Drata, a leading provider of security compliance automation solutions, has acquired SafeBase, a software security review startup, for $250 million. This acquisition strengthens Drata’s portfolio by integrating SafeBase’s core solutions into their platform.
SafeBase’s technology utilizes AI models trained on security documentation to interpret information, automate responses to security questionnaires, and provide insights into a company’s security posture. This acquisition enables Drata to create a comprehensive “seamless ecosystem” of trust, governance, risk, and compliance solutions for its customers.
The demand for such solutions has escalated due to the increasing reliance on third-party vendors and the emergence of stricter regulations like the Digital Operational Resilience Act in the EU. These factors have highlighted the need for organizations to effectively manage trust and secure sensitive data.
Drata, founded in 2020, has seen rapid growth in recent years, securing over $300 million in funding and acquiring over 7,000 customers. Last year, the company’s revenue surged by 100%, and they have been consistently adding new customers.
Adam Markowitz, Drata’s co-founder and CEO, expressed the company’s commitment to empowering customers with enhanced trust-building capabilities. He stated, “Together with SafeBase, we aim to unlock growth and ensure success for our clients.”
This acquisition marks a significant milestone for Drata and is expected to accelerate their mission of providing robust trust and compliance solutions in the rapidly evolving technology landscape.
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