Both companies were founded by former AppDynamics founder Jyoti Bansal.
Harness announced Monday it is merging with API security startup Traceable, combining two companies founded by former AppDynamics founder Jyoti Bansal.
The combined company is expected to generate more than $250 million in annual recurring revenue this year, up 50 percent from 2024, Bansal (pictured) wrote in a blog post.
[Related: 10 Key Cybersecurity Startup Acquisitions In 2024: Q3-Q4]
The merger “accelerates our march to reaching $1 billion in ARR as the consummate platform for software delivery,” he wrote in the post.
Harness, which offers what it calls an “AI-native” platform for software delivery, received a valuation of $3.7 billion in connection with its $230 million funding round in 2022. Traceable most recently raised $30 million at a reported valuation of $500 million in 2024, according to TechCrunch.
The companies were both launched out of Bansal’s startup San Francisco startup studio, BIG Labs, with Harness debuting in 2017 and Traceable launching in 2018.
The debuts of the two companies, both of which have had Bansal as co-founder and CEO, had followed the sale of AppDynamics to Cisco for $3.7 billion in March 2017.
Combining Harness and Traceable will have major benefits for customers, since “DevOps and application security are now seamlessly integrated into one platform” with the merger, Bansal wrote in the post Monday.
“The result is the new Harness: a first-of-its-kind platform that brings AI-native DevOps and security together to offer a streamlined, end-to-end software delivery experience,” he wrote.
