Herzog Acts for Cynerio in Major Cybersecurity Transaction with Axonius
3 August 2025
July 31, 2025 – Tel Aviv – Herzog Fox Neeman advised Cynerio, the medical‑device cybersecurity innovator founded by Leon Lerman and Daniel Brodie, in its acquisition by global cyber asset intelligence leader Axonius.
Transaction Overview
Acquirer: Axonius, a leading platform in cyber asset intelligence.
Target: Cynerio, built to secure connected clinical and medical devices in healthcare environments.
Deal structure: A mix of cash and stock valued at over US $100 million.
Strategic rationale: Leveraging Cynerio’s specialized visibility and control over medical-device infrastructures to augment Axonius’s enterprise-wide asset intelligence.
About Cynerio
Established to address security blind spots across clinical and operational environments, Cynerio has differentiated itself by delivering AI-enhanced policy automation, medical-device threat detection, and real-time policy enforcement grounded in clinical context.
Herzog Fox Neeman’s Role
Herzog was privileged to represent Cynerio across the full transaction lifecycle, embedding cybersecurity considerations into every phase. Our team—led by Yair Geva, together with Janet Levy Pahima, Nesimyan Adawi, and Danielle Yagan Katz—worked closely with founders Leon Lerman (CEO) and Daniel Brodie (CTO) to frame deal terms, manage cyber‑specific diligence, and ensure alignment on regulatory and business objectives.
Financial and Legal Advisors
Herzog Fox Neeman acted for Cynerio. Piper Sandler served as financial advisor to Cynerio. Axonius was represented by Latham & Watkins, led by their corporate M&A team, aligning on cross-border structuring and closing mechanics.
Why This Deal Matters
It underscores growing demand for cybersecurity offerings designed specifically for healthcare infrastructure.
The transaction validates Cynerio’s cyber‑centric model as highly strategic within enterprise asset intelligence platforms.
The merger demonstrates how sector-specialist cyber firms are commanding value and driving innovation paths in M&A.
Post-Closing Roles
As part of the integration, Leon Lerman joined Axonius as Senior Vice President, and Daniel Brodie took on a leadership role within its Office of the CTO—ensuring continuity of Cynerio’s innovation platform within the acquisition fold.
