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Vagrant is a popular open-source tool for building and managing virtualized development environments. It allows developers to create a consistent and Portable development environment for their applications, regardless of the underlying infrastructure. By using Vagrant, teams can ensure that they are all working on the same software stack, which can dramatically reduce 'it works on my machine' problems that often arise in software development. Vagrant is particularly useful for DevOps teams that need to manage complex architectures, as it integrates seamlessly with various virtualization providers, including VirtualBox, VMware, AWS, and more.

Vagrant's primary features include the ability to define and configure VMs using a simple configuration file (Vagrantfile), easy integration with existing workflows, and the use of 'provisioners' to automate software installation and configuration. Additionally, it offers robust version control capabilities, which allows teams to version their development environments just like code. Vagrant is available for free, and while there are additional paid services such as HashiCorp's support options for enterprise users, many teams find the open-source model sufficient for their needs. With its strong focus on automation and repeatability, Vagrant has become an essential tool for DevOps teams looking to streamline their development process.