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HashiCorp Inc (NASDAQ:HCP) has acquired BluBracket to expand its footprint in secrets management, the company announced in a press release last week.
What are HCP’s plans for BluBracket?
Founded in 2018, BluBracket is a startup based in Silicon Valley that raised $18.5 million via venture capital funding.
HashiCorp plans on integrating it with the HCP Vault. Explaining the rationale behind this acquisition, its CEO Dave McJannet said in a recent CNBC interview:
We’re externally well capitalised, north of a billion dollars and no debt. We’re in a logical position to say, irrespective of the cycles, how do we best build a company for the longer arc.
The stock market news arrives less than a month after the Nasdaq-listed firm reported a 37% increase in its first-quarter revenue on a year-over-year basis.
Financial terms of the acquisition were not revealed
BluBracket will help the software company expand its zero trust security solutions.
Additional product capabilities related to this acquisition will be detailed later this year, as per the press release. Commenting further on why now was the right time for the merger, CEO McJannet added:
We have a very long-term time horizon in term of value creation opportunity we have as a company. So, irrespective of the near term, we need to keep building the most valuable business we can.
HashiCorp Inc did not divulge financial terms of the acquisition. Wall Street currently has a consensus “overweight” rating on the tech stock that, at writing, is trading at roughly the same price at which it started the year.
The post HashiCorp was in a ‘logical position’ to acquire BluBracket: find out more appeared first on Invezz.