BitSight Raises $250M & Acquires VisibleRisk

BitSight Secures $250 Million Investment and Acquires VisibleRisk

BitSight, a company specializing in the evaluation of organizational breach likelihood, has received a significant $250 million investment from Moody’s, a leading credit rating agency.

Concurrently, BitSight has finalized the acquisition of VisibleRisk, an Israeli cyber risk assessment startup, for an undisclosed amount.

Investment Details and Platform Expansion

The investment from Moody’s, which has consistently highlighted the potential impact of cyber risks on credit ratings, is intended to facilitate the development of a comprehensive cybersecurity risk platform.

Moody’s intends to integrate BitSight’s cyber risk data and research into its existing integrated risk assessment product suite.

This investment establishes a valuation of $2.4 billion for BitSight, positioning Moody’s as the company’s largest shareholder.

Statements from Leadership

“Transparency and trust are fundamental to Moody’s core mission,” stated Rob Fauber, President and CEO of Moody’s.

“BitSight leads the cybersecurity ratings sector, and our collaboration will empower market participants to better comprehend, measure, and mitigate their cyber risks, ultimately translating these risks into potential financial losses.”

VisibleRisk Acquisition Enhances Capabilities

The acquisition of VisibleRisk, a cyber risk ratings venture initially formed by Moody’s and Team8, significantly enhances BitSight’s platform with advanced cyber risk assessment capabilities.

This allows for a more detailed analysis and calculation of an organization’s financial vulnerability to cyberattacks.

VisibleRisk has previously secured $25 million in funding and utilizes a “cyber ratings” system based on cyber risk quantification.

This quantification enables companies to compare their cyber risk profiles with industry peers and improve their understanding of cyber threat impacts.

New Risk Solutions Division

Following the acquisition, BitSight will establish a dedicated risk solutions division.

This division will focus on delivering a range of critical solutions and analytics to key stakeholders, including Chief Risk Officers, C-suite executives, and boards of directors.

Derek Vadala, co-founder and CEO of VisibleRisk, and formerly the head of Moody’s cyber risk group, will lead this new division.

Future Outlook

Steve Harvey, President and CEO of BitSight, expressed that the partnership with Moody’s and the acquisition of VisibleRisk will broaden the company’s reach.

This expansion will aid in assisting customers with managing cyber risk in an increasingly digitized landscape.

Company Background

Founded in 2011, BitSight has raised a total of $155 million in external funding, including a recent $60 million Series D round led by Warburg Pincus.

The company currently employs nearly 500 individuals and serves over 2,300 global customers.

These customers include government agencies, insurance providers, and asset management firms.