Shlomo Kramer, CEO and co-founder of Cato Networks is a rare bird in the cybersecurity industry, having built three unicorns in his career. For many in the cybersecurity industry, Sholmo needs no introduction. One of the early pioneers in Israel’s cybersecurity startup ecosystem, what makes Shlomo remarkable is his ability to repeatedly build category-defining companies. He first co-founded Check Point, which pioneered the firewall category and today commands a $20 billion market cap. Then, seeing the shift to the cloud, he launched Imperva, focusing on web application security (WAF). That was his second IPO. Now with Cato Networks, he's created an entirely new category called SASE – Secure Access Service Edge – and Cato has already reached over $200 million in annual recurring revenue.

But Shlomo isn't just a builder – he's also a remarkably successful investor with an eye for transformative companies. His portfolio includes Trusteer, which IBM acquired for $1 billion, and Palo Alto Networks, in which he wrote the first angel check and sat on its board - a company now valued well over $100 billion dollars.

In this episode, we get inside the mind of the only entrepreneur we know who's on track to potentially take his third cybersecurity company public. Many founders are satisfied with one IPO, some rarely go to two and Shlomo is on track for his third IPO - a hat trick if he pulls it off. In the cybersecurity hall of fame, very few could equal what Shlomo has accomplished.

We discuss building cybersecurity companies, the evolution of the security market over the past three decades, why founders should focus on their customers instead of competitors, how building startups has changed from when Shlomo started Check Point, and many other aspects of the founder's journey.

In this holiday episode special, we’re joined by Hamza Fodderwala, Executive Director at Morgan Stanley, where he leads cybersecurity equity coverage. He joined Morgan Stanley's software research team in early 2016 and leads coverage for public cybersecurity companies like Palo Alto Networks, CrowdStrike, Fortinet, SentinelOne, Okta, Zscaler, Cloudflare, Rapid7, Check Point, Qualys, Varonis and Tenable. Before Morgan Stanley, Hamza was an equity research associate at Susquehanna International Group covering the financial technology sector. Hamza graduated from New York University, with a Bachelor of Arts in Economics.

We dive into Hamza’s insights on the major customer buying patterns in cybersecurity throughout 2024 and what might shift in 2025. Hamza shares his observations on how the Generative AI boom is influencing product adoption in the industry, and whether enterprises are currently adopting AI security solutions. Additionally, we explore key trends from cybersecurity resellers, discuss what might unlock public equity markets for new IPOs, and which private cyber companies could go public next.

Our discussion covers the cybersecurity M&A landscape, highlighting over $50B in deal volume this year with companies like Juniper, Darktrace, Recorded Future, Synopsys, Venafi, and more all getting acquired. Finally, Hamza shares lessons for founders, offering advice on identifying areas ripe for disruption, navigating the venture funding landscape, and building resilience in a competitive industry.

In this episode, we sit down with Kumar Saurabh, CEO and co-founder of AirMDR, which provides a new approach to managed detection and response with an AI-powered virtual security analyst. A serial entrepreneur, Kumar has been at it for two decades. Before AirMDR, he co-founded Sumo Logic, the first cloud-based SIEM, and LogicHub, one of the pioneers of SOAR.

Kumar’s journey as an immigrant founder offers a unique perspective on why immigrants often succeed as entrepreneurs and how institutions like the Indian Institutes of Technology (IIT) have produced some of the world’s most successful tech leaders. Drawing on his experience, Kumar explores why large companies struggle to innovate, the competitive edge startups hold over established players, and how founders can identify opportunities in markets that may appear crowded. He also shares actionable insights for founders on hiring top talent from leading companies and scaling a startup with the right team.

Having collaborated with premier venture capital firms like Greylock, Sutter Hill, Sequoia, and Accel, Kumar provides invaluable advice on selecting the right VC partners, what to look for, and common mistakes to avoid. Kumar’s story is a testament to resilience, innovation, and the power of identifying opportunities in enterprise tech, making him a leading voice in the startup ecosystem.