Saturday, October 23rd | 17 Heshvan 5782

May 19, 2020 10:38 am

Charlesbank Invests $70 Million in Elbit Systems Subsidiary Cyberbit

avatar by Reuters and Algemeiner Staff

Employees check an Elbit Systems Ltd. Hermes 900 unmanned aerial vehicle (UAV) at the company’s drone factoryl in Rehovot, Israel, June 28, 2018. Photo: Reuters / Orel Cohen.

Israeli defense firm Elbit Systems said on Tuesday the Charlesbank Technology Opportunities Fund invested $70 million in Elbit‘s commercial cybersecurity subsidiary Cyberbit.

Elbit said the fund, which is managed by Charlesbank Capital Partners, invested about $22 million directly in Cyberbit while $48 million was paid in exchange for a portion of Elbit’s shares in Cyberbit.

As a result of the investment and sale of equity holdings, Elbit became a minority shareholder in Cyberbit. Claridge Israel, which invested $30 million in Cyberbit in June 2018, also participated in this round of investment.

Cyberbit is engaged in commercial training systems for cybersecurity teams.

Based in Boston and New York, Charlesbank Capital Partners is a private equity investment firm managing more than $6 billion of capital.

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