Just five years after opening up shop, McLean, Va.-based Verodin is giving its early investors a healthy return.
California-based cybersecurity software provider FireEye has acquired the cybersecurity startup for $250 million, the companies announced Wednesday.
Verodin analyzes clients’ existing cybersecurity infrastructure for vulnerabilities and efficiency – essentially auditing its defense systems. With the deal, FireEye is gaining a platform that can run a review against its security setup for clients.
FireEye said the acquisition is projected to add about $20 million to sales in 2019 and more than $70 million in 2020.
“Verodin gives us the ability to automate security effectiveness testing using the sophisticated attacks we spend hundreds of thousands of hours responding to, and provides a systematic, quantifiable, and continuous approach to security program validation,” FireEye CEO Kevin Mandia said in a statement.
Verodin had raised about $33 million since launching, including a $20.7 million Series B round last June led by TenEleven Ventures and Bessemer Venture Partners. That came with a valuation of just over $100 million. Previous investors with a board seat include Blackstone, Rally Ventures and Crosslink Capital.
The startup moved its headquarters to Tysons in February, after reporting 400 percent growth in 2017.
Verodin is led by CEO Christopher Key, former chief architect for ArcSight, which was acquired by Hewlett-Packard. And last year it brought on Earl Matthews, a former Air Force major general and Hewlett-Packard VP, as chief strategy officer.
FireEye plans to incorporate the startup's platform into its on-site and managed services, but will also continue to sell it as a standalone SaaS product.
