HashiCorp was in a ‘logical position’ to acquire BluBracket: find out more

HashiCorp Inc (NASDAQ: HCP) has acquired BluBracket to expand its footprint in secrets management, the company announced in a press release last week.  

What are HCP’s plans for BluBracket?

Founded in 2018, BluBracket is a startup based in Silicon Valley that raised $18.5 million via venture capital funding.

HashiCorp plans on integrating it with the HCP Vault. Explaining the rationale behind this acquisition, its CEO Dave McJannet said in a recent CNBC interview:

The stock market news arrives less than a month after the Nasdaq-listed firm reported a 37% increase in its first-quarter revenue on a year-over-year basis.

Financial terms of the acquisition were not revealed

BluBracket will help the software company expand its zero trust security solutions.

Additional product capabilities related to this acquisition will be detailed later this year, as per the press release. Commenting further on why now was the right time for the merger, CEO McJannet added:

HashiCorp Inc did not divulge financial terms of the acquisition. Wall Street currently has a consensus “overweight” rating on the tech stock that, at writing, is trading at roughly the same price at which it started the year.