InsurTech startup Coalition to acquire cybersecurity solution

Coalition, a cyber insurance provider for small and midsize businesses, has acquired cybersecurity company BinaryEdge.

Following the close of the deal, Coalition will integrate BinaryEdge’s technology with its cyber insurance and security platform. This will enable policyholders to map their internet attack surface, monitor risk exposures in real-time and proactively fix vulnerabilities to stay ahead of adversaries.

The startup maps and scans each policyholder’s internet attack surface, finds risk exposures and vulnerabilities, and supplies real-time threat intelligence and alerts to reduce a chance of compromise.

With the integration of BinaryEdge, Coalition can offer 24/7 security monitoring to safeguard an organization as well as insurance coverage for technology failures and cybercrime.

Coalition CEO Joshua Motta said, “While most insurers only respond after an incident, Coalition is now uniquely positioned to provide organizations with the data and tools they need to prevent and mitigate losses before they occur.

“Coalition is the only provider of cyber insurance to truly combine cybersecurity with insurance, working with policyholders as a dedicated risk management partner before, during and after an incident.”

The InsurTech offers offers cyber insurance products which are supported by global insurers Swiss Re Corporate Solutions and Argo Group. The company provides both insurance and cybersecurity products to SMBs, helping to protect a company from risk and loss.

Coalition secured a $10m Series A in 2018 from investors including Vy Capital, Ribbit Capital, Valor Equity Partners and Y Combinator.

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