German firm Schwarz Group acquires Israeli Cybersecurity firm XM Cyber

Tamir Pardo's Israeli cybersecurity company XM Cyber, is being acquired by Germany’s multinational retail operation Schwarz Group, for $700 million.

Schwarz Group said XM Cyber’s “comprehensive knowledge in securing complex hybrid cloud networks” was an essential aspect of the strategic acquisition.

XM Cyber will continue to operate independently and offer its products under its current brand and support structure.

Schwarz Group entered the cloud computing space by building its own cloud computing platform for retailers, called Stackit, to rival AWS (Amazon Web Services), Microsoft and other large cloud providers.

Schwarz Group Chief Digital Officer Rolf Schumann said that the acquisition will allow the multinational to “offer our customers even more services and evolve the shopping and customer experience in a more holistic way.”

XM’s CEO Erez said that, “With the backing and international footprint of the largest European retailer, we can accelerate innovation and growth and further strengthen our position in the global cybersecurity market.”