Portshift was launched by Team8 out of its company-building foundry in November 2018 with $5.3 million in seed funding. The Portshift team is building capabilities that span a large portion of the lifecycle of the cloud-native application.
This is the second Team8-incubated company to be acquired – their first acquisition Sygnia was acquired OctOber 2018 by Temasek. Both acquisitions occurred following Team8’s incubation and seed round investment and prior to receiving an A round.
Both Cisco and Temasek are Team8 LP investors and Bret Hartman, Cisco’s CTO, is on Team8’s advisory board.
Portshift aligns to Cisco’s approach of providing secure connectivity between users, devices and apps.
Once the acquisition closes in the first half of Cisco’s FY21, the Portshift team will join Cisco’s ET&I group.