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Monday, May 20, 2024
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Drata Acquires Harmonize.io

SOFTWARE: Bolstering Compliance Automation

SAN DIEGO – Local security and compliance automation company Drata announced the acquisition of intelligent user governance platform Harmonize.io, in a move positioned to enhance Drata’s own user governance and AI capabilities. Financial details of the deal were not disclosed.

Adam Markowitz
Co-Founder & CEO
Drata

“Just as we do with funding or any other significant business decision, we view this acquisition as a tactic to enable our growth for the long term,” Drata Co-Founder and CEO Adam Markowitz shared with the Business Journal. “We’re excited to bring on Harmonize’s expertise and technology to expand and accelerate our product roadmap and alleviate those notable pain points in the compliance journey.”

Bay Area’s Harmonize uses AI and machine learning models to automate employment areas like new hire onboarding and offboarding, along with mobile device management (MDM) – a system of software that allows IT personnel to secure and enforce company policies on employee devices like smartphones and laptops. Harmonize specializes in creating the IT infrastructure to ensure employees can use various applications while reducing the risk of outside security threats.

Drata plans to integrate these capabilities into its overall platform (which already has its own risk management and third-party risk management offerings). On top of that, Drata recently launched its new AI functionality that automates the analysis of vendor questionnaire responses, offering an overview of potential risks.

“The Harmonize team set out a goal to transform system access management,” said Johnny Kinder, CEO of Harmonize. “Our platform automates the employee onboarding and offboarding experience, leveraging AI to build real-time risk scores for users and employees, which saves companies time and money.”

Johnny Kinder
CEO
Harmonize

Strong Growth for Unicorn Company

The acquisition adds to an already busy April for Drata. The company announced that it has achieved Amazon Web Services (AWS) Security Competency status, a designation that recognizes Drata’s tech capabilities in the cloud security world. Drata also plans to host skateboarding celebrity and entrepreneur Tony Hawk as its keynote speaker during Drataverse, the company’s annual user conference this summer in San Francisco. In February, the company announced “Launch – The Drata Alliance Program”, which is aimed to build and strengthen relationships with best-in-class companies in the security and compliance industry.

To date, Drata has secured $328.2 million in funding. Prominent investors such as ICONIQ Capital, Notable Capital, Cowboy Ventures, Salesforce and Okta. The company reports strong growth in 2023, surpassing 4,000 customers since its launch three years prior.

“We achieved 100% Year-over-Year (YoY) new revenue growth, with up to 650 new customers added each quarter,” added Markowitz. “We also achieved 100% YoY increase in total customers, with 425% YoY customer growth in EMEA.”

Drata achieved unicorn status in 2021 when its valuation topped the $1 billion mark. The company is now valued at $2 billion.

Drata is part of a group of startups trying to push forward the field of automated compliance and security software. Noteworthy rivals include San Francisco-based Vanta and Secureframe. Drata, though, says its main competitor is still the basic, good old-fashioned spreadsheet.

“We’re disrupting an industry that historically relies on manual processes, like gathering physical paperwork for evidence collection, by moving a company’s compliance program to the cloud,” said Markowitz. “Our automation-led approach saves companies hundreds of hours by eliminating the manual work and offering a real-time view of their security posture.”

Looking ahead, Drata executives say they want to roll out products that further automate and simplify risk and compliance for companies of all sizes.

“We’ll continue to use trust as our North Star in how we meet our thousands of customers’ needs while empowering them with continuous compliance.”

Drata
FOUNDED: 2020
CEO: Adam Markowitz
BUSINESS: Software as a service (SaaS) company with a focus on automating compliance and security
HEADQUARTERS: University Towne Center area
FUNDING: $328.2 million
EMPLOYEES: 500
CONTACT: contact@drata.com
WEBSITE: www.drata.com
NOTABLE: The company’s cofounders, Adam Markowitz, Troy Markowitz and Daniel Marashlian, built successful ed-tech company Portfolium, which was purchased by Salt Lake City-based Instructure in 2019 for a reported $43 million.

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