1Password, a provider of enterprise password management services, has announced its acquisition of Kolide, a company specializing in device health and contextual access management. Financial terms of the deal were not disclosed.
This is technology M&A deal number 42 that ChannelE2E and MSSP Alert have covered so far in 2024. See more than 2,000 technology M&A deals for 2024, 2023, 2022, 2021, and 2020 listed here.
1Password, founded in 2005, is based in Toronto, Ontario. The company has 1,799 employees listed on LinkedIn. 1Password’s areas of expertise include a password management tool that enables users to protect financial accounts, private documents, and credit cards, organize data in private and shared vaults, and generate strong passwords.
Kolide, founded in 2016, is based in Somerville, Massachusetts. The company has 35 employees listed on LinkedIn. Kolide’s areas of expertise include endpoint security, dev operations, open source, Mac management, SaaS, infrastructure, analytics, honest security, Slack app, patch management, cybersecurity, device trust, Okta, and compliance.
About The Acquisition
This move aims to address the evolving security challenges faced by businesses with employees working from various locations on multiple devices, according to the company.
Kolide aids in the remediation of security risks, facilitating a quicker return to work for users. Kolide customers include Databricks, Robinhood, Discord, Anduril, and more.
With this acquisition, 1Password says it is looking to build upon its current strength of enlisting employees to help close access security gaps. The entire Kolide team will join 1Password as part of the acquisition, the company said.
Enhancing Workplace Security
Jeff Shiner, CEO, 1Password, commented:
"With today's anywhere, any device workforce, businesses need to ensure that only approved users on trusted devices can access company applications. Adding Kolide’s contextual access management and device health capabilities to the 1Password security suite will help businesses of all sizes close gaps in their security posture and achieve Zero Trust access objectives."
Kolide's 2023 Shadow IT Reporting highlighted the need for such measures, showing that 47% of companies allow unmanaged devices to access company resources, potentially exposing them to security threats.
