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A dyad of weeks ago , TechCrunchbroke the newsthat Akamai was in discussion to acquire Noname Security , a specialist in API security , for around $ 500 million . Today , the plenty has been reassert , though at a slightly humble cost . Akamai on Tuesdaysaid it has agreed to buyNoname in a $ 450 million tidy sum .
The trade underscores the on-going push for more consolidation in the cybersecurity marketplace . The last several long time have seen the emergence of a wide variety of cybersecurity startup . But a numeral of these companies have find it hard to scale , raise money , or trade to customers that are looking for one - stop shops to manage multiple security need , so grown players are picking up the smaller and more promising of these .
Sometimes , that is at a steep discount . Noname wasvalued at $ 1 billionat its last private fundraise in December 2021 , so it is selling for less than half that price tag .
This is not even the big discount , though : Wiz was in advanced discussions to acquire Lacework Security for $ 168 million , a heap less than the small company ’s previous evaluation of $ 8.3 billion . That deal fell through in due industriousness , however .
Akamai said it will be integrating Noname into its API Security clientele and that it expects the acquisition to fork out just about $ 20 million in revenue in its financial year 2024 .
“ Applications work our world , but as applications and users proliferate , so do security risks , ” Mani Sundaram , EVP and general coach , Security Technology Group , Akamai Technologies , say in a affirmation . “ Akamai has visualize a growing need for API shelter with our own data showing 109 % class over year growth in API attack . With the addition of Noname , Akamai believes it will have the breadth of integrations and deployment choices needed to deliver comprehensive API protection for client across all environments . ”
Akamai ’s focus , the company say , is on providing more tools to developer and security operations squad to discover “ tail ” APIs as well as other vulnerability .
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The mint is expected to shut in the second stern of 2024 .
“ API evolution continues to proliferate as customers prioritise their investments in covering modernization and digital transformation enterprise , ” Oz Golan , chief executive officer and co - founder of Noname , read in a statement . “ Combining Noname with Akamai ’s API Security offer will provide a solution for any character of customer . No matter where the customer ’s applications reside — be it in the cloud , natively on the edge , on - premise , or on other trafficker platform — they will be protect . ”
Golan and the sleep of the San Jose company ’s 200 employees are expected to connect Akamai as part of the deal .