Recorded Future Bought for $780M in Latest Boston Cybersecurity Deal
Summary
Insight Partners, a New York-based venture capital and private equity firm, led a $25 million round of funding that Recorded Future raised in October 2017. Insight’s deal buys out those investors to land a controlling stake in Recorded Future, and it is also adding an undisclosed amount of cash into the company’s bank accounts as an additional investment. Recorded Future scans the internet—from the vanilla Main Street websites most people use all the way to the back alleys of the dark web—with machine learning software to collect and analyze intelligence on cyber threats that can be fed to security analysts and operations teams tasked with protecting a company or organization. “As we started talking to these parties, the guys at Insight said, ‘We’d like to own the company,’ and they set a number and a set of terms around it that we couldn’t not do it.” The deal for Recorded Future is also another feather in the cap of the Boston cybersecurity scene that’s seen more than its fair share of recent big money deals: In November 2018, private equity firm Thoma Bravo bought Veracode for $950 million, just months after Veracode’s parent company CA Technologies was bought by Broadcom (NASDAQ: AVGO); in November 2017, Synopsys (NASDAQ: SNPS) snatched up Burlington, MA-based Black Duck Software for $565 million; and in June 2006, Cisco Systems bought Waltham, MA-based Cloudlock for $293 million. Recorded Future has 384 employees in Massachusetts, Virginia, Sweden, and the UK, and is adding Mike Triplett and Thomas Krane from Insight Partners to its board of directors as part of the deal.
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