Horangi Cyber Security, a Singapore-based cybersecurity platform operator, has been put up for sale, said two sources familiar with the situation.
Barclays has been mandated as financial advisor to help arrange the potential trade sale, the sources said.
Horangi, which was co-founded in 2016 by ex-Palantir [NYSE: PLTR] employees Paul Hadjy and Lee Sult, is being marketed at a valuation of less than USD 100m, the first source said.
The co-founders are happy to entertain approaches from any interested parties, the two sources said. Strategic buyers such as technology companies are highly preferred, the first source continued, without further elaborating.
The company was originally targeting to raise USD 40m in Series C funding through a 20%-30% new share offering in 1Q or 2Q of 2022, as reported by Mergermarket in October 2021.
However, it decided to drop its fundraising plan, the two sources said. The capital raise had not been as smooth as expected amid inadequate investor support, the first source explained. The asking valuation at the time also felt too high given the company’s small business scale, a third source familiar said.
In 2020, Horangi raised USD 20m in a Series B round, bringing its total funding to USD 23.1m. The round was led by Provident Growth, with the participation of Monk's Hill Ventures, Right Click Capital and Genesis Alternative Ventures, as announced.
The company’s integrated cybersecurity platform is built to comprehensively secure organizations of all sizes with enterprise-grade technology in the cloud. It has served industry leaders such as Gojek, MoneySmart, PropertyGuru [NYSE:PGRU] and Tiket.com, referring to its website.
Its flagship product Warden helps protect organizations using public cloud infrastructure from security threats and compliance violations. Warden is available on cloud service providers such as Amazon Web Services and Google Cloud Platform, citing this news service’s report.
Its teams are located in Singapore, Indonesia, Thailand, Hong Kong, Philippines, its website reads.
California-based Palo Alto Networks [NYSE:PANW] and Israel-based Aqua Security, Los Angeles-based Orca Security and Tel Aviv-based Wiz are among its rivals, the report reads.
Horangi and Barclays did not respond to requests seeking comment.