Paladin made its first investment in Corellium’s Series A round in 2021
WASHINGTON, D.C. – Today, Paladin Capital Group portfolio company, Corellium, announced its agreement to be acquired by Cellebrite, a global leader in premier Digital Investigative solutions for the public and private sectors. Corellium is a leader in Arm-based virtualization software that enables developer and cybersecurity teams to run highly accurate, scalable, and performant full-stack virtual models of mobile apps, OS firmware, and device hardware. Cellebrite intends to acquire Corellium for an enterprise value of up to $200 million, a portion of which is related to performance milestones over the next two years. The deal is expected to close this summer, subject to regulatory approval and other customary closing conditions, resulting in excellent returns on capital for Paladin’s limited partners.
Paladin previously led Corellium’s $25 million Series A funding round in 2021, with participation from Cisco Investments and other strategic investors. Paladin’s investment helped Corellium accelerate its research and development to support skyrocketing customer demand and expand its go-to-market and partner ecosystem initiatives.
“In 2021, Paladin recognized the unique cybersecurity potential of Corellium to develop transformative technology and led its early-stage financing alongside a cohort of strategic investors,” said Michael Steed, Founder and Managing Partner of Paladin Capital Group. “We are proud to celebrate Corellium’s upcoming acquisition, which recognizes their development of a digital solution of absolute need and demonstrates the realization of exactly the value proposition we identified four years ago. We are very pleased that this acquisition will also deliver excellent returns to Paladin’s limited partners”
“Paladin has been an invaluable partner throughout Corellium’s journey. From the very beginning, they understood the significance of what we were building and provided not just capital, but strategic insight, invaluable guidance, and trust,” said Amanda Gorton, Co-Founder and CEO at Corellium. “Paladin’s support played a pivotal role in helping us scale our technology and our mission — and ultimately, in reaching this milestone with Cellebrite. We’re deeply grateful for their belief in us.”
With this acquisition, customers across the public safety, defense, and intelligence industries and the private sector will benefit from:
- Accelerated identification of mobile vulnerabilities
- Industry-first ability to visualize and interact with virtual devices as if they were physically present – aiding prosecutors, juries, investigators, and developers
- Increased efficiency, speed, and efficacy of DevSecOps across all Arm-based devices
- Arm-native and dynamic Mobile Pen Testing
In the public sector, Corellium’s technology and talent will further advance Cellebrite’s Digital Investigation Platform, while Corellium’s solution for mobile vulnerability research is expected to increase Cellebrite’s offerings for customers in the defense and intelligence industries. In the private sector, Corellium’s virtualization platform is expected to extend Cellebrite’s reach beyond eDiscovery and corporate investigation use cases through powerful virtualization solutions that enable development and security professionals to design the next generation of high-performance, secure mobile applications, IoT devices, and automotive systems.
As part of this acquisition, Corellium’s founder and chief technology officer (CTO) Chris Wade will also join Cellebrite as their new CTO.
“With Cellebrite’s backing, Corellium’s customers will benefit from accelerated identification of mobile vulnerabilities, as well as increased efficiency of DevSecOps across all Arm-based devices,” said Mourad Yesayan, Managing Director at Paladin Capital Group and Corellium Board member. “We saw the promise and value of Corellium’s offering early on, and we are confident it will only continue to grow as part of Cellebrite. There has never been a more critical time for effective full-stack system testing, and this combination will provide the cost-effective, high-performance tools needed by millions of Arm developers. We congratulate Corellium’s founders – Amanda Gorton, Chris Wade, and Stan Skowronek – for creating significant value for their employees and investors.”
