API startup Noname Security nears $500M deal to sell itself to Akamai
Noname Security, a cybersecurity startup that protects APIs, is in advanced talks with Akamai Technologies to sell itself for $500 million
Noname was co-founded in 2020 by Oz Golan and Shay Levi and is headquartered in Palo Alto but has Israeli roots.
While the sale price is a significant discount from that valuation, the deal as it currently stands would be for cash, the person said.
Other investors who have backed Noname include Insight Partners, ForgePoint, Cyberstarts, Next47 and The Syndicate Group.
The deal values the company at about 15X annual recurring revenue, the person said.
Noname’s approximately 200 employees are expected to transition to Akamai if the sale closes.
Akamai declined comment. A Noname Security spokesperson told TechCrunch, “As a policy, we refrain from commenting on rumors or speculation.”
The Information reported in January that Noname was trying to raise another financing round at a substantially lower valuation.
the general mood in the venture industry is that, if robust IPOs don’t return soon, it will be bargain shopping time for M&A activity.
Many are now simultaneously looking for buyers and a new round of funding, known in the finance world as a dual-track process.
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