"All investors and all At-Bay employees made money on the deal"

"The disappointment is for those who did not understand that the world has changed; the valuation should be close to the cash the company generates," Rotem Iram, CEO and co-founder of the Israeli cyber insurance company At-Bay, which was sold to the German insurance giant Munich Re Group for $575 million, told Calcalist.

In his remarks, he referred to the gap between the company's valuation in 2021, during the "unicorn bubble" period, which stood at $1.35 billion, and the current sale price.

"We are not in the same world. In 2021, we had $50 million in insurance premiums; today, we have almost six times that in premiums, along with $30 million in revenue in the cyber sector. I understand that in 2021, we received a high valuation in a zero-interest market with high multiples. Today's market is realistic and has returned to the basics. In practice, selling for $575 million in 2026 is a very significant event and a success," Iram stated.

At-Bay was founded in 2016 by Rotem Iram, Roman Itskovich (CRO), Etai Hochman, and Tilli Kalisky. The company offers cyber insurance for businesses, integrating monitoring, security, and risk analysis capabilities into its product. To date, At-Bay has raised about $300 million. The deal is expected to close in 2027, subject to regulatory approvals.

Following the acquisition, At-Bay will join HSB, a subsidiary of Munich Re Specialty. Today, At-Bay is among the top ten cyber insurance companies in the United States, with $280 million in premiums.

"All investors made money on the deal, we care a lot about them, and all employees made money. We built a real company with 280 employees, and we will be a full business unit. No one is leaving; the founders are also staying. When the ground is pulled out from under your feet, most do not survive. We multiplied our size by six, and that is a huge success," Iram concluded.