Schwarz Group, the world’s fourth-largest retailer and a growing force in cloud computing, has acquired Israeli security startup XM Cyber.
According to reports, Schwarz Group paid $US 700 million for acquiring XM Cyber. With the acquisition, the Schwarz Group prepares for future challenges regarding IT security. The Schwarz Group is a family-owned multinational retail group that operates grocery shops under the Lidl and Kaufland brands.
For XM Cyber, this presents myriad opportunities for continued growth and accelerated innovation, the company said. With the rise of digitalization, security is paramount to protecting growing ecosystems. Cyber-attacks such as the infiltration of ransomware into the IT infrastructure of companies can cause major damage.
XM Cyber brings an innovative approach to proactively prevent cyber-attacks using the attacker’s perspective. By discovering critical attack paths across on-premises and multi-cloud networks, it helps organisations cost-effectively close security gaps before systems are compromised. The comprehensive knowledge in securing complex hybrid cloud networks is also an essential aspect of this strategic acquisition for the Schwarz Group.
“XM Cyber brings deep technical understanding and innovation that perfectly complements our portfolio for advanced cybersecurity services,” says Christian Müller, Chief Information Officer of Schwarz Group. “Finding and closing security gaps from an attacker’s perspective is a disruptive approach to the way organizations can proactively protect their networks. XM Cyber’s solution builds on our strong IT security to further protect our customers, partners, and ourselves as a company.”
The cooperation with XM Cyber additionally complements the security components of the digital business models of the Schwarz Group. “We continuously extend our range of digital products for our customers, for example, our online shops, our marketplace, or our loyalty programs,” says Rolf Schumann, Chief Digital Officer of Schwarz Group.
“With the solutions of XM Cyber, we offer our customers even more services and evolve the shopping and customer experience in a more holistic way.” For XM Cyber, this strategic partnership offers immense potential to further expand and develop its business model.
Noam Erez, XM Cyber co-founder, and CEO said: “With the backing and international footprint of the largest European retailer, we can accelerate innovation and growth and further strengthen our position in the global cybersecurity market.” XM Cyber will continue to operate independently, offering its full suite of products under its current brand and support structure, and will remain committed to supporting its global customer base.