Scale Venture Partners, NEA, Sequoia, Forter's platform uses cyber intelligence combined with behavioural and identity analysis to
21-Apr-16 32.0
Commerce Ventures, Eleven Two Capital help merchants spot fraudulent transactions.
Blackbird Ventures, Costanoa, Paladin, Rally Bugcrowd's Crowdcontrol® platform safely orchestrates a flexible array of managed bug
20-Apr-16 15.0
Ventures, Salesforce, Industry Ventures bounty, penetration test, and responsible disclosure offerings.
15-Apr-16 Scale Venture Partners, .406 Ventures Threat Stack provides a fully integrated, cloud-native continuous monitoring solution that gives
customers instant visibility and automatically responds to changes in their environment. 15.4
Highland Capital Partners Europe, Auriga Smarter IT through analytics. Captures all local and network activities in real-time across all
13-Apr-16 40.0
Partners, Galeo-Ventures, Waypoint Capital endpoints and transforms end-user data into actionable analytics.
7-Apr-16 ARBY Partners Edgile provides strategic security and risk consulting services to Fortune 500 companies. 35.0
40
Investment Amount
Date Raised ($M)
A16z, Highland Capital, Intel Capital, Silver Bromium’s endpoint protection solutions automatically create hardware-isolated micro-VMs
24-Mar-16 40.0
Lake Waterman, Lightspeed, Meritech Capital that secure every user task.
GV, Cisco, Index Ventures, Intel Capital, Skyport Systems develops Hyper-Secured Infrastructure that ensures the security of mission-
15-Mar-16 30.0
Northgate, Sutter Hill Ventures, Thomvest critical IT assets, with tight integration of compute, security, virtualization and policy.
Pelion Venture Partners, Madrona Venture
14-Mar-16 ICEBRG is a stealth network security company. 10.0
Group
Menlo Ventures, QED Investors, IA Ventures,
25-Feb-16 Signifyd is a SaaS-based, enterprise-grade fraud technology solution for e-commerce stores. 20.0
Allegis Capital, Tim Eades, Bill McKiernan
Accenture, AT&T, Nokia, Temasek Holdings, Team8 is an incubator for cyber-security firms with specialty in defending against targeted,
23-Feb-16 23.0
Cisco, Bessemer, Innovation Endeavors, human-driven cyber-attacks
Qihoo 360 Technology, Shanghai Ziyou
17-Feb-16 360 Security provides mobile security applications. 100.0
Investment Management
Qumra Capital, Entree Capital, Genesis Riskified operates a technology platform for online merchants that is used to prevent fraudulent
10-Feb-16 25.0
Partners, 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-
10-Feb-16 17.0
Battery Ventures, Amplify Partners users to secure and share digital information across platforms and devices.
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.
4-Feb-16 Silver Lake Partners Symantec is a global provider of security and systems management solutions that help
businesses and consumers secure and manage their information and identities. 500.0
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.
3-Feb-16 Providence Equity Partners Skybox Security provides integrated security solutions that provide visibility of exploitable
96.0
attack vectors, hot spots of vulnerabilities, network misconfigurations and risky firewall rules.
41
Investment Amount
Date Raised ($M)
Cisco, Edison Partners, Georgian Partners, eSentire protects mid-sized organizations from sophisticated cyber threats in real-time 24/7 by
3-Feb-16 19.5
VentureLink, Northleaf Capital Partners leveraging behavioral, reputational and signature-based capabilities.
3-Feb-16 NA Carbon Black provides endpoint threat detection, response, and prevention solutions to detect
14.0
and stop cyber threats.
Foundation Capital, Eddy Shalev, Gilat
1-Feb-16 Kaymera provides military-grade cyber defense solutions for mobile devices. 10.0
Opponent
Google Capital, IVP, Felicis Ventures, A16z, Citi
28-Jan-16 Pindrop Security provides caller-ID products to detect, report, and mitigate phone fraud. 75.0
Ventures, GV
Lightspeed Venture Partners, Norwest Venture Fireglass’ Threat Isolation Platform eliminates common attack vectors against browsers, emails,
26-Jan-16 20.0
Partners, SingTel Innov8 documents and web applications.
21-Jan-16 Wellington Management ForeScout enables organizations to continuously monitor and mitigate security exposures and
cyber attacks
76.0
21-Jan-16 Fidelity Investments Malwarebytes develops anti-malware technologies to detect and remove malicious programs
from PCs.
50.0
20-Jan-16 Global Emerging Markets Limited WISeKey develops online security and identity management solutions worldwide. 59.8
13-Jan-16 StorageCraft provides best-in-class backup, disaster recovery and business continuity solutions
TA Associates 187.0
for servers, desktops and laptops.
IVP, 83North, Battery Ventures, Harmony Zerto provides enterprise-class disaster recovery and business continuity software for virtualized
13-Jan-16 50.0
Partners, USVP, ClalTech, RTP Ventures data centers and cloud environments.
Baseline Ventures, Venrock, Northern Light Shape Security stops automated web and mobile application attacks, like credential stuffing,
13-Jan-16 25.0
Ventures, Norwest Ventures, KPCB content scraping, and application-layer DDoS, that bypass existing defenses.
Blue Coat, Knollwood Investments, Venrock, Appthority develops application security solutions that help businesses identify the risks hidden
31-Dec-15 10.0
USVP inside mobile applications.
42
Investment Amount
Date Raised ($M)
Trustbridge Partners, Danhua Capital, Linear Trustlook develops a static analysis platform for detecting suspicious behavior and malicious
16-Dec-15 17.0
Capital Partners, Sparkland Ventures characteristics for Android operating systems.
Brookline Venture Partners, Fairhaven Capital Digital Guardian provides data security solutions to protect data from insider and outsider
16-Dec-15 66.0
Partners, GE Pension Trust, LLR Partners threats.
American Express Ventures, BDC Venture
15-Dec-15 Trulioo provides online portal for identity verification services. 15.0
Capital, Blumberg Capital, Tenfore Holdings
NewSpring Capital, Alsop Louie Partners, Lookingglass Cyber Solutions develops cyber threat intelligence monitoring and management
11-Dec-15 50.0
Neuberger Berman platforms.
Amadeus Capital Partners, Aspect Venture ForeScout enables organizations to continuously monitor and mitigate security exposures and
9-Dec-15 75.4
Partners, Bain Capital Ventures cyber attacks.
Core Capital Partners, Genacast Ventures, ZeroFOX provides real-time social threat analytics, intelligence, and advanced security
3-Dec-15 27.0
Highland Capital Partners, NEA, SVB protection via its cloud-based cyber platform.
2-Dec-15 JMI Equity Avecto's Defendpoint software protects endpoints from malware and cyberattacks through
privilege management, application control and sandboxing technology.
49.0
Blu Venture Investors, NEA, Center for ThreatQuotient offers a software platform that helps security teams mitigate cyber attacks by
2-Dec-15 10.2
Innovative Technology aggregating and managing intelligence on threats.
Grotech Ventures, SAP National Security ThreatConnect provides a cyber threat intelligence platform that allows global organizations to
1-Dec-15 16.0
Services manage massive amounts of threat information.
Alibaba, GE Ventures, Jérusalem Venture Theta Ray offers malware detection and prevention solutions for critical infrastructure,
1-Dec-15 20.0
Partners, Poalim Ventures communication systems, and financial systems.
Tola Capital, Arsenal Venture, Crosslink Capital,
17-Nov-15 ProtectWise offers cloud-based network security services. 20.0
Paladin Capital, Trinity Ventures
Menlo Ventures, Jerusalem Venture Partners, AppDome’s dynamic wrapping SaaS technology provides shield to enterprise and consumer-
11-Nov-15 13.0
OurCrowd, Draper Nexus facing apps from advanced cyber threats, mobile fraud, and data theft.
43
Investment Amount
Date Raised ($M)
Norwest Venture Partners, Invus Group, TigerText provides security software for text messaging for physicians to use on their mobile
11-Nov-15 50.0
Accolade Partners, Shasta Ventures, REV devices.
10-Nov-15 Insight Venture Partners, Accel Partners Tenable Network Security specializes in developing software that enables real-time network
250.0
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
9-Nov-15 10.9
Rock Partners, Triangle Peak Partners accounts.
3-Nov-15 iboss Cybersecurity provides innovative APT Defense, Web Security and Mobile Security
Goldman Sachs 35.0
Solutions.
Foundation Capital, Matrix Partners, Confer provides endpoint detection and response solution (EDR) that proactively identifies
2-Nov-15 17.0
Northbridge Venture Partners attacks and provides real-time visibility across all endpoints.
30-Oct-15 Merck Global Health Innovation Fund Exostar develops B2B information sharing software. 15.0
29-Oct-15 Undisclosed Lumeta provides network situational awareness platform which is source for enterprise network
infrastructure and cybersecurity analytics.
13.0
27-Oct-15 Aspect Venture Partners, US Venture Partners Cato Networks provides cloud-based platform to manage multiple hardware and software
products and provide security against hacking, data theft and other security problems.
20.0
27-Oct-15 Index Ventures, Storm Ventures SourceClear develops software security platform for developers that help organizations identify
10.0
components across software portfolio.
25-Oct-15 Trident Cybersecurity, KPCB IronNet Cybersecurity provides suite of technologies that provide real-time threat assessment
and updates and consulting services. 32.5
Icon Ventures, Allegis Capital, Cowboy Area 1 Security provides campaign delivery systems and allows enterprises to identify cyber
14-Oct-15 15.0
Ventures, KPCB, First Round Capital attacks 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
14-Oct-15 54.5
Capital, Evolution Equity Partners and stop cyber threats.
44
Investment Amount
Date Raised ($M)
Fidelity Management, Goldman Sachs, Allegis Bracket Computing’s Virtual Infrastructure Software spans multiple heterogeneous clouds with 46.4
14-Oct-15
Capital, A16z, NVP, Sutter Hill, GE, ARTIS one set of advanced security, data management, and networking infrastructure.
13-Oct-15 GSR Ventures, NEA DataVisor provides big data security analytics to help protect consumer-facing websites and
14.5
mobile apps from cyber criminals.
13-Oct-15 Charles River Ventures, Softbank, Spark Capital Cybereason delivers a technology platform that automatically uncovers malicious operations,
59.0
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
7-Oct-15 25.0
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
6-Oct-15 85.6
Partners, allow their users to limit risk, meet data privacy regulations, and recover from data loss.
30-Sep-15 KPMG Norse delivers continuously-updated and unique Internet and darknet intel that helps
11.4
organizations detect and block attacks.
DAG Ventures, AME Cloud Ventures, Juniper Vectra Networks’ X-series platform uses next-gen compute architecture and combines data
29-Sep-15 35.1
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
29-Sep-15 25.0
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.
21-Sep-15 Orchard Holdings Group Morphick team has developed the only proven platform-enabled managed service to enable
10.0
their customers to prevent, detect, and respond to even the most advanced attacks.
17-Sep-15 Tano Capital Tascent develops and deploys biometric identity products and solutions based upon a strong
18.5
heritage in iris recognition and multimodal high throughput and mobile biometrics.
45
Investment Amount
Date Raised ($M)
Allianz Digital Corp Ventures, Vertex, Magma Argus is an automotive cybersecurity pioneer, helping car manufacturers, their Tier I suppliers 26.0
10-Sep-15
Venture, SBI Holdings, Allianz, Magna Int’l and 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,

8-Sep-15 Okta is an integrated identity and mobility management service. 75.0
Altimeter Capital, Glynn Capital, Khosla
3-Sep-15 ICONIQ, Accel Partners, Lightspeed, Social Netskope performs deep usage analytics and enforces business and security policies in cloud
+Capital Partnership
75.0
apps.
Bessemer Venture Partners, Citi Ventures, Illusive networks offers deception technology enabling protection against targeted attacks and
2-Sep-15 22.0
Innovation Endeavors, Marker, NEA APTs.
Evolution Equity Partners, .406 Ventures,
25-Aug-15 Onapsis provides solutions for securing business-critical applications and infrastructure. 17.0
Arsenal Venture Partners
24-Aug-15 Bessemer Venture Partners, Thomas Noonan Bastille is pioneering IoT security with next-generation security sensors and airborne emission
detection, allowing corporations to accurately quantify risk and mitigate threats.
13.8
Lightspeed, Benchmark, Meritech Capital, CloudPassage provides server security products for public and hybrid cloud hosting
19-Aug-15 35.9
Shasta Ventures, Tenaya Capital, Musea environments.
18-Aug-15 IVP, GGV Capital, KPCB, Trident Capital AlienVault’s Unified Security Management Platform delivers a unified, simple and affordable
solution for threat detection, incident response and compliance management.
52.0
Google Capital, TPG Capital, EMC, Lightspeed Zscaler offers integrated, cloud-delivered Internet security including web security, firewalls,
3-Aug-15 110.0
Venture Partners mobile 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.
46
Investment Amount
Date Raised ($M)
Darktrace’s Enterprise Immune System technology detects unidentified threats in real time,
14-Jul-15 Summit Partners 25.0
powered by machine learning and mathematics.
Accel Partners, Google Capital, Rackspace, CrowdStrike is a global provider of security technology and services focused on identifying
13-Jul-15
Warburg Pincus advanced threats and targeted attacks. 100.0
Blackstone, Allegis Capital, Marc Benioff, Igor RedOwl Analytics provides proactive risk oversight software solutions for compliance, insider
13-Jul-15
Sill, Kevin Plank, Christian Lawless threat & investigations. 17.5
Pinnacle Ventures, Redpoint eVentures, Quihoo PSafe is a Brazilian company developing Secure Cloud Computing software suites such as the
1-Jul-15
360 Technology PSafe Antivirus for safe internet browsing. 30.0
25-Jun-15 Insight Venture Partners CheckMarx.com develops software solutions that are used to identify security vulnerabilities in
Web and mobile applications. 84.0
NEA, Benchmark, New Enterprise Associates,
24-Jun-15 HackerOne provides a vulnerability management and bug bounty platform. 25.0
Marc Benioff, David Sacks, Drew Houston
New Enterprise Associates, Sigma Prime Barkly uses high-performance local analytics and a unique design to stop attacks in the moment
24-Jun-15 12.5
Ventures while preventing tampering from users and attackers.
Bessemer Venture Partners, Correlation Distil’s SaaS bot detection and mitigation solutions work like a protective shield and blocks
18-Jun-15 21.0
Ventures, IDEA Fund Partners, Techstars malicious bots, malware and competitors’ that try to scrape websites without permission.
Intel Capital, QuestMark Partners, Silver Lake Venafi provides enterprise key and certificate management security solutions – the Immune
9-Jun-15 39.0
Partners System for the Internet™.
Sutter Hill Ventures, Engineering Capital, Menlo Security is a stealth cyber security company that develops security solutions eliminating
8-Jun-15 25.0
General Catalyst, Osage University Partners the threat of advanced malware.
Sapphire Ventures, Foundation Capital, Matrix Cyphort develops cloud services, software, and appliance-based solutions to protect enterprises
1-Jun-15 30.0
Partners, Trinity Ventures, Chris Rust against the newest cyber threats.
DFJ Growth, Accel, Glynn Capital, Greylock, Sumo Logic is a log management and analytics company that leverages Big Data for real-time IT
1-Jun-15 80.0
IVP, Sequoia, Sutter Hill, Tenaya Capital insights.
47
Investment Amount
Date Raised ($M)
Excel Venture Management, Flare Capital, ClearDATA offers security, privacy, and compliance services to the hospitals, physician
28-May-15 25.0
Heritage Group, HLM Venture, NVP, Merck practices, electronic medical record software, and healthcare markets.
20-May-15 Carmel Ventures, Lightspeed Venture Partners enSilo offers a real-time targeted attack exfiltration prevention platform. 10.0
China Broadband Capital Partners, China FraudMetrix provides network risk and fraud services, serving institutional clients in the
19-May-15 30.0
Growth Capital, IDG Capital Partners banking, third party payment, credit dealers and gaming industries.
19-May-15 Andreessen Horowitz, Corazon Capital Keybase allows users to easily encrypt, decrypt and share messages within a tried-and-tested
10.8
encryption standard.
Oak HC/FT, Espirito Santo Ventures, Sapphire Feedzai provides a platform that uses real-time, machine-based learning to help payment
18-May-15 17.5
Ventures networks, banks and retailers prevent fraud in omnichannel commerce.
Comcast Ventures, Commonwealth Capital, BitSight provides a security rating platform, which analyzes external data on security behaviors
18-May-15 23.0
Flybridge Capital, Globespan Capital, Menlo that allows to manage third party risk, and benchmark performance.
6-May-15 Spark Capital, CRV, Lockheed Martin Cybereason delivers a technology platform that automatically uncovers malicious operations,
25.0
reconstructing them as a clear image of a cyberattack in context.
Reed Elsevier Ventures, Atlas Venture, Balderton Recorded Future arms organizations with real-time threat intelligence, allowing them to
16-Apr-15 12.0
Capital, GV, IA Ventures, In-Q-Tel proactively defend against cyber attacks.
Index Ventures, Intel Capital, Sutter Hill Skyport Systems develops Hyper-Secured Infrastructure that ensures the security of mission-
15-Apr-15 30.0
Ventures critical IT assets, with tight integration of compute, security, virtualization and policy.
HP Ventures, Index Ventures, Sequoia Capital, Adallom is a cloud access security broker which delivers visibility, governance and protection
14-Apr-15 30.0
Rembrandt for cloud applications.
Accel Partners, Andreessen Horowitz, llumio provides cloud solutions, specializing in virtualization, networking, and security hailing
14-Apr-15 100.0
BlackRock, General Catalyst, Formation 8 services.
Venrock, Index Ventures, New Enterprise Niara's solution blends diverse data sources, sophisticated analytics and forensics to discover
9-Apr-15 20.0
Associates compromised users and provide insight into malicious insiders.
48
Investment Amount
Date Raised ($M)
8-Apr-15 Andreessen Horowitz, Citi Tanium provides security and systems management solutions to allow real-time data collection. 64.0
DRW Investors, Icon Ventures, Leapfrog RedSeal develops security risk management (SRM) software and solutions and helps companies
6-Apr-15 17.0
Ventures, Math Venture Partners eliminate cyber threats.
AITV, Cisco, EPIC Ventures, Trident Capital, HyTrust, a cloud security automation company, provides administrative control, auditing, &
1-Apr-15 33.0
Vanedge Capital, Vmware, Fortinet data security for private, hybrid, and public clouds.
26-Mar-15 Aldrich Capital Partners, Paladin Capital PhishMe provides training to employees against phishing threat enabling them to identify,
13.0
report, and mitigate spear phishing, malware and drive-by threat.
Accel Partners, Flybridge Capital Partners, BetterCloud provides critical insights, automated management, and intelligent data security for
26-Mar-15
Greycroft Partners, Millenium Technology cloud office platforms. 25.0
Neuberger Berman Group, Alsop Louie Lookingglass Cyber Solutions develops cyber threat intelligence monitoring and management
25-Mar-15
Partners, Peninsula Ventures platforms. 20.0
Bain Capital Ventures, Commerce Ventures, InAuth is the most complete mobile authentication and anti-fraud solution offering multiple
24-Mar-15 29.9
Lightspeed Venture Partners security options to financial institutions and the mobile transaction market.
August Capital, Engineering Capital, Norwest Palerra provides software that combines threat detection, predictive analytics, security
20-Mar-15 17.0
Venture Partners, Wing Venture Partners configuration management and automated incident response & remediation in one platform
ONSET Ventures, Voyager Capital, Presidio Vidder mitigates network-based attacks by making servers invisible to everyone except
19-Mar-15 12.0
Ventures, LDV Partners, Envision Ventures authorized users.
Redpoint Ventures, Benchmark Capital, GV, Duo Security provides two-factor authentication as a service to prevent account takeover and
19-Mar-15 30.0
Lead Edge Capital, Radar Partners data theft.
Darktrace, a cyber security company, offers intelligence-led behavioral cyber defense solutions
18-Mar-15 Invoke Capital, Hoxton Ventures, Talis Capital 18.4
for cyber-attack vectors.
Benhamou Global Ventures, Cybernaut Venture IdentityMind Global provides an on-demand platform offering next generation risk management
3-Mar-15 10.8
Capital, Lakewood & Company and anti-fraud services for the e-commerce ecosystem.
49
Investment Amount
Date Raised ($M)
Allegis Capital, March Capital Partners, The E8 Security helps enterprises analyze and detect advanced attacks and malicious insider
10-Mar-15
Hive activities. 10.7
Silent Circle is a global encrypted communications service that provides cutting-edge encrypted
26-Feb-15 Undisclosed
text, e-mail, mobile phone and video teleconferencing services. 50.0
Telstra Ventures, Sierra Ventures, Samsung

26-Feb-15
Ventures, Lazarus Israel, Toyo Corporation
Zimperium, a mobile cyber security company, develops Mobile Intrusion Prevention System. 12.0
25-Feb-15 Wing Venture Capital, Norwest Venture Partners Dtex Systems develops and provides secure user activity solutions. 15.4
SecureKey develops platform-as-a-service based hardware and software solutions for chip-based
25-Feb-15 Rogers Venture Partners, Blue Sky Capital 19.0
identity and payment technologies.
Institutional Venture Partners, Andreessen
18-Feb-15 Pindrop Security provides caller-ID products to detect, report, and mitigate phone fraud. 35.0
Horowitz, Felicis Ventures, Redpoint, Citi
BOLDStart Ventures, Evolution Equity Partners, SecurityScorecard is a provider of security risk assessment service for cloud-based information
17-Feb-15 13.7
Sequoia Capital systems.
Alcatel Lucent, Bessemer Venture Partners, Team 8 is an incubator for cyber-security firms with specialty in defending against targeted,
10-Feb-15 18.0
Cisco, Innovation Endeavors, Marker human-driven cyber-attacks.
10-Feb-15 83North, Bessemer Venture Partners Wandera provides security and management of mobile data for global enterprises. 15.0
26-Jan-15 Bessemer Venture Partners, Columbia Capital Verato helps rightly identifying individuals regardless of whether their names, addresses or other
12.5
personal information was incorrect or out-of-date.
Air Computing cloud platform AeroFS allows enterprise customers to synch and share all data
16-Jan-15 Avalon Ventures, NHN Investment Corp 10.0
securely behind a firewall with unlimited storage.
KPCB, Meritech Capital Partners, Icon Ventures, Ionic Security, a data security platform, provides access control, intellectual property
13-Jan-15
Google Ventures, TechOperators monitoring, data encryption, and policy management. 40.1
50
Investment Amount
Date Raised ($M)
iSight Partners provides cyber threat intelligence solutions to public sector and commercial
31-Dec-14 Bessemer Venture Partners 30.0
entities.
GGV Capital, Icon Ventures, KPCB, Google Synack provides a cloud-based platform that enables customer data integrity, privacy, and
19-Dec-14 25.0
Ventures, Greylock Partners, confidentiality.
Scale Venture Partners, Charles River Ventures, OneLogin's cloud-based Identity and Access Management solution allows enterprises of all
16-Dec-14 25.0
Social+Capital Partnership sizes to secure their cloud and on-premise apps for all users and devices.
ATA Ventures, Northgate Capital, RWI Ventures, EdgeWave engages itself in the design, development and marketing of internet security
16-Dec-14 13.0
TVC Capital appliances, services and offers secure content management and policy compliance services.
Technology Crossover Ventures, Bain Capital Rapid7 provides vulnerability management and security data and analytic software solutions
16-Dec-14 31.0
Ventures and services.
DB Networks provides behavioral analysis solutions for intrusion detection and database
9-Dec-14 Grotech Ventures, Khosla Ventures, Citi Ventures 17.0
security.
DCM, DDS, DoCoMo Capital, ONSET
9-Dec-14 Nok Nok Labs develops products and services for online security and authentication. 16.3
Ventures, Raven Venture Partners and others
Summit Partners, Battery Ventures, Florence
8-Dec-14 RiskIQ provides a software-as-a-service product that eliminates online and mobile threats. 27.5
Venture Partners
Nexthink is the innovator of End-user IT Analytics for security, ITSM and workplace
8-Dec-14 Auriga Partners, VI Partners, Mannai Corp 14.5
transformation.
General Catalyst Partners, Palladin Capital, Anomali’s platform is a security intelligence solution that aggregates millions of threat indicators
4-Dec-14 22.5
Google Ventures, IVP into existing security systems.
Transamerica Ventures, T-Venture, Delta
19-Nov-14 CipherCloud provides cloud information protection solutions. 50.0
Partners, Andreessen Horowitz
Bessemer, Columbia Capital, KPCB, Paladin Endgame provides security intelligence and analytics solutions for real-time visibility and
19-Nov-14 30.0
Capital, Top Tier, Edgemore Capital, Savano actionable insight across their digital domains.
51
Investment Amount
Date Raised ($M)
Menlo Security, a stealth cyber security company, develops a security solution that eliminates
18-Nov-14 General Catalyst Partners, Osage Partners 10.5
the threat of advanced malware.
18-Nov-14 IPV Capital, ANT Financial V-Key provides mobile application threat research, protection, and intelligence solutions. 12.0
Battery Ventures, Amplify Partners, Chris Rust, Vera operates as a data-security company that enables enterprises, IT organizations, and end-
18-Nov-14 14.0
Nick Mehta users to secure and share digital information across platforms and devices.
NEA, Sequoia Capital, Commerce Ventures, Forter's platform uses cyber intelligence combined with behavioural and identity analysis to
11-Nov-14
Eleven Two Capital help merchants spot fraudulent transactions. 15.0
Benhamou Global Ventures, Javelin Venture

22-Oct-14 Spikes Security provides browser-based security software solutions to businesses. 12.0
Partners, Lakewood & Co, Vital Venture
NTT DoCoMo Ventures, Octopus Investments, Certivox provides application and content security, as well as on-demand encryption key
30-Sep-14 11.3
Paladin Capital generation services.
Draper Fisher Jurvetson, MeriTech Capital, Good Technology Corporation provides secure mobility solutions for enterprises and
30-Sep-14 80.0
Blueprint Ventures, Oak Investment Partners governments worldwide.
Pelion Venture Partners, Third Point Ventures, Krimmeni Technologies manufactures, markets, and licenses data security systems for device
30-Sep-14 11.7
Akamai Technologies manufacturers and content providers.
Alloy Ventures, Battery Ventures, Scale Venture

23-Sep-14
Partners, First Round Capital
Agari Data provides email security solutions. 15.0
Benchmark Capital, True Ventures, Radar Duo Security provides two-factor authentication as a service to prevent account takeover and
22-Sep-14 12.8
Partners, Google Ventures data theft.
DFJ, KKR, Sapphire Ventures, General Catalyst,
18-Sep-14 Ping Identity Corporation provides cloud identity security and management solutions. 35.0
Volition Capital, Ten Eleven
Cisco, Edison Partners, Georgian Partners, eSentire protects mid-sized organizations from sophisticated cyber threats in real-time 24/7 by
16-Sep-14 12.7
Northleaf Capital Partners, VentureLink leveraging behavioral, reputational and signature-based capabilities.
52
Investment Amount
Date Raised ($M)
Wellington, Battery Ventures, 83North, .406, Veracode offers a cloud-based application security platform for managing enterprise-wide
18-Aug-14 40.0
Atlas, In-Q-Tel, Symantec, Telus, Meritech governance programs.
Battery Ventures, Glilot Capital Partners, Light Cyber develops solutions for identifying and preventing cyber-attacks and advanced
10-Sep-14 10.0
Amplify Partners persistent threats.
General Catalyst, Intel, Flagship Ventures, Black Duck Software provides open source logistics software solutions for open source software
3-Sep-14 20.0
Sapphire Ventures, Split Rock Partners (OSS) adoption, governance, and management.
Citi Ventures, Columbus Nova Technology vArmour Networks provides software-defined security solutions for virtualized data centers and
20-Aug-14 21.0
Partners, Work-Bench government cloud operators.
18-Aug-14 Battery Ventures, 83North GuardiCore provides network security solutions for software-defined data centers. 11.0
Accel, Goldman Sachs, Index Ventures, T.Rowe Lookout develops and delivers cloud-based consumer mobile device security applications for
13-Aug-14 150.0
Price, A16, Khosla, Wellington, Bezos iPhones and iPads.
China Broadband Capital Partners, Linear FraudMetrix provides network risk and fraud services, serving institutional clients in the
13-Aug-14 10.0
Venture, IDG Capital Partners banking, third party payment, credit dealers and gaming industries.
Dell Ventures, Presidio Ventures, Redpoint
12-Aug-14
Ventures, eVentures
Lastline provides cloud-based systems and processes for the analysis of malware. 10.0
Sequoia Capital, Tenaya Capital, Nexus Venture Druva Software provides data protection and governance solution for public and private clouds
6-Aug-14
Partners in an enterprise. 25.0
SecureAuth is a technology leader in universal identity enforcement for mobile devices, cloud
6-Aug-14 Toba Capital
applications and networks. 10.0
New Enterprise Associates, Norwest Venture Bitglass provides security solutions that automatically segments, tracks, and secures businesses’
5-Aug-14
Partners, SingTel Ventures sensitive data across cloud and mobile.
25.0
Accel Partners, Intel Capital, Khosla Ventures, Vectra Networks’ X-series platform uses next-gen compute architecture and combines data
5-Aug-14
Juniper, AME Ventures, IA Ventures analytics and machine learning to detect attacks.
25.1
53
Investment Amount
Date Raised ($M)
Theta Ray offers malware detection and prevention solutions for critical infrastructure,
29-Jul-14 Jerusalem Venture Partners, Poalim Ventures
communication systems, and financial systems.
10.0
Baird Venture Partners, Jump Capital, Math NowSecure develops and provides mobile security solutions for the financial, healthcare, and
25-Jul-14
Venture Partners governmental institutions.
12.5
Bask Technology provides remote technology and proactive maintenance services for private
23-Jul-14 ABS Capital Partners, Signal Peak Ventures
homes and small businesses in the United States and internationally.
17.8
Riverwood Capital, Adams Street Partners, LogRhythm provides log management and security information and event management
22-Jul-14
Access Venture Partners, Piper Jaffray solutions.
40.0
InteliSecure provides a portfolio of information and network security services to help

22-Jul-14 Frontier Capital
organizations protect their most critical assets.
14.3
Malwarebytes develops anti-malware technologies to detect and remove malicious programs

10-Jul-14 Highland Capital Partners
from PCs.
30.0
Adams Street Partners, March Capital Partners,

4-Jul-14
Summit Partners, Telstra Ventures
Telesign provides mobile identity solutions. 49.4
Total Amount Raised ($M) 6,581.4
Median Amount Raised ($M) 22.0
54
Cybersecurity
Public Trading
Analysis
Cybersecurity Sector vs Benchmark Performance
Equity Performance Continued to Rebound through Q2 2016.
3 Months 6 Months 12 Months
High Growth 2.3% (1.7%) (23.5%)
130 Low Growth (0.4%) (2.8%) (11.1%)
NASDAQ 2.2% 6.7% 1.0%

120 S&P 500 4.0% 10.8% 4.1%
HACK* 6.0% 6.0% (18.4%)

110
4%
100 1%
90 -11%
80 -18%
-24%
70
60
50
Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16
High Growth Security Low Growth Security S&P 500 Index NASDAQ HACK
Source: Capital IQ, market data as of July 8, 2016.

* PureFunds ISE Cybersecurity ETF.
56
Trading Multiples: High Growth & Low Growth
Valuation Multiples For High Growth & Low Growth Cybersecurity Companies.
High Growth Cybersecurity* Low Growth Cybersecurity*

(Current: EV / LTM Revenue Multiples) (Current: EV / LTM Revenue Multiples)
9.6x
8.9x
8.5x 8.5x
7.8
Median: 4.8x 4.8x 5.0x

3.6x 3.8x 4.4x
3.1 3.1 3.3

2.7x 3.2x Median: 2.5x 2.5 2.5
2.1 2.3 2.4
1.2
Secureworks Mimecast* Rapid7* FireEye Fortinet Imperva Qualys Palo Alto CyberArk Splunk Proofpoint MobileIron F-Secure VDSI Barracuda Symantec Imprivata AVG Sophos Trend Micro Check Point
Networks Networks
Source: Capital IQ, market data as of July 8, 2016.

* High Growth represented by companies with >20% revenue CAGR; Low Growth represented by companies with <20% revenue CAGR.
57
Public Company Trading Analysis
High Growth & Low Growth Cybersecurity.
EV / Revenue EV / EBITDA P/E
LTM Price Market Cap Enterprise Value 2015-16E 2016E-17E
Company Name Stock Price
Performance ($M) ($M) Revenue Growth Revenue Growth LTM CY2016 CY2017 LTM CY2016 CY2017 CY2016
High Growth Cybersecurity (>20% CAGR)

Palo Alto Networks 125.94 (27.0%) 11,285 10,700 37.6% 30.4% 8.5x 6.8x 5.2x 43.5x 31.3x 21.7x 59.5x
Splunk 56.63 (15.9%) 7,525 6,502 34.2% 28.2% 8.9x 7.3x 5.7x NM NM 55.1x NM
Fortinet 33.46 (17.5%) 5,744 4,792 25.9% 19.0% 4.4x 3.8x 3.2x 26.6x 20.7x 16.6x 47.7x
Proofpoint 68.03 8.6% 2,823 2,764 32.9% 29.9% 9.6x 7.8x 6.0x NM NM 70.5x NM
FireEye 16.42 (65.5%) 2,732 2,525 27.4% 25.0% 3.8x 3.2x 2.5x NM NM NM NM
CyberArk 51.70 (9.3%) 1,736 1,488 31.1% 22.3% 8.5x 7.1x 5.8x NM 30.8x 24.2x 56.5x
Imperva 44.76 (32.5%) 1,444 1,185 29.2% 23.2% 4.8x 3.9x 3.2x 25.5x 74.6x 43.3x NM
Secureworks* 13.86 (1.0%) 1,118 994 25.2% 19.6% 2.7x 2.3x 2.0x NM NM NM NM
Qualys 30.71 (15.9%) 1,072 867 20.4% 18.8% 5.0x 4.4x 3.7x NM 13.5x 11.0x 38.8x
Mimecast* 10.23 2.3% 555 456 20.4% 22.4% 3.2x 2.8x 2.3x 28.8x 70.3x 32.5x NM
Rapid7* 12.46 (22.1%) 523 439 37.8% 26.1% 3.6x 2.9x 2.3x NM NM NM NM
Mean 29.3% 24.1% 5.7x 4.7x 3.8x 31.1x 40.2x 34.4x 50.6x
Median 29.2% 23.2% 4.8x 3.9x 3.2x 27.7x 31.1x 28.4x 52.1x
Low Growth Cybersecurity (<20% CAGR)
Check Point Software 83.15 5.7% 14,258 12,887 7.2% 7.1% 7.8x 7.4x 6.9x 13.6x 13.3x 12.4x 18.3x
Symantec 20.70 (9.3%) 12,741 8,923 (42.5%) 3.7% 2.5x 2.5x 2.4x 5.9x 7.8x 6.0x 20.3x
Trend Micro 38.56 16.8% 4,944 3,700 20.3% 7.6% 3.3x 3.0x 2.8x 10.5x 9.5x 8.7x 27.4x
AVG Technologies 24.63 (11.0%) 1,247 1,359 2.9% 6.1% 3.1x 3.1x 2.9x NA 8.6x 8.0x 12.9x
Sophos 2.72 (25.8%) 1,231 1,463 7.2% 14.4% 3.1x 2.9x 2.5x 25.8x 20.8x 17.3x 9.2x
Barracuda Networks 18.43 (52.4%) 964 801 10.4% 6.3% 2.4x 2.4x 2.2x 13.1x 13.0x 11.5x 31.2x
VDSI 15.79 (41.1%) 628 503 (13.6%) 13.1% 2.3x 2.4x 2.1x 11.0x 13.4x 9.5x 22.9x
F-Secure 2.96 (4.3%) 461 358 10.3% 5.5% 2.1x 2.0x 1.9x 11.0x 12.9x 10.6x 30.8x
Imprivata 14.34 (6.3%) 363 314 16.6% 16.6% 2.5x 2.3x 1.9x NM NM NM NM
MobileIron 3.30 (40.3%) 281 187 7.4% 13.0% 1.2x 1.2x 1.0x NM NM NM NM
Mean 2.6% 9.3% 3.0x 2.9x 2.7x 13.0x 12.4x 10.5x 21.6x
Median 7.3% 7.3% 2.5x 2.5x 2.3x 11.0x 12.9x 10.1x 21.6x
Note: NM – Not Meaningful, NA – Not Available; market data as of July 8, 2016; * price performance from IPO price.
Source: Capital IQ.
58
15
Advise. Network. Invest.

Momentum Partners, L L C
Momentum Capital Markets, LLC
340 Brannan Street | Suite 501
San Francisco, California 94107
Michael Tedesco Eric McAlpine Petros Kitsos Timothy Lipton Keith Skirbe Dino Boukouris
Executive Chairman Managing Partner Senior Advisor Partner Director Director
michael@wellspring.partners eric@momentum.partners petros@momentum.partners tim@momentum.partners keith@momentum.partners dino@momentum.partners
*Securities offered through Momentum Capital Markets, LLC, a division of Financial Telesis Inc. Member FINRA/SIPC.

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1

Advisors & Dealmakers In Cybersecurity.

Momentum Partners, LLC • Momentum Capital Markets, LLC

Why Momentum Partners? Momentum’s Senior Cybersecurity Team

Infrastructure Security Endpoint Security Application Security

Managed Security Service Provider Messaging Security Web Security

Risk & Compliance

Source: Momentum Partners.

46.5%  2.2x 2.5x 10.5%

8.1x 7.0x 12.9%

Max 7.3x 3.7x 2.9x 20.2%

9.8x 7.3x 26.2%

Median 8.1x 7.4x 4.2x 42.9%

12.8x 6.9x 46.3%

6.6x 3.5x 46.5%

Median 3.7x 12.8x 6.6x 48.6%

13.6x 6.6x 51.5%

Min 2.2x 2.4x 1.0x 56.4%

8.9x 3.7x 58.0%

11.5x 3.2x 72.2%

4.0x AVG Technologies Imperva

2015-16E Revenue Growth

Q4: 29.2% Q3: 63.2%

Security Specialized Threat

$63.5 $506.0 Network/Endpoint Security

$56.1 $425.3 MSSP

$15.3 $352.8 Advanced Threat Protection

$14.9 $340.9 Web Security

$9.0 $301.2 Application Security

$6.0 $211.0 IAM

$2.8 $197.8 Vulnerability Management

$1.4 § All considered IPO candidates Cloud Security

The Wild Cards The Wild Cards

Source: Momentum Partners. 10

11/15: IPO: $78M

9/12: Series C: $62M

7/15: IPO: $103M

12/14: Series D: $30M

6/15: IPO: $553M

5/02: Minority: $60M $64M

Avast Acquired AVG on July 7 for $1.3B / 3.4x LTM Rev

IPO Timing 2012 2013 2014 2015 2016

Company Commentary Company Commentary

Source: Momentum Partners, PitchBook Data, CrunchBase, Company Press Releases. 14

Q1 2016 Q4 2015 Q3 2015

Series A (02/10/16): $8M

Series A (10/25/15): $32.5M

Series A (07/06/16): $10M

Series B (04/19/16): $5M

Series D (05/24/16): $41M Venture (06/14/16): $2.6M

Notable M&A Transactions

acquires acquires acquires

June 28, 2016 June 12, 2016 June 1, 2016

Transaction Overview CloudLock Overview

Acquires HQ: Waltham, MA Data Security Custom App Threat

Funding Snapshot Rationale

Source: Company press releases and websites, 451 Research. 18

Transaction Overview Blue Coat Overview

EV / LTM EBITDA: NM Network Platform Capabilities

§ Advanced web and cloud security

Transaction Funding Top 5 Cybersecurity Transactions by Value

Source: Company press releases and websites, 451 Research. 19

Transaction Overview PingPing

Date: 6/1/2016 The Platform Core Capabilities

Momentum Partners, LLC •  Momentum Capital Markets, LLC

46.5% 2.2x 2.5x 10.5%

$1.4 §  All considered IPO candidates Cloud Security

§  Advanced web and cloud security

§  Protects critical assets for some of the world’s

§  Reduces Fraud §  Detects Targeted Attacks