Cybereason Explores Sale After Scrapped IPO, Layoffs: Report

Cybereason has reportedly hired JPMorgan Chase to find a buyer because of slowed growth and a hot security acquisition market.

Cybersecurity vendor Cybereason is exploring a sale less than a year after exploring plans to go public, according to The Information.

Cybereason, based in Boston and Israel, has hired JPMorgan Chase to find a buyer because of slowed growth and a hot security acquisition market, according to The Information.

According to a Cybereason spokesperson, the company has a policy of not commenting on market rumors.

[RELATED: Cybereason Lays Off 10 Percent Of Workforce After Recently Filing For IPO]

The news comes months after Cybereason publicly called the market for technology companies going public “essentially closed” and laid off about 10 percent of its workforce. Cybereason reportedly filed for an initial public offering (IPO) in January.

This year’s hot cybersecurity market includes Google buying Mandiant and Siemplify, Perception Point buying Hysolate, Netskope buying Infiot, and numerous other deals.

The company captured attention last year after it raised a $275 million Series F round of funding from investors including a fund by former U.S. Treasury Secretary Steve Mnuchin. The company has raised $750 million in total funding from investors including Google and SoftBank since it was founded in 2012, according to PitchBook.

CRN has also ranked Cybereason on its “20 coolest endpoint and managed security companies of 2022” and “10 hottest cybersecurity products at Black Hat 2022” lists.