The Drata security compliance company acquires its security for $ 250 million
Drata, an automation platform for security compliance that helps companies join executives such as SOC 2 and the GDPR, A acquired Software security Revue Startup Safebase For $ 250 million.
The co-founders of Safebase Al Yang (CEO) and Adar Arnon (CTO) will keep their roles, and Safebase will continue to offer an autonomous product while bringing its basic solutions to the Drata platform.
“This partnership is not only to combine complementary products”, Yang wrote in an article on the official blog of Safebase Tuesday. “This is a union of two companies obsessed with the customer with aligned missions and cultures, focused on the delivery of the tools that companies need to succeed.”
Yang and Arnon founded Safebase in 2020 after meeting the Harvard Business School. Incubated by Y combinator, the company helps customers to fill in security questionnaires – the opinions that organizations start normally before buying new software.
SAFEBASE uses AI models specifically trained in the use of security documentation to read and interpret safety information and questions, then automatically answer security questionnaires. Beyond the personalized models, SAFEBASE provides an engine that allows a company to award a behavior based on rules for customer access, as well as dashboards that show information and analyzes on the security posture of the company.
Safebase, whose headquarters are in San Francisco, managed to raise $ 53.1 million in venture capital from investors, notably Zoom Ventures, Nea and Comcast Ventures before its release. According to Yang, Safebase now has more than 1,000 customers, including Linkedin, Palantir and Crowdstrike.
As co-founder of Drata and CEO Adam Markowitz Noted in a post TuesdayThe acquisition by Drata de Safebase occurs as the demand for confidence management solutions increases. Cloud applications and AI have increased the dependence on organizations with regard to third parties that have access to sensitive data. At the same time, new regulations such as the law on digital operational resilience in the EU impose new security requirements on suppliers.
With Safebase, Markowitz aims to create a “transparent ecosystem” of confidence, governance, risk and compliance.
“With Safebase, we are more committed than ever to allow our customers to strengthen and extend confidence, unlock growth and success,” said Markowitz in the blog. “Just in time for Drata’s fourth anniversary, this stage marks the start of a new exciting chapter.”
Founded in 2020, Drata has increased rapidly over the years, obtaining much more than $ 300 million funding and acquiring more than 7,000 customers, including the concept and the teasable. He has Iconiq Growth and Salesforce Ventures among his donors, in addition to the CEO of Microsoft Satya Nadella and the former CEO of Linkedin, Jeff Weiner.
Last year, Drata’s revenues increased by 100% in annual shift, and the company based in San Diego said that it added 650 new customers each quarter. Drata also made its first acquisitions, taking the governance and automation company Harmonize.io in April and the Cloud Oak9 security platform in May.
A Drata public relations representative told Techcrunch per e-mail that Drata was approaching $ 100 million in annual recurring income.
But the aggressive growth strategy has not always borne fruit. Last September, Drata licensed around 40 people, or 9% of his workforce. At the time, society referred to “sustainable growth”; Drata staff increased by 52% from 2023 to last year.
