US-based technology firm Cisco has reached a deal to buy Kubernetes-focused Hungarian startup Banzai Cloud, marking its second cloud-native-focused acquisition in two months, Forbes reported on November 16.
Founded in 2017, the Hungarian firm was ranked seventh on the list of the hottest Hungarian startups in 2019. The company develops software and big data solutions, and their platform makes it easier for companies to develop, deploy and scale cloud applications.
Over the last three years Banzai raised more than $5mn in capital in two rounds from the private equity arm of OTP Bank, PortfoLion.
Budapest-based Euroventures, a leading independent private equity and venture capital firm in Central Europe, had been one of the founding investors.
"Banzai Cloud has demonstrated experience with complete end-to-end cloud-native application development, deployment, runtime, and security workflows," Cisco SVP of emerging technologies and incubation Liz Centoni wrote.
"They have built and deployed software tools that solve critical real-world pain points and are active participants in the open-source community as sponsors, contributors, and maintainers of several open-source projects,” she added.
The financial terms of the Banzai Cloud deal weren't available. Cisco plans to acquire the startup’s assets by the end of its second quarter.
The deal followed on the heels of Cisco's October acquisition of Israel-based cloud-native vendor Portshift for a reported $100mn.