Startups

Maryland-based Fugue acquired by cybersecurity firm Snyk

Cybersecurity continues to show its value with this recent acquisition.

Fugue CEOJosh Stella.

(Courtesy photo)

Frederick, Maryland-based cloud security company Fugue was recently acquired by Snyk, a development security company from Boston that’s been buying up multiple cybersecurity outfits.

The Fugue acquisition marks Snyk’s fifth in less than two years, and allows Snyk to jump into the cloud cybersecurity market with a ready-made product that ensures the cloud environments developers create are both secure and compliant with regulations.

For Fugue, this is a validation of the work it’s been doing since the release of the Fugue Risk Manager in 2018 and the open source software dev security tool Regula in 2020.

“As we join forces with Snyk today, our founding mission — security by and for developers — doesn’t change, but expands exponentially with the scope of the opportunity in front of us,” said Josh Stella, Fugue’s cofounder and CEO, in Snyk’s press release. “We’re excited to now reach more developers in more places, helping them to not only build our future but also successfully secure it.”

Snyk and Fugue’s teams have combined, with Stella’s LinkedIn noting his move from CEO of Fugue to chief architect of Snyk. His new employer raised a $530 million Series F that, combined with $75 million from Atlassian Ventures and Salesforce Ventures, boosted its valuation to $8.6 billion. The sum explains how Snyk’s paying to buy all these companies and grow so fast in the cybersecurity market. Financial details of this deal were not disclosed.

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“Welcoming the talented Fugue team as our newest Snykers is a fantastic way to kick off 2022,” Snyk CEO Peter McKay said. “Together, we’ll collectively reimagine what cloud security can and should look like for today’s modern DevSecOps teams, ensuring more secure innovation can flourish worldwide.”


Donte Kirby is a 2020-2022 corps member for Report for America, an initiative of The Groundtruth Project that pairs young journalists with local newsrooms. This position is supported by the Robert W. Deutsch Foundation.
Companies: Fugue
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