US tech giant Cisco Systems Inc. (Nasdaq: CSCO) has confirmed Friday's report in "Globes" that it is to acquire Israeli application monitoring company Epsagon. No financial details were disclosed but sources close to the matter said that Cisco will be paying $500 million.
Cisco EVP, chief strategy officer and GM, applications Liz Centoni said, " I’m pleased to announce our intent to acquire Epsagon Ltd., a privately held, modern observability company with offices in New York and Tel Aviv.
She added, "Epsagon’s technology and talent align well with Cisco’s vision to enable enterprises to deliver unmatched application experiences through industry-leading solutions with deep business context. By contextualizing and correlating visibility and insights across the full stack, teams can improve collaboration to better understand their systems, solve issues quickly, optimize and secure application experiences and delight their customers. When the acquisition closes, the Epsagon team will join our Strategy, Incubation and Applications group."
Epsagon was founded by CEO Nitzan Shapira and CTO Ran Ribenzaft. According to PitchBook the company has raised $30 million, probably at a company valuation of between $100 and $200 million, and has thus succeeded in increasing its valuation up to five-fold in just the 18 month since completing in most recent financing round. Investors include US Venture Partners (USVP), Lightspeed Venture Partners and Stage One Ventures.
Epsagon provides an end-to-end monitoring solution that enables DevOps and engineering teams to monitor, visualize, troubleshoot and quickly fix their cloud applications across any type of microservice - containers, Kubernetes, or serverless workloads. Epsagon's technology is fully automated for modern environments where the host may not be accessible, which makes traditional monitoring agents obsolete.
Epsagon has tripled its work force over the past year to 60. The company has been undergoing rapid growth including in its number of customers, which include major corporations and Israel startups coping with vast amounts of data.
Published by Globes, Israel business news - en.globes.co.il - on August 15, 2021
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