US-based cybersecurity startup Snyk, founded by Israeli entrepreneurs, said it is buying Tel Aviv-based startup Enso Security to strengthen its developer security platform for software applications.
Financial terms of the acquisition were not disclosed. Estimates in the Hebrew press placed the price tag between $45 million and $50 million. Founded in 2015 by Israeli entrepreneurs Guy Podzerny, Assaf Heifetz and Danny Grander, Snyk helps software developers and companies integrate security solutions into their workflows as they build applications from code to cloud to protect against sophisticated cyber attacks .
As rapid adoption of AI enables developers to introduce code faster, Snyk says it’s harder than ever for developers and application security professionals to identify and prioritize risks to their business. In this complex environment, application security teams need a toolkit for better visibility to find and fix security issues.
Manoj Nair, chief product officer at Snyk, said that integrating Enso’s platform into its security solutions “will help enterprises achieve greater supply chain security transparency, thereby eliminating critical security coverage gaps in their business.”
Founded in 2020 by former Wix application security specialists Roy Ehrlich, Chen Gaur Airi and Barak Tavili, Enso has created a so-called Application Security Posture Management (ASPM) platform, which the startup says is a way for businesses and organizations to manage and operate Provides an integrated approach. Security threats and vulnerabilities to their software applications. In October 2020, the Tel Aviv-based startup raised $6 million in seed funding led by YL Ventures. Other investors in the startup include Jump Capital, Cyberark Ventures and Merlin Ventures.
“This acquisition is a testament to our shared mission to eliminate AppSec chaos and revolutionize the way AppSec is managed in our organizations,” Ehrlich wrote in a blog post. “By combining the capabilities of Enso Security and Snyk, businesses will gain a holistic view of their security risks and vulnerabilities, enabling them to make informed decisions about where to focus their resources.”
According to Gartner, by 2026, more than 40% of businesses and organizations developing software applications are expected to adopt ASPM to more quickly identify and resolve security issues. reports,
The acquisition came after Snyk back in December raised $196.5 million from investors in a Series G funding round at a lower company valuation of $7.4 billion. The startup then raised fresh capital in September 2021 at a valuation of $8.5 billion.
Snyk laid off 128 employees in April 2022 and 198 in October as part of a streamlining process and initiated expense cuts in key areas such as global real estate footprint, IT and subscription services and business travel.
US tech giant IBM last month acquired Israeli cyber startup Polar Security is the developer of an automated data protection platform for tracking and securing sensitive data in hybrid cloud-based systems.
