Cyberbit

The company's business model is centered on providing its cloud-based, on-demand cyber range platform through a subscription-based Software as a Service (SaaS) model. It serves a diverse clientele including Fortune 500 companies, financial institutions, government agencies, managed security service providers (MSSPs), and higher education institutions. Revenue is generated through tiered subscription fees based on factors like user numbers and customization, as well as professional services for tailored scenario development and training programs.

Cyberbit's core offering is its Cyber Range platform, which immerses security teams in a virtual Security Operations Center (SOC) where they use commercial-grade security tools from vendors like Splunk, Palo Alto Networks, Microsoft, and Check Point to defend against live, reverse-engineered cyberattacks. This "flight simulator" approach allows teams to practice detecting, investigating, and mitigating threats such as ransomware, SQL injections, and data exfiltration in a realistic setting that can mirror their own organization's network and security stack. The platform provides a large catalog of attack scenarios mapped to frameworks like MITRE ATT&CK and NIST/NICE, offers comprehensive performance assessment, and supports training for IT, Operational Technology (OT), and cloud environments.

Initially a subsidiary of Elbit Systems, Cyberbit was established through the merger with the NICE Cyber and Intelligence Division, which Elbit acquired for approximately $158 million. A significant milestone occurred in May 2020, when Charlesbank Capital Partners led a $70 million investment, making Elbit Systems a minority shareholder and signaling a strategic focus on the cyber range market. Further funding from Charlesbank in August 2024 recapitalized the company under solely North American ownership, providing capital for expansion and product development. This strategic shift included relocating the global headquarters to Newburyport, Massachusetts, and appointing Caleb Barlow, who created the first commercial cyber range at IBM, as CEO to lead the company's next growth phase. Adi Dar transitioned to the Board of Directors.