Huawei buys out Israel cyber security startup Hexatier for $42m

China-based telecom equipment giant Huawei has completed the acquisition of Hkstir (Hexatier), a cyber security startup in Israel, for $42 million, the Calcalist reported. Founded in 2009 as GreenSQL by Amir Sadeh, David Maman and Hadar Eshel, Hexatier secures databases in the cloud. It has 40 employees in Tel Aviv, Calfornia and Boston. Hexatier’s software integrates information security systems for monitoring and supervision.

Huawei intends to use Hexatier’s technology to set up a research and development centre in Israel for databases in the cloud. The negotiations follow a visit by Huawei Chief Executive Officer Ren Zhengfei to Israel several weeks ago. Prior to the latest deal, Hexatier raised up to $15 million from Israeli venture capital funds JVP, Magma and Rhodium.

The Israel tech firm since last year has been focusing on securing information on databases in the cloud, and even protecting databases on premises. Huawei reportedly employs around 170,000 employees with more than half are employed in research and development in 21 different centers including China, the United States, England, Canada, Pakistan, France, Belgium and Germany. The Chinese phone maker recorded $60 billion in sales in 2015, about 37 per cent higher in the same period in 2014. Operating profit last year was $7 billion.

Source:http://www.dealstreetasia.com/stories/huawei-buys-out-israel-cyber-security-hexatier-for-42m-61612/