Cloud-native application security provider Snyk has reported record growth in 2020. The company recorded a 200% year-over-year increase in revenue while also announcing the acquisition of Manifold. Snyk raised more than $350 million in new funding to recognize a valuation of $2.6 billion.
“Across the globe, we see enterprises of all sizes selecting Snyk as their cloud native application security solution for their digital transformation initiatives,” said Peter McKay, CEO of Snyk. “2020 was a record year for us because of how our global Snyk team – as well as our partners and customers – met each new challenge, putting us in a great position to lead the market in 2021 and beyond.”
Demonstrating further investment in the platform, Snyk has announced the acquisition of Manifold, immediately bringing on a developer-centric platform engineering team to reinforce and accelerate its engineering expertise and depth. Financial terms of the deal were not disclosed. This acquisition quickly follows on the company’s October 2020 acquisition of Deep Code, a provider of real-time semantic code analysis powered by AI.
“Security has become strategic to every developer and enterprise adopting cloud native technologies,” said Guy Podjarny, President and founder of Snyk. “Our dev-first Cloud Native Application Security Platform provides a cohesive set of security solutions designed to meet the changing demands of securing modern application development. Today, we welcome the Manifold team who bring with them the expertise and deep platform engineering experience that will accelerate our growth plans as we continue to lead the market.”
Cloud-Native Application Security
Snyk’s Cloud Native Application Security Platform would provide security visibility and remediation for every critical component of the modern application. It includes: the application code, open-source libraries, container infrastructure and infrastructure as code.
Snyk recently introduced Snyk Code, a developer-first approach to static application security testing (SAST), to the Cloud Native Application Security Platform offer. While legacy SAST tools are notoriously difficult for developers to use, Snyk Code has reimagined SAST to enable developers to leverage it as a “seamless” part of their existing development process. By approaching application security with this holistic, developer-first approach, organizations can ensure a continuous, scalable security posture before deploying into production.
Snyk’s 2021 Growth Plans
Product Innovation
- Continued investment in product led growth strategy focused on a seamless, self-service developer experience
- Additional feature releases for their Cloud Native Application Security platform including increased remediation automation, wider language support, especially for mobile developers, and improvements in extensibility of the platform to make it easier to build into workflows
- Expansion of IDE integrations to ensure immediate value to individual developers and development teams working early in the development process
Community
- Continued focus on enabling developers worldwide to get started in securing their development with Snyk for free
- Continued nurturing of the Snyk User Community, bringing Snyk users and customers together virtually to learn and share best DevSecOps practices
- Quarterly virtual DevSecCon events as well as monthly community education sessions
Market
- Strengthening and expanding go-to-market relationships with strategic partners including Atlassian, AWS, Datadog, Docker, Rapid7, Trend Micro, and more
- Growing global customer base of emerging, hyper growth technology companies as well as established enterprise technology leaders, joining existing customers such as Google, Intuit and Salesforce
- Significant and rapid expansion into the APAC region including the addition of executive leadership in Q1 2021
