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Noname Security Nears $500M Akamai Sale

Noname Security emerges as a formidable guardian of APIs, now in the high-stakes negotiations with Akamai Technologies
April 15, 2024
noname security

In the dynamic landscape of cybersecurity, Noname Security emerges as a prominent player, safeguarding APIs with innovative solutions. Recent developments suggest that the Palo Alto-based startup, with deep Israeli roots, is on the brink of a significant acquisition by Akamai Technologies, in a deal estimated at $500 million, according to sources familiar with the negotiations.

Founded in 2020 by Oz Golan and Shay Levi, Noname has swiftly garnered attention, raising a substantial $220 million from esteemed venture investors. A testament to its rapid growth, the startup attained a lofty valuation of $1 billion in December 2021 during a Series C funding round led by Georgian and Lightspeed.

While the proposed acquisition marks a notable discount from Noname's previous valuation, it promises significant returns for early-stage investors while ensuring a favorable outcome for later-stage backers. The deal, structured for cash, underscores the resilience of Noname's business model amid shifting market conditions.

Key investors, including Insight Partners, ForgePoint, and Cyberstarts, have championed Noname's journey, reflecting confidence in its potential. With the acquisition set to value the company at approximately 15 times its annual recurring revenue, Noname's workforce of around 200 employees is poised to transition to Akamai, pending the deal's closure.

Amidst speculation and industry chatter, both Akamai and Noname remain tight-lipped, refraining from commenting on the rumored acquisition. Nevertheless, reports earlier this year hinted at Noname's exploration of financing options at a reduced valuation, with subsequent negotiations pointing towards potential suitors, including Akamai.

As the tech sector navigates through shifting tides, characterized by fluctuating valuations and market uncertainties, the prospect of acquisitions and new funding rounds looms large. For many venture-backed firms, including Noname, the pursuit of strategic partnerships and liquidity events represents a pivotal chapter in their growth trajectory, signaling both resilience and adaptability amidst evolving market dynamics.

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