A Leading Cybersecurity Skills Development Platform Provider Announces 100% North American Ownership and Funding for Expansion
NEWBURYPORT, Mass., August 19, 2024 – Cyberbit Inc., a leading provider of cybersecurity skill development platforms, today announced a new round of funding from existing investors, including Charlesbank Capital Partners, an established middle-market private investment firm. This transaction, which recapitalizes the company under solely North American ownership and control, will provide significant capital for future acquisitions, expansion, and product development.
Over the past year, Cyberbit has undertaken several strategic initiatives to accelerate expansion, including appointing Caleb Barlow, creator of the IBM cyber range, as CEO, relocating its global headquarters to the United States, launching a new subsidiary focused on government growth, and adding several new leadership team members who were part of the IBM team that established the world’s first commercial cyber range. With these significant initiatives, coupled with new funding, Cyberbit is well-positioned to accelerate its growth in North America as well as in additional growth markets including Europe, the Middle East, and Indo-Pacific regions.
“Throughout 2024, we have taken several strategic actions to realign our organization with key markets in North America and globally,” said Mr. Barlow, CEO of Cyberbit. “With new funding and 100% North American ownership, we are now positioned to focus on growth and expansion into new geographies, as we fulfill our mission of delivering hyper-realistic experiences that build elite cybersecurity teams.”
“We are thrilled to support Cyberbit in this new growth chapter,” said Darren Battistoni, Managing Director of Charlesbank Capital Partners and Chairman of the Board of Directors at Cyberbit. “As the threat of cyberattacks on organizations continues to escalate, this new capital will allow Cyberbit to meet the growing demand for its services and widen its expansion across U.S and allied governments.”
For more information about Cyberbit Inc. and its services, please visit http://www.cyberbit.com.
About Cyberbit Inc.:
Cyberbit empowers organizations to forge elite cybersecurity teams through a hyper-realistic simulation platform that immerses cyber operators and executives in lifelike, simulated attacks. Powered by an advanced cyber range, the Cyberbit platform mirrors both the mental and technical challenges of a cyber crisis, replicating the attacks, networks, and commercial security tools that teams encounter daily, including market-leading SIEMs, firewalls, WAFs, and EDRs. By utilizing Cyberbit, organizations experience a dramatic reduction in cyber risk, boost cyber resilience, and improve team retention. Cyberbit delivers over 1 million hours of exercises annually across industry, government, and higher education institutions, and is headquartered in Newburyport, Massachusetts.
For more information about Cyberbit, please visit www.cyberbit.com.
About Charlesbank:
Based in Boston and New York, Charlesbank Capital Partners is a middle-market private investment firm with more than $18 billion of capital raised since inception. Charlesbank focuses on management-led buyouts, growth capital financings, opportunistic credit, and technology investments. The firm seeks to invest in companies with sustainable competitive advantage and excellent prospects for growth. For more information, please visit www.charlesbank.com.
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