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Cybersecurity unicorn Axonius will acquire Cynerio, an Israeli-health tech startup in a $109 million deal, it told Axios Pro exclusively on Tuesday.

Why it matters: The disastrous Change Healthcare hack put cybersecurity in the health care industry under regulatory and operational spotlights.

Zoom in: The deal value includes cash and stock, as well as performance incentives.

Cynerio, founded in 2017, has raised around $50 million per PitchBook, from investors including Elron Ventures, MTIP, and Accelmed.

How it works: Cynerio focuses on cybersecurity for medical devices, including MRIs, smart insulin pumps, and at-home devices. 

These devices weren't built with security in mind, Axonius CEO Dean Sysman says. They often can't be updated or patched. 

NY-based Axonius, which helps businesses map, track, and secure employee devices, intends to use Cynerio's tech to serve hospitals and pharmaceutical trials. 

Zoom in: Axonius was valued at $2.6 billion last year, in a Series E extension round led by Lightspeed and Accel.

Cybersecurity funding has remained relatively resilient to the venture downturn of recent years.

The intrigue: Cuts to health care programs in President Trump's OBBB threaten to eat into hospital budgets. And many believe that cybersecurity spending could get culled, especially at smaller facilities.

"Organizations want to be able to get to a smaller number of vendors," says Sysman. "I think there's a need right now is for both cybersecurity companies and startups to decide, are we going to be standalone feature in a bigger platform, or are we going to be that bigger platform that can serve a very wide and deep set of needs?"

Context: Cyber attacks are costing health care providers up to $1 billion a day.

Exclusive: Axonius to acquire Cynerio in $109 million deal

The Change Healthcare hack put cybersecurity in the health care industry under the spotlight.

Illustration of a robotic hand with a padlock around its finger.

Cybersecurity unicorn Axonius will acquire Cynerio, an Israeli-health tech startup in a $109 million deal, it told Axios Pro exclusively on Tuesday.Why it matters: The <a class="gtmContentClick" data-vars-link-text="disastrous Change Healthcare hack" data-vars-click-url="https://www.axios.com/2024/06/13/ransomware-cyberattack-change-healthcare" data-vars-content-id="f707982e-9f57-4339-bb7e-f72f19523fbf" data-vars-headline="Exclusive: Axonius to acquire Cynerio in $109 million deal" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2024/06/13/ransomware-cyberattack-change-healthcare" target="_self">disastrous Change Healthcare hack</a> put cybersecurity in the health care industry under regulatory and operational spotlights.

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Exclusive: Axonius to acquire Cynerio in $109 million deal

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