Illusive Utilizes $15M Flexible Growth Financing from Vistara Enabling a Successful Exit to Thoma Bravo Backed Proofpoint

Portfolio News

We are pleased to announce our US$15M investment in Illusive and their subsequent acquisition by Thoma Bravo backed Proofpoint.  Illusive had sought an investment partner with flexible investment structures that could finance longer-term growth while also cost-effectively accommodating a potential shorter-term exit.

Illusive is a leader and pioneer in Identity Threat Detection and Response (ITDR). Founded by nation-state attackers, their technology is trusted by large global financial, retail, services, and pharmaceutical companies. Illusive has participated in over 140 red team exercises and has never lost one! The firm takes away the one thing attackers need to be successful – access to privileged identities. Despite best-practice investments to protect identities, including deployment of Privileged Account Management (PAM) and Multi-Factor Authentication (MFA), exploitable identity vulnerabilities are present on 1 in 6 enterprise endpoints. Vistara’s John O’Donoghue commented:

We were very excited to partner with Illusive, as we believed that their ITDR Spotlight offering serves a real market need and that they had a strong track record of execution as borne out by the success of their Shadow deception product too. It’s clear that Proofpoint share the same view and while we would have loved to work with the Illusive team for the long term it is gratifying to see that our tailored financing solution helped them to realize a successful outcome for all of the stakeholders involved.”

When asked about his experience and relationship with Vistara, CEO of Illusive, Ofer Israeli stated:

It was important for us to find a partner that not only understood our industry but our business goals and unique needs as well. From the very beginning, the team at Vistara took the time to get to know our company in depth and worked closely with us to put together a flexible financing solution that gave us the runway we needed to continue our growth while enabling us to keep all our long and short term financing and strategic options open, leading to our successful exit. We couldn’t be happier with the outcome, and we believe that our partnership with Vistara was a key factor in our success. Thank you to the entire Vistara team for their support and expertise.” 

About Vistara Growth

Vistara Growth provides highly flexible growth debt and equity solutions to leading technology companies across North America. Founded, managed, and funded by seasoned technology finance and operating executives, “Vistara” (Sanskrit for “expansion”) is focused on enabling growth for the ambitious entrepreneurs we invest in, our investors, our people, and the communities we operate in.  For more information, visit

Looking for Flexible Growth Capital?

Read our case studies to learn how our growth debt and equity solutions have enabled our founders and helped our portfolio companies.

Why We Invested in VALD
David Midgley Joins Vistara as Director of Finance



We’ll update you when new resources come available.

Newsletter Signup

Related Resources