Cellebrite Completes Acquisition of Paladin Portfolio Company Corellium

Paladin made its first investment in Corellium in its 2021 Series A round

Washington, D.C. - Cellebrite (NASDAQ: CLBT) has completed its acquisition of Paladin Capital Group portfolio company Corellium, resulting in an excellent return on capital to Paladin's Limited Partners. The deal has an enterprise value of up to $200 million, a portion of which is related to performance milestones over the next two years.

Paladin previously led Corellium's $25 million Series A funding round in 2021 through its Cyber Fund II, with participation from Cisco Investments and other strategic investors. This investment helped Corellium accelerate its research and development to support skyrocketing customer demand and expand its go-to-market and partner ecosystem initiatives.

"We are pleased to see the smooth completion of Corellium's acquisition by Cellebrite, validating the transformative cybersecurity technology we identified in 2021," said Michael Steed, Founder and Managing Partner of Paladin Capital Group. "I want to congratulate Corellium's exceptional founders Amanda Gorton, Chris Wade, and Stan Skowronek who built a digital solution of absolute need for security researchers and software developers. We're thrilled to deliver these excellent returns to our Limited Partners and to see Corellium's technology continue to grow through this acquisition."

"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.

The Committee on Foreign Investment in the United States (CFIUS) has permitted the acquisition to close on the basis of a national security agreement negotiated with relevant government agencies and executed by Cellebrite and Corellium pending formal clearance by CFIUS and execution of that agreement by such agencies.

About Paladin Capital Group

Paladin Capital Group was founded in 2001 and has offices in Washington DC, New York, London, Luxembourg, and Silicon Valley. As a multi-stage investor, Paladin's core strength is identifying, supporting, and investing in innovative companies that develop promising, early-stage technologies to address the critical cyber and advanced technological needs of both commercial and government customers.

Combining proven investment experience with deep expertise in global security, cyber technology, and cutting-edge research, Paladin has invested in more than 80 companies since 2008 and has been a trusted partner to investors, entrepreneurs, and governments for over two decades.

For more on Paladin Capital Group, follow us on Twitter at @Paladincap and on LinkedIn or visit us at www.paladincapgroup.com.

About Corellium

Corellium is the leader in Arm hypervisor virtualization, helping security and developer teams build, test, and secure software for mobile, automotive, and IoT devices using the power of virtual hardware. Over 500 organizations, governments, and security practitioners worldwide rely on Corellium's virtualization solutions to enhance security testing and streamline DevOps. By providing highly performant, scalable, and precise virtual models, Corellium enables new capabilities not possible with physical hardware. Corellium previously raised $25M in a Series A round, led by Paladin Capital Group with participation from Cisco Investments.