Networking giant Cisco has agreed to acquire Hungary-based Banzai Cloud, that offers Cloud-native application development, deployment, runtime and security workflows.
Financial details of the deal were not disclosed.
Banzai Cloud in November 2018 said it raised $2.5 million — led by PortfoLion, a European venture capital and private equity fund, and included financing from FastVentures and Euroventures of Budapest.
The acquisition of Banzai Cloud’s assets and team is Cisco’s second recent cloud-native focused acquisition.
Cisco in October acquired Portshift, a cloud-native security company based in Tel-Aviv, Israel.
“As modern cloud-native applications become more pervasive, the environments in which these applications run are becoming thinner (containers, microservices, functions), increasingly distributed and more geographically diverse,” Liz Centoni, senior vice president, Emerging Technologies and Incubation at Cisco, said.
“Emerging cloud infrastructure technologies give rise to unique implementation challenges as the modern cloud-native application relies on the network to provide application and API connectivity and a runtime platform for an ever-changing cloud topology.”
Founded in 2017, the team at Banzai Cloud has built and deployed software tools that solve critical real-world pain points and are active participants in the open-source community as sponsors, contributors and maintainers of several open-source projects.
The acquisition of Banzai Cloud and Portshift are a testament to the globalization of the cloud-native ecosystem and underscore our commitment to hybrid, multi-cloud application-first infrastructure as the de facto mode of operating IT, Liz Centoni said.
The acquisition is expected to close by the end of Cisco’s second quarter of financial year 2021.
The Banzai Cloud team will join the Emerging Technologies and Incubation group, where they will assist in incubating new projects for cloud-native networking, security and edge computing environments for modern distributed applications, Cisco said.
Cisco reported first quarter revenue of $11.9 billion, net income of $2.2 billion or $0.51 per share in the first quarter results for the period ended October 24, 2020.