EQT Ventures portfolio company Baffin Bay Networks acquired by Mastercard

Stockholm-based Baffin Bay Networks has been acquired by payments tech giant Mastercard for an undisclosed sum. The purchase from Purchase aims to add Baffin Bay’s cybersecurity offer to bolster businesses with further armour in an increasingly challenging cyberattack landscape.

Founded in 2017 by a group of cybersecurity professionals, Baffin Bay Networks offers a cloud-first threat protection platform that leverages AI to mitigate attacks from the IP layer right on through to the application layer. 

The platform also continuously improves as it adds customers since learnings from one attack are shared across networks, creating what Baffin Bay Networks calls a "herd immune system".

Backed solely by EQT Ventures, in early January 2019, the firm announced its expansion to the US via the acquisition of botnet and IoT research startup Loryka.

Building from strength to strength, Baffin Bay Networks’ lineage and timing couldn’t be better (?). Positioned as it is, the company is playing its part in staving off cyber criminal activities and post-acquisition will see its offer funneled into Mastercard’s single cyber service, a service provided to customers around the world and one that includes RiskRecon. This data analytics tool enables organisations to identify vulnerabilities well in advance of any nefarious actors exploiting them. 

Where Baffin Bay fits into the mix is by shoring up operations on the automated Threat Protection service, which helps to stop attackers from penetrating or taking down cyber systems.

“Our cloud-based Threat Protection service provides a simple and effective way to safeguard against application and network-level attacks,” said Joakim Sundberg, founder, and chief technology officer at Baffin Bay Networks. "Our two companies share this vision: to provide our customers with security and trust. We are thrilled to join the Mastercard family to expand our impact across the globe.”