In an exciting announcement, Harness revealed today their acquisition of Armory, a pioneering startup focused on continuous deployment and utilizing the open source Spinnaker project. Harness’s founder and CEO, Jyoti Bansal, shared that the acquisition price was a remarkable $7 million in cash. The total funds raised for Armory amount to over $82 million, including a recent $40 million Series C round led by B Capital in late 2020. A notable list of investors also includes Lead Edge Capital, Insight Partners, Crosslink Capital, Bain Capital Ventures, Mango Capital, Y Combinator and Javelin Venture Partners.
“We are thrilled to welcome Armory into the Harness family,” stated Jyoti Bansal. “This is a big win for both companies and our customers. We look forward to bringing the best of our combined technologies to the market and continuing to provide exceptional service to our current and future clients.”
Harness plans to onboard many of Armory’s dedicated employees and will continue to offer support for existing Armory implementations. However, Bansal clarified that this is primarily an asset acquisition. While he hopes to see Armory’s customers transition to Harness’s dynamic platform over time, he stressed that their priority is to maintain relationships and continue offering top-notch services to current Armory clients.
Jim Douglas, former CEO of Wind River, recently succeeded co-founder Danial R. Odio as Armory’s CEO in 2021. Some of Armory’s esteemed clients include LaunchDarkly, Autodesk, Informatica, Patreon, First Republic Bank, and Hellosign.
This acquisition aligns with the current trend in the enterprise software industry, favoring end-to-end solutions over single-point solutions in a time where businesses are seeking consolidation and cost reduction. “The demand for DevOps solutions is on the rise, but it’s difficult to compete with single-point solutions,” explained Bansal. “The current economic climate has been challenging for many startups to secure capital. While this is beneficial for companies like Harness, I also feel that it poses challenges for the overall startup ecosystem, as companies are now expected to maintain a higher level of performance than before.”
Harness plans to incorporate some of Armory’s innovative technology into their own products, and Bansal expressed his excitement for the experienced Armory engineers joining their team. He believes this will continue to drive innovation and maintain support for Armory’s existing customer base.
Looking at Harness as a whole, Bansal shared his vision of building a stable and long-lasting company that will one day go public. This sentiment comes from his previous experience, where his company AppDynamics was acquired by Cisco for a staggering $3.7 billion, just before it was set to go public.
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