CyberArk (NASDAQ: CYBR), a Newton, Massachusetts-based identity security firm, paid Thoma Bravo $1.54 billion to buy Venafi, a Salt Lake City, Utah-based machine identity management company.
It is anticipated that the deal would close in the second half of 2024, pending the necessary regulatory clearances and approvals as well as other usual closing requirements.
Through this purchase, a platform for end-to-end machine identity security at the enterprise scale will be established by fusing CyberArk’s identity security capabilities with Venafi’s machine identity management capabilities.
Other information comprises:
- An additional $150 million in annual recurring revenue (ARR) is anticipated with Venafi.
- Venafi offers a 95% recurring income business model that includes term-based license revenue and software as a service.
- It is anticipated that the deal would boost margins right now and provide large revenue synergies through global growth, cross-selling, and up-selling.
- Venafi increases the Total Addressable Market (TAM) from $50 billion to $60 billion by bringing supplementary machine identity protection capabilities.
About Venafi
Venafi is a cybersecurity startup that focuses on protecting communications and machine-to-machine links as well as machine identity management. By coordinating cryptographic keys and digital certificates for SSL/TLS, SSH, code signing, mobile, and IoT, it safeguards many machine identity kinds. For the extended enterprise—on premises, mobile, virtual, cloud, and IoT—the firm offers worldwide awareness of machine identities and the risks associated with them at machine speed and scale.
About CyberArk
CyberArk is an identity security firm that is led by CEO Matt Cohen. It offers protection for any identity—human or machine—across hybrid cloud environments, remote workforces, business apps, and the whole DevOps lifecycle.
