Proofpoint agrees to acquire Varonis for about $6.3 billion
Varonis shareholders are to receive $49.75 a share in cash, a 52% premium to the stock's June 22 closing price, the companies said.
Ramp's valuation reaches $60 billion with new $1.85 billion funding
The financing brings total funding to about $5 billion as Ramp expands its financial software business and adds AI products.
Ramp has secured $1.85 billion from investors, giving the expense management provider a $60 billion valuation, the company said. The latest financing follows a round four months earlier that brought in $750 million and valued Ramp at $44 billion.
Five firms jointly led the new round: Avenir Growth, Sands Capital, Founders Fund, Thrive Capital and Dragoneer Investment Group. Participants also included GIC, Capital International and Fidelity Management & Research Company. Ramp's cumulative funding now stands at about $5 billion.
Annualized revenue is now above $2 billion, Ramp said, versus the $1.5 billion reported in June. The company put annualized purchase volume at more than $275 billion, representing a 175% year-over-year increase. Its customer base has grown to 85,000 from 70,000 in June, with clients including Shopify, Visa, Figma and Uber.
Beyond managing expenses, Ramp now offers tools for payments, procurement, fraud detection, vendor management and accounting. That expansion has brought it into competition with Rippling, which has added corporate cards, bill payments and expense management to its HR and payroll business.
Ramp has incorporated AI agents across its software and introduced a corporate credit card designed for their use. It added model routing in August alongside its AI token monitoring and spending tools. Another product, Glass, provides a workspace where employees can share AI automations, prompts and skills they have developed.