0%

est. 2Y upside i

CybersecuritySeries A

Rank

#3715

Sector

Cybersecurity

Est. Liquidity

~0Y

Data Quality

Data: Medium

Netography was acquired by Vectra AI for an estimated $200M in October 2025, which is the valuation at which equity would have been granted.

Last updated: March 10, 2026

Bull (15%)+50%

If Netography had achieved a higher valuation or attracted a more competitive bidding war, it could have been acquired for up to $300M, representing a 50% upside from the $200M reference point, driven by its unique cloud-native, agentless NDR technology in a growing market.

Base (70%)0%

Netography was acquired by Vectra AI for approximately $200M in October 2025, a valuation consistent with its secondary market pricing. This outcome provided liquidity for existing shareholders, but for equity granted at this valuation, the immediate upside was realized at the acquisition.

Bear (15%)-50%

Had Netography faced more intense competitive pressure or failed to secure an acquisition, its valuation could have dropped to $100M or less, resulting in a 50% downside from the $200M reference, significantly impacting common shareholder returns due to the preference stack.

Est. time to liquidity~0.0 years

Preference Stack Risk

high

Funding Intensity

24%

Investors contributed $48M. At a $200M acquisition, preferred shareholders would likely receive their $48M back first, leaving $152M for common shareholders and any participating preferred.

Dilution Risk

low

Dilution risk for Netography's standalone equity is resolved as the company has been acquired.

Secondary Liquidity

limited

A secondary market valuation of $200M existed, but the acquisition has now provided the primary liquidity event.

Questions to Ask at the Interview

Strategic questions based on Netography's data — designed to show you've done your homework.

  • 1

    “Given the acquisition by Vectra AI, how is Netography's product roadmap being integrated, and what are the key synergies expected to drive future growth for the combined entity?”

  • 2

    “Netography's valuation at acquisition was $200M with $48M in total funding. How did the preference stack impact common shareholders at the time of the acquisition?”

  • 3

    “With Netography now part of Vectra AI, how does the combined company plan to differentiate itself against major competitors like Darktrace and SentinelOne in the NDR space?”

Community

Valuation Sentiment

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.