Wire, security executive automatic platform that helps companies join frames like SoC 2 and GDPR, have obtained Software Security Review -Start Safebase for $ 250 million.
Safebase co -founders to Yang (CEO) and Adar Arnon (CTO) will keep their roles, and Safebase will continue to offer an independent product while bringing its core solutions to the DATA platform.
“This partnership is not just about combining complementary products,” Yang wrote in a poster on Safebase’s official blog on Tuesday. “It is a union of two customer obsessed companies with aligned missions and cultures, focused on delivering the tools that businesses need to succeed.”
Yang and Arnon founded Safebase in 2020 after a meeting at Harvard Business School. Cubed by Y Combinator, the company helps customers fill in security questionnaires – the reviews that organizations usually start before buying a new program.
Safebase uses AI models specifically trained on security documentary use cases to read, interpret security information and questions, and then automatically respond to security questionnaires. Beyond the usual models, Safebase provides an engine that allows a company to assign rules based for customer access, as well as boxes that show insights and analyzes of the company’s security position.
Safebase, which is headquartered in San Francisco, has managed to raise $ 53.1 million in investor’s risk capital including Zoom Ventures, NEA, and Comcast Ventures prior to its exit. According to Yang, Safebase has more than 1,000 customers today, including Linkedin, Palantir and Crowdstrike.
As a wire co -founder and general manager Adam Markowitz noted in post on TuesdaySafebase’s dragon acquisition comes when the demand for so -called reliable management solutions rises. Cloud programs and AI have increased the trust of organizations to third parties that have access to sensitive data. At the same time, new regulations such as the Digital Operation Resilience Act in the EU impose new security requirements on vendors.
With Safebase, Markowitz aims to create a “sewn ecosystem” of confidence, control, risk and executive offers.
“Together with Safebase, we are more committed to than ever empower our customers to build and scale trust, unlock growth and achieve,” Markowitz said on the blog. “Just in time for the fourth anniversary of a wire, this milestone marks the beginning of an exciting new chapter.”
Founded in 2020, DATA has grown rapidly over the years, securing much over $ 300 million in funding and gaining more than 7,000 customers including a notion and tenacious. It counts Iconiq growth and Salesforce Ventures among its supporters, in addition to Microsoft CEO Satya Nadella and former Linkedin CEO Jeff Weiner.
Last year, DATA’s revenue grew 100% per year after a year, and the San Diego company said it was adding 650 new customers each quarter. Drata also made his first acquisitions, taking out control and automation company harmonized.io in April and a cloud security platform OAK9 in May.
PR -representative for DATA told Techcrunch by email that DATA is close to $ 100 million in annual recurring revenue.
But the aggressive growth strategy did not constantly pay. Last September, wire dismissed about 40 people, or 9% of its workforce. At the time, the company alluded to “sustainable growth”; Drata’s boss grew increasing 52% from 2023 to last year.
