Identity security company CyberArk is expanding its machine identity security offering with the acquisition of Venafi from Thoma Bravo for $1.5 billion.
The deal, first announced in May 2024, is technology M&A deal number 135 that ChannelE2E and MSSP Alert have covered so far in 2024. It expands CyberArk’s total addressable market by $10 billion to approximately $60 billion, according to the company. See more than 2,000 technology M&A deals for 2024, 2023, 2022, 2021, and 2020 listed here.
Machine identities are the digital certificates, keys, and credentials that allow machines like computers, servers, and other devices to communicate securely. These identities are now the fastest-growing and most complex type of identity, requiring advanced tools for proper management and security.
With the Venafi team on board, CyberArk says it will build end-to-end machine identity security solutions to help organizations improve security and stop costly outages. These solutions can be deployed as SaaS or hybrid, enabling faster risk mitigation for organizations of all sizes looking to secure modern cloud environments.
CyberArk, headquartered in Newton, Massachusetts, has 3,654 employees located in six continents, according to LinkedIn. The company has offices in the US, Israel, UK, Singapore, Australia, France, Germany, Italy, Japan, Netherlands and Turkey. Venafi, based in Salt Lake City, Utah, has 436 employees across five continents
Thoma Bravo originally invested in Venafi in December 2020, bringing the company's valuation to $1.15 billion. That followed a $100 million funding round in 2018, led by TCV with additional participation from existing investors QuestMark Partners and NextEquity Partners.
Venafi's technology ecosystem also includes Amazon Web Services, Citrix Systems, CyberArk, HashiCorp and Microsoft, among many others. The company also offers an online marketplace to help connect customers with integrations that support App Security, DevOps Security, IoT Security, Monitoring/Analytics, Network Security and Operations.
