CyberArk today announced the successful completion of its acquisition of Venafi from Thoma Bravo.
Together, CyberArk and Venafi will build end-to-end machine identity security solutions that help organizations improve security and stop costly outages. Venafi adds complementary solutions that expand CyberArk’s total addressable market by $10 billion to approximately $60 billion.
“We are thrilled to officially welcome the exceptional Venafi team to CyberArk. Over the past months, every interaction has further validated that this acquisition is a great fit from all perspectives – technology, people, culture and spirit of innovation,” said Matt Cohen, Chief Executive Officer, CyberArk. “Machines are the fastest growing and most complex identity and today, many organizations rely on manual processes and siloed tools to secure and manage them. By joining forces, CyberArk and Venafi will set a new paradigm, with the industry’s most comprehensive platform for end-to-end machine identity security at enterprise scale.”
“CyberArk’s acquisition of Venafi underscores the growing recognition of the critical role machine identities play in securing modern digital environments,” said Katie Norton, Research Manager, DevSecOps and Software Supply Chain Security at IDC. “While organizations have heavily invested in human identity security, the automation and management of credentials for machine identities has not historically received the same attention. Together, the companies’ complementary capabilities should enable organizations to implement a more comprehensive machine identity security strategy, reducing risk and enhancing operational efficiency.”
All machine identities, including workloads, code, applications, IoT devices and containers, must be discovered, managed, secured and automated to keep their connections and communications safe. The combination of Venafi’s certificate lifecycle management, enterprise Public Key Infrastructure (PKI), workload identity management, secure code signing and SSH security with CyberArk’s secrets management capabilities, will empower organizations to protect against misuse and compromise of machine identities at scale.
Details Regarding the Acquisition
Under the terms of the agreement, CyberArk acquired Venafi for approximately $1.54 billion in a combination of cash and CyberArk ordinary shares (approximately $1 billion in cash and approximately $540 million in ordinary shares).
Advisors
Morgan Stanley & Co. LLC served as exclusive financial advisor to CyberArk, and Latham & Watkins LLP served as legal counsel to CyberArk. Piper Sandler served as exclusive financial advisor to Thoma Bravo and Venafi, and Kirkland & Ellis LLP served as legal counsel to Thoma Bravo and Venafi.
