Jyoti Bansal, known for selling AppDynamics to Cisco for $3.7 billion, is merging his two startups, Harness and Traceable, into a single entity valued at approximately $5 billion. The combined company will have 1,100 employees and $250 million in anticipated 2025 annual revenue.
Jyoti Bansal, who sold AppDynamics to Cisco for $3.7 billion, has been running two startups of late, Harness and Traceable.Now Bansal is at the center of an equally unconventional combination.Since 2020, Bansal has been running two startups as co-founder and CEO: Harness and Traceable. The former's technology helps companies manage code and the latter's software observes where companies are unintentionally letting out sensitive data.
"It's about the same size that AppDynamics was when we were about to go public," Bansal told CNBC in an interview last week.Through the combination, Bansal said, Harness will be able to sell more products to customers, and Traceable will be better insulated from competitors like HashiCorp, which"Everyone told me, 'You should retire. Go on the beach. What else do you need to do?'" Bansal said."That was my first instinct, as well.
Employees took notice of the shift and, during all-hands meetings at both companies, would repeatedly ask Bansal about a consolidation, he said. Questions also came from clients. The cultures were also similar. As Harness and Traceable matured, Bansal picked a general manager to run each distinctive new product, or module. When examining revenue for the modules, executives at both startups rely on a theory that Battery Ventures investor Neeraj Agrawal calls"triple, triple, double, double, double," or T2D3.
STARTUPS MERGERS TECH INDUSTRY HARNESS TRACESABLE
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