JFrog Acquires Upswift, Bringing Software Updates and Container Deployment for IoT Devices to Developers

Rhea-AI Summary

JFrog Ltd. (FROG) announced the acquisition of Upswift, a developer-focused connected device management software provider. This move aims to create the industry's first comprehensive development-to-device platform, facilitating integration between DevOps and IoT processes. By automating software updates and enhancing security for IoT devices, the acquisition targets a projected $16 billion market by 2026. The transaction is not expected to impact JFrog's financial results materially for Q3 or the full year 2021, positioning the company for future growth in digital transformation initiatives.

Positive

• Acquisition of Upswift enhances JFrog's capabilities in IoT and DevOps integration.
• Targets a substantial growth market projected to reach $16 billion by 2026.
• Automation of software updates improves efficiency and security for connected devices.

Negative

• Integration challenges may arise from merging two company cultures.
• Potential risks include managing customer continuity post-acquisition.

Delivers Industry’s First Solution for Secure, 360-degree Management of Connected Devices Throughout the DevOps Lifecycle

SUNNYVALE, Calif.--(BUSINESS WIRE)-- JFrog Ltd. (“JFrog”) (NASDAQ: FROG), the Liquid Software company, today announced the acquisition of Upswift, the creators of connected device management software for developers. The combined companies aim to deliver the industry’s first complete development-to-device platform that bridges the gap between current IoT software silos and common DevOps processes, such as dependency scanning, CI/CD, artifact management, shifting left for application security, software distribution and more. This empowers developers to connect modern CI/CD and SecOps workflows to the world of connected devices, providing a complete process from software creation to full deployment on the device itself.

For customers, this acquisition means an actualization of digital transformation, delivering automation from development environments to the cloud and all the way to end devices.

“We are extremely excited about this acquisition on several levels – the technology, the people, and the market potential,” said Shlomi Ben Haim, Co-founder and CEO of JFrog. “Not only will we be able to connect the worlds of DevOps and IoT for the first time and make digital transformation real for developers, but we are also joining forces with an incredible team with a passion for innovation and infinite scale. This is another big leap towards our Liquid Software vision of becoming the company that powers the world’s software updates, amplifying our product roadmap and opening new market opportunities.”

Managing fleets of devices and edge applications remotely - including over-the-air (OTA) updates, security, monitoring, controlling and more - has quickly become unwieldy for most companies. Forecasts suggest around 24 billion IoT devices will be in use around the world by 2026, creating a management, security and software update market for connected devices worth nearly $16 billion.¹ As the sophistication and complexity of both commercial and consumer devices increases, having a fast, reliable, secure way to monitor and update connected devices from a cloud-based DevOps platform is imperative.

“Most edge and IoT device software update solutions are homegrown, specialized and siloed from modern CI/CD and the DevOps software development lifecycle,” said Yoav Landman, Co-founder and CTO of JFrog. “At the same time, most of today’s DevOps solutions are not built to deliver and deploy software updates to distributed edge and IoT environments, nor manage them on an ongoing basis. Upswift provides a developer-focused device management and software update technology that easily integrates with current DevOps automation workflows and developer ecosystems, allowing continuous delivery to devices to happen naturally.”

The companies’ technologies aim to provide a single pane of glass for DevOps engineers and developers to securely manage the complete device software release cycle, reducing deployment time and operational pain.

The integrated technology platform will provide:

• Ability to fully automate software updates from development to device, with full automation capabilities across the DevOps lifecycle of build, security, distribution, and device deployment.
• Scalable, developer-oriented, OTA updates across large fleets of edge and IoT devices with automated, secure updates from anywhere.
• Extended security capabilities to the broad IoT landscape, broadening visibility, monitoring risks and remediating vulnerabilities found on devices.
• Ability to update software directly on IoT and edge devices, reliably delivering file-system and container updates across a distributed fleet.
• Device update management and monitoring, including real-time status of device health, functioning, and applications.
• Remote control capabilities across distributed edges, including direct device access from a browser or via API.
• Complete visibility of software package releases through the full DevOps pipeline, including deployments and incremental updates.
• Full integration with the JFrog Platform to enable simplified, secure management of software releases to the edge.

“As more and more intelligent applications and data collection move to the edge, the marriage of DevOps with device management is unstoppable,” said Amit Ezer, Founder and CEO of Upswift. “We're thrilled to join JFrog – a leader in the DevOps space – and to deliver something truly innovative to the market that helps developers further their digital transformation initiatives and bridge container deployment all the way to the end-device.”

Today, the Upswift platform helps update, control, monitor and secure remote Linux & IoT devices at scale, with the click of a button for customers across all industries, Upswift’s team will join JFrog immediately.

For more details on the benefits JFrog’s acquisition of Upswift will deliver visit our blog. The new IoT and connected device management capabilities of the JFrog Platform powered by Upswift will be highlighted in a webinar, “JFrog and Upswift: Bringing IoT Software Updates to DevOps”, on Thursday, October 7, 2021 at 10 AM PT. Learn more and register here.

Terms of the transaction were not disclosed. The transaction is not expected to have a material impact on JFrog’s financial results for the third quarter or full year 2021.

About JFrog

JFrog is on a mission to be the company powering all of the world’s software updates, driven by a “Liquid Software” vision to allow the secure flow of binaries from developers to the edge. The company’s end-to-end DevOps platform – the JFrog Platform - provides the tools and visibility required by modern organizations to solve today’s challenges across critical pieces of the DevOps cycle. JFrog’s hybrid, universal, multi-cloud DevOps platform is available as both self-managed and SaaS services on AWS, Microsoft Azure, and Google Cloud. JFrog is trusted by millions of users and thousands of customers, including a majority of the Fortune 100 companies that depend on JFrog solutions to manage their mission-critical software delivery pipelines. Learn more at jfrog.com.

About Upswift

Upswift.io is a scalable, cloud-based platform that delivers continuous monitoring, visibility, control, and secure, over-the-air (OTA) updates to a wide range of edge and IoT devices. Our unique technology provides the first end-to-end solution for Edge device monitoring with the ability to rapidly understand its state, resource availability, and performance, with automatic anomaly detection in a plug-and-play design to eliminate the complexity of deploying and managing intelligent edge devices at scale.

Forward Looking Statements

This press release contains “forward-looking” statements, as that term is defined under the U.S. federal securities laws, including but not limited to statements regarding JFrog’s future financial performance, our leadership position in the markets in which we participate, our expectations regarding the acquisition of Upswift.io by us, such as our ability to combine the technology platforms and to accurately predict and meet market demands, and our ability to realize the anticipated benefits, innovation and synergies from the Upswift acquisition. These forward-looking statements are based on JFrog’s current assumptions, expectations and beliefs and are subject to substantial risks, uncertainties, assumptions and changes in circumstances that may cause JFrog’s actual results, performance or achievements to differ materially from those expressed or implied in any forward-looking statement.

There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including but not limited to: risks associated with managing the integration of Upswift and its employees into our existing business and culture; our history of losses; our limited operating history; our ability to retain and upgrade existing customers our ability to attract new customers; our ability to effectively develop and expand our sales and marketing capabilities; risk of a security breach; risk of interruptions or performance problems associated with our products and platform capabilities; our ability to adapt and respond to rapidly changing technology or customer needs; our ability to compete in the markets in which we participate; our and Upswift’s ability to provide continuity to our respective customers following the acquisition; general market, political, economic, and business conditions; and the duration and uncertainty of the ongoing COVID-19 pandemic. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in our filings with the Securities and Exchange Commission (“SEC”), including in our Annual Report on Form 10-K for the year ended December 31, 2020, filed on February 12, 2021, subsequent quarterly reports on Form 10-Q filed May 7, 2021 and August 6, 2021, and other filings and reports that we may file from time to time with the SEC. Forward-looking statements represent our beliefs and assumptions only as of the date of this press release. We disclaim any obligation to update these forward-looking statements except as may be required by law.

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¹ “IoT Industry to Reach $16 Billion by 2026,” by Michela Menting, ABI Research, April 2021.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210913005292/en/

Media Contact:

Sammy Totah

jfrog@bocacommunications.com

Source: JFrog Ltd.

FAQ

What are the details of JFrog's acquisition of Upswift?

JFrog acquired Upswift to enhance its connected device management capabilities, creating a comprehensive development-to-device platform.

What market does the acquisition of Upswift target?

The acquisition targets the IoT software management market, projected to be worth $16 billion by 2026.

How will the Upswift acquisition impact JFrog's business?

The acquisition is expected to enhance JFrog's product offerings and facilitate digital transformation for developers, but is not forecasted to materially impact Q3 or full-year financial results.

When was the acquisition of Upswift by JFrog announced?

The acquisition was announced on September 13, 2021.