Content delivery network and cloud provider Akamai Technologies has entered into a definitive agreement to acquire application programming interface security firm Noname Security, a statement from the cloud vendor says.
It said Noname, which is claimed to be among the top API security vendors, would boost Akamai’s existing API Security solution and speed up its ability to cope with growing customer demand and market requirements.
Akamai said it also expected to gain greater scale with Noname’s additional sales and marketing resources, and established channel and alliance relationships.
“Applications run our world, but as applications and users proliferate, so do security risks,” said Mani Sundaram, executive vice-president and general manager, Security Technology Group, Akamai Technologies.
{loadposition sam08}“Akamai has seen a growing need for API protection with our own data showing 109% year-on-year growth in API attacks. With the addition of Noname, Akamai believes it will have the breadth of integrations and deployment choices needed to deliver comprehensive API protection for customers across all environments.”
Akamai said following the acquisition, it expected to be able to offer a complete API security suite so that customers could more easily discover “shadow” APIs and detect vulnerabilities and attacks.
It is expected that the enhanced offering will offer wider deployment choices for customers and access to a portfolio of technology integrations that is the best in the market. Akamai also plans to integrate Noname for use by customers of its Application and API platform shortly after the acquisition is closed.
“API development continues to proliferate as customers prioritise their investments in application modernisation and digital transformation initiatives,” said Oz Golan [right], chief executive and co-founder, Noname.
“Combining Noname with Akamai’s API Security offering will provide a solution for any type of customer. No matter where the customer’s applications reside — be it in the cloud, natively on the edge, on-premise, or on other vendor platforms — they will be protected.”
Under terms of the agreement, Akamai has agreed to acquire all of the outstanding equity of Noname for approximately US$450 million (A$679.99 million). The transaction is expected to close in the second quarter.
The acquisition is expected to deliver about US$20 million of revenue tor the fiscal year 2024. Akamai will deliver its first-quarter results on 9 May.
Noname, which is headquartered in San Jose, California, is a private company with more than 200 employees, all of whom, including Golan, are expected to join Akamai’s Security Technology Group.