Charlesbank Capital Partners invests $70 million in Elbit Systems’ subsidiary, Cyberbit
Elbit Systems Ltd. has announced that Charlesbank Technology Opportunities Fund, a fund managed by Charlesbank Capital Partners, invested approximately $70 million in Elbit Systems’ Israeli subsidiary, Cyberbit Ltd., of which approximately $22 million was invested in Cyberbit and approximately $48 million was paid in consideration of a portion of Elbit Systems’ shares in Cyberbit. As a result of the investment and sale of equity holdings, Elbit Systems became a minority shareholder in Cyberbit. Claridge Israel L.P., an existing shareholder of Cuberbit, which invested $30 million in Cyberbit in June 2018, also participated in this round of investment.
Cyberbit is engaged in commercial training systems for cybersecurity teams.
Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems, commented: “Preparing the human element for cyber-attacks is one of the most acute cybersecurity challenges. The investment of Charlesbank in Cyberbit is a recognition of Cyberbit’s market-leading position and the growth potential of Cyberbit’s training platform – the Cyber Range. I am confident that this investment will allow Cyberbit to realize its full growth potential.”