Foss ID was acquired by the UK-based Snyk

FossID, a Stockholm, Sweden-based software developer, announced that it was acquired by the British from Snyk, a developer of cloud native application security solutions.

FInanicail details were not disclosed. The announcement comes as Snyk announced getting into a investment agreement totalling $300 million, co-led by Accel and Tiger Global Management and putting a $4.7 billion valuation.

FossID, founded in 2016 by CEO Oskar Swirtun, develops a software composition analysis tool that scans code for open source licenses and vulnerabilities, from entire components to code snippets and including license obligations and compliance issues. The company has strong customer adoption in Fortune 500 organizations across verticals like automotive, financial services, manufacturing, technology and telecommunications, with a strong reputation with developers using C/C++.

The acquisition of FossID is Snyk’s third within the last six months, following the successful purchases of Manifold in January 2021 and DeepCode in October 2020. Due in part to several key automotive and semiconductor customers, FossID additionally brings to Snyk a strong customer base both in Europe as well as across APJ.