Cybersecurity company Check Point Software Technologies Ltd. signed a deal to acquire Perimeter 81 for $490 million in a cash-free, debt-free deal that is less than half of what the startup was valued at fourteen months ago.

Perimeter 81, which offers cloud-based security solutions, was valued at $1 billion in its last fundraising round in June 2022. The decline in its price highlights how much has changed for technology startups in the past year, as rising interest rates, economic uncertainty and the collapse of Silicon Valley Bank have made investors more selective and funding harder to get.