XM Cyber

Cybersecurity · Exposure Management

Acquisition

CrowdStrike to acquire XM Cyber's patents and source code, not its business

The unusual carve-out lets CrowdStrike absorb the technology while XM Cyber keeps its customers and revenue as a standalone licensee.

• CrowdStrike signed a definitive agreement to acquire the intellectual property of XM Cyber, covering more than 45 patents and proprietary source code, with closing expected in the second half of CrowdStrike's fiscal 2027.
• XM Cyber, a Schwarz Digits company, built its reputation on attack path visualization and offensive simulation, and was named a 2025 Gartner Magic Quadrant Challenger for Exposure Assessment Platforms.
• The deal excludes XM Cyber's customer base and revenue; the company will keep operating independently while licensing its own technology back from CrowdStrike.
• Existing XM Cyber customers will eventually get a path to CrowdStrike's Falcon Exposure Management product through Falcon Flex licensing.
• The IP sale comes five years after Schwarz Group bought XM Cyber for roughly $700 million, making this a partial unwind that keeps the business but not the technology under Schwarz control.
• The IP deal is bundled with a broader partnership expansion that brings CrowdStrike's Falcon platform onto Schwarz Digits' STACKIT sovereign cloud for European enterprises.
• The IP-only structure shows platform vendors racing to absorb specialized exposure-management technology to compete against fragmented point tools in the AI threat era, without taking on the messier costs of a full company acquisition.