Wiz Makes Its First Acquisition of A Dev Collaboration Startup

Wiz Makes Its First Acquisition of A Dev Collaboration Startup

Wiz announced that it has acquired Raftt, a cloud developer collaboration startup, in its first acquisition to date.

The terms of the acquisition were not disclosed by the cloud security company, but a report from Bloomberg estimated the deal value to be between $40 million and $50 million. Less than 20 workers are brought on by Raftt, a Wiz spokesman told CRN.

Wiz, a 2020 startup, gained quick traction with its agentless cloud security posture management (CSPM) tool, which enhances visibility in cloud environments. Within 18 months of going public, the company generated $100 million in recurring revenue annually, according to Wiz, which made it the fastest software company in history to do so in August 2022.

Later this year, Wiz emerged as the most valuable unicorn in the cybersecurity space, valued at $10 billion following its $300 million funding round in February.

In 2023, the company has significantly expanded from its initial agentless strategy, working to create a complete cloud-native application protection platform (CNAPP) with both agentless and agent-based tools.

Wiz stated that the acquisition of Raftt will strengthen its efforts to further integrate security into the software development process as part of its CNAPP push.

Raftt will ultimately allow Wiz to add “new capabilities for preventing costly production issues at the source,” according to a press release from Assaf Rappaport, co-founder and CEO of Wiz.