Enterprise software developer ServiceNow invested $25M in cybersecurity startup Snyk.
The strategic investment will help facilitate integration between the products of both firms. Snyk intends to divert the fresh funding towards initiatives that will help it achieve break-even cash flow by 2024.
- ServiceNow cited its need to offer solutions to offset the cybersecurity vulnerabilities within open-source code as the motive behind the investment.
- ServiceNow's chief digital officer Chris Bedi thinks there is scope for synergizing efforts and said that its firm sees "significant market opportunity as enterprises continue to rethink their security practices."
- Snyk's open-sourced risk management tool and vulnerability database will be integrated with ServiceNow's offering.
- Snyk has inked similar deals with Atlassian and Salesforce and counts both of them as investors in the firm.
- Snyk raised a $196.5M Series G down round in December 2022, led by Qatar Investment Authority, that saw its valuation plunge by 12% over the last fundraising to $7.4B.