Vdoo, a US-based cybersecurity software provider backed by corporates Verizon, Dell, NTT Docomo and MS&AD, agreed on Tuesday to be purchased by software management platform developer JFrog for about $300m.
The purchase price consists of cash and about $90m of JFrog’s ordinary shares, implying the cash portion of the deal could be as much as $210m.
Founded in 2017, Vdoo operates a software product security platform that enables businesses to detect and address cybersecurity risks in internet-of-things devices.
The company will continue to operate its platform post-acquisition but will focus on the development of features for JFrog’s DevOps platform. Vdoo’s technology is expected to be integrated into JFrog’s platform by 2022.
Vdoo has raised at least $70m of funding to date. It extended its series B round to $57m in January 2021, after picking up $25m in an extension backed by Verizon Ventures, the corporate venturing arm of telecommunications firm Verizon, as well as venture capital firm Qumra Capital.
The company received $32m in the round’s first tranche, in April 2019, which included Dell Technologies Capital, MS&AD Ventures and NTT Docomo Ventures, on behalf of computing technology producer Dell, mobile network operator NTT Docomo and insurer MS&AD Holdings respectively.
GGV Capital and WRVI Capital co-led the first close of the round, while 83 North, Avigdor Willenz and David Strohm also took part. Vdoo secured $13m in its 2018 series A round, which was led by 83 North and which included Dell Technologies Capital, David Strohm, Joe Tucci and Victor Tsao.
Image courtesy of JFrog Ltd.