Welcome to the latest edition of InfraRead! The year has started off with a few light announcements in Infra software –
Aqua Security Secures Additional Funding
Aqua Security, which has pivoted from “container security” to “cloud-native application security” announced an extension of its Series E funding round, securing an additional $60 million from investors. The round was led by Evolution Equity Partners with participation from existing investors Insight Partners, Lightspeed, and StepStone Group. This investment boosts Aqua’s total funding to $325 million since inception. Aqua’s valuation is above $1 billion.
Despite a challenging funding environment, the investment signals investor support for Aqua’s market position and potential for growth, particularly in the financial services industry where it counts top banks in North America and Canada as customers. Aqua plans to use the funds for further growth, building on a successful 2023 that saw a 65% increase in new business.
Orca Security Announces Staff Reduction
Orca Security, the Israeli cloud security unicorn, confirmed a layoff of 15% of its workforce, amounting to 60 employees. The company aims to streamline its operations amidst current macroeconomic conditions. In spite of this setback, Orca reported a peak in customer numbers, revenue growth, and high customer satisfaction. The restructuring is part of Orca’s efficiency drive as it continues to grow in other areas and maintains its status as a major AWS global security partner.
SentinelOne Expands With Acquisition
SentinelOne has agreed to acquire PingSafe (Now a Part of SentinelOne) , which operates a cloud native application protection platform (CNAPP). The acquisition is in line with SentinelOne’s strategy to transform security operations and to provide an integrated cloud security experience. PingSafe’s capabilities will complement SentinelOne’s existing cloud workload and data security features, offering a comprehensive security solution across cloud infrastructures.
SentinelOne will acquire PingSafe for a mix of cash and stock, with the transaction expected to close in the first quarter of fiscal year 2025, subject to regulatory approvals. The acquisition is being positioned as a move to enhance SentinelOne’s ability to protect multi-cloud infrastructure and deliver a seamless and cost-effective cloud security solution.
Mimecast Acquires Elevate Security
Mimecast has acquired Elevate Security (acquired by Mimecast), a provider of human risk management solutions. The transaction aims at providing deeper insights into human behaviors within digital workspaces and enhancing Mimecast’s portfolio of risk management products. Elevate Security’s platform is expected to enable Mimecast to deliver targeted interventions and education to bolster human defenses against cyber threats.
The financial terms of the deal were not disclosed, but the integration of Elevate Security’s technology into Mimecast’s offerings has already commenced, with customers expected to see new integrations in the coming quarters.
End Notes
I expect activity to pick up in infrastructure software as valuation expectations start getting more realistic.
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