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Software deployment platform Harness is buying competitor Armory, according to two people with direct knowledge of the sale. Harness will pay $7 million for the company in an all-cash deal, one of the people said. Details of the deal, which is still in progress, could change.
It's a dramatic fall from grace for Armory, which as recently as 2020 was valued at more than $200 million according to data from PitchBook.
In all, Armory has raised more than $80 million from Bain Capital Ventures, Insight Partners, and Salesforce CEO Marc Benioff among others. Armory was also selected as part of Y Combinator's 2017 winter class under then president and now OpenAI CEO and founder Sam Altman.
The acquisition is the latest example of a startup bloodbath that's forced once high-flying companies to sell themselves at fire sale prices or face the possibility of shutting down altogether.
A few months ago, Convoy, the digital freight startup that raised $1.1 billion from investors like Jeff Bezos, Bill Gates, Marc Benioff and other tech notables shut down and is selling its technology to one of its main startup competitors in the space, Flexport, multiple outlets reported. Another high flying, A16Z-backed startup, D2iQ, also recently closed its doors after raising $250 million, according to a report from The Information.
Harness and Armory provide what are known as continuous delivery services, which help software developers update, maintain, and deploy their products to users more quickly.
Both Harness and Armory declined to comment.
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Julie Bort was Business Insider's Editor at Large for the Tech team. She loves investigating stories and shedding light on the tech industry's most amazing people.Here's a small sample of some of Julie's work.Former Pinterest employees describe a traumatic workplace where managers humiliate employees until they cry, Black people feel alienated, and the toxic culture 'eats away at your soul'Sex, tequila, and a tiger: Employees inside Adam Neumann's WeWork talk about the nonstop party to attain a $100 billion dream and the messy reality that tanked itInsiders say WeWork's IT is a patchwork of cheap devices and Band-Aid fixes that will take millions to fixWeWork's toxic phone booths were created in-house by its Powered by We business70-hour weeks and 'WTF' emails: 42 employees reveal the frenzy of working at Tesla under the 'cult' of Elon MuskElon Musk works so many hours at Tesla, employees are constantly finding him asleep under tables and desksHow this woman went from a Pizza Hut employee to a founder of a $4 billion startupAn Oracle insider explains how some salespeople gamed the system to sell more cloudTHE TAKEDOWN OF TRAVIS KALANICK: The untold story of Uber's infighting, backstabbing, and multimillion-dollar exit packagesMicrosoft is in talks to buy GitHub, a startup at the center of the software world last valued at $2 billionThe alarming inside story of a failed Google acquisition, and an employee who was hospitalizedInside Facebook's plan to eat another $350 billion IT marketHow a registered sex offender wound up living in an Airbnb hosting unsuspecting guestsA controversial ex-banker is the person who really runs Twitter — and he's gambling the company's future on one risky betSecret passages and skipped meals: Oracle's CEO gave us a rare peek at what it really takes to run a $37 billion companyHP told some employees to choose between becoming contractors with no benefits or being fired without severance'I felt like we were being extorted': Customer says Oracle tried to strong-arm him into a cloud saleHow the queen of Silicon Valley is helping Google go after Amazon's most profitable businessAirbnb host: A guest is squatting in my condo and I can't get him to leaveLIES, BOOZE, AND BILLIONS: How one of the fastest-growing startups in Silicon Valley history raised $580 million then spiraled out of controlGitHub is undergoing a full-blown overhaul as execs and employees depart — and we have the full inside storyWhen she's not writing for Business Insider, Julie can usually be found on the trails, on my mountain bike, or on my skis, if you know where to look.
Darius Rafieyan was senior reporter covering venture capital and startups. Before joining Business Insider, he was the founding producer for NPR's daily economics podcast The Indicator from Planet Money. He was a 2020-2021 Knight Bagehot Fellow at Columbia Journalism School and completed his MBA at Columbia Business School in 2022. Got it a tip? Contact Darius Rafieyan using a non-work device on encrypted messaging app Signal (+1-714-651-1367).
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