(Bloomberg) -- The cloud security company Wiz has struck a deal to buy Raftt — a cloud-based platform for developers — for as much as $50 million, marking its first acquisition ever.
Raftt, based in Tel Aviv, allows developers to collaborate in virtual environments — either existing ones or new ones that they can create and share them with their teams. Wiz said integrating Raftt’s platform will enhance its own offerings.
The deal is valued at between $40 million and $50 million, according to a person familiar with the deal, who asked not to be named to discuss confidential matters.
“The biggest problem in securing the cloud is the divide between the security people and the engineers,” said Ami Luttwak, co-founder and chief technology officer at Wiz, explaining that the latter often view security as slowing down the development process.
The acquisition of Raftt, he said, helps Wiz move closer what he calls the “holy grail”: to build products that are “amazing” for both developers and security officials.
Founded in 2020 and based in New York, closely held Wiz grew from $1 million in annual recurring revenue to $100 million in 18 months.
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