Fyde, a US-based application security software producer backed by financial services firm Wells Fargo, has been acquired by cybersecurity and data protection software provider Barracuda for an undisclosed sum.
Founded in 2017, Fyde markets a software platform that protects access to a client’s apps by only granting authorisation to each tool for employees who need it to perform their duties: a model known as zero-trust security. It has an office in Portugal in addition to its Palo Alto headquarters.
Barracuda has made Fyde’s product available through its CloudGen Access security platform and expects the acquisition to also support future product innovations. The company had raised $2.3m in a July 2019 post-seed round featuring Wells Fargo’s corporate venturing unit, Wells Fargo Ventures.
The round was co-led by DNX Ventures, the venture capital firm now trading as DNX Ventures, and Vertex Ventures, the VC arm of Singaporean state-owned investment firm Temasek. It included Bright Pixel and Portugal Ventures, and added to $3m of seed funding from Vertex and Draper Nexus in early 2018.