10:10 AM EDT, 06/25/2024 (MT Newswires) -- JFrog ( FROG ) said Tuesday that it has agreed to acquire Qwak AI, a machine learning engineering platform, and reaffirmed its previously issued guidance for fiscal year 2024 and Q2.

The company said the acquisition is intended to expand its AI applications and services. Financial terms of the deal were not disclosed.

JFrog ( FROG ) reaffirmed its fiscal year 2024 guidance of non-GAAP earnings per share of $0.59 to $0.61 and revenue of $425.5 million to $429.5 million. Analysts surveyed by Capital IQ expect non-GAAP EPS of $0.60 on revenue of $428.3 million.

The company also continues to expect Q2 non-GAAP EPS of $0.13 to $0.15 and revenue of $103 million to $104 million. Analysts surveyed by Capital IQ expect non-GAAP EPS of $0.14 on revenue of $103.6 million.

Shares of the company fell 1.5% in recent trading.

Price: 32.48, Change: -0.48, Percent Change: -1.46