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UPDATED: It is official: Cognitive Security, a Czech security software company that came out of Czech Technical University and had a software development firm Certicon as the first seed investor, has been acquired by Cisco, according to Cisco’s official statement. Ondrej Bartos, the partner of Credo Ventures which invested in Cognitive Security, has shared this TechCrunch announcement on Facebook. And no, the details of the deal have not been disclosed.
Update: according to TechCrunch, Cisco will now offer advanced network security solutions to its enterprise customers. The 28 startup employees will be joining Cisco’s security technology group.
Cognitive Security analyzes corporate networks in real time to reveal unusual behavioural patterns and identifying security threats. The company was founded by Martin Rehak and Michal Pechoucek in 2009, and received funding from Czech seed stage venture capital fund Credo Ventures and Richard Seewald, the partner at private equity firm ALPHA Associates (his earlier investments include Czech AVG Technologies (NYSE:AVG), Bulgaria-based 60K Group, Czech Nej TV and Belarusian EPAM, Systems (NYSE:EPAM)).
This is the first notable exit for Credo Ventures that came 2 years after closing of the fund. Credo Ventures has also backed Romanian Brainient and Czech / French / Global Intellitix just over a year ago (and put up with me for nearly a week of roaming CEE during the Credo Week back in 2011). I reached out to Bartos, who said “I believe it proves that Central Europe can actually produce attractive tech startups with global ambitions and excellent technology”.
This deal is certainly big news for the Czech startup community, as another high-tech company makes an exit after the Czech antivirus company AVG went public in the US and has by now reached a market valuation of over $800 million. Just last week another acquisition news came in, as Amazon acquired a Polish text-to-speech company Ivona.
With 3 Czech startups winning The Europas awards, and an emerging success stories of technology entrepreneurship in the region, Eastern Europe has raised its investment profile, as we at GoalEurope will be happy to report on more VC firms opening their offices further east.
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