US analytics unicorn Starburst today announced the acquisition of Israeli data lake analytics company Varada. No financial details about the acquisition were disclosed but sources close to the deal estimate that it was for about $50 million.
Varada has developed data indexing technology, which will complement Starburst's big data analytics platform. In Starburst's most recent financing round in February, it raised $250 million at a company valuation of $3.35 billion. In total Starburst has raised $450 million.
Varada was founded in 2017 by CTO David Krakov, VP R&D Roman Vainbrand and chief architect Tal Ben Moshe, former executives at storage company XtremIO, which was sold to Dell EMC in 2012 for $500 million. Since 2018, Eran Vanunu has been Varada's CEO. The company has 30 employees who are expected to join Starburst.
To date Starburst has raised $20 million from F2 Ventures, Lightspeed, Stage One Ventures, Gefen Capital and Mizmaa Ventures. Varada and Starburst have been collaborating since September 2020.
Starburst cofounder and CEO Justin Borgman said, "This acquisition is about helping customers take their data lake analytics to the next level, helping them move faster with critical decision-making while reducing data management costs. With the addition of Varada’s indexing technology, we can help data teams better serve the business, providing the right data right now. This powerful combination couldn’t come at a better time when an uncertain economy is forcing companies to re-evaluate their budgets, as business demands only increase."
Published by Globes, Israel business news - en.globes.co.il - on June 23, 2022.
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