May 20, 2024 at 10:37AM
CyberArk has agreed to acquire Venafi from Thoma Bravo in a $1.54 billion deal, incorporating cash and CyberArk shares. The move, subject to regulatory approvals, will enable CyberArk to expand and create an enterprise-scale unified platform for end-to-end machine identity security, addressing the evolving needs of enterprise cybersecurity.
Key takeaways from the meeting notes:
– CyberArk (NASDAQ: CYBR) has entered into a definitive agreement to acquire Venafi, a machine identity management firm, from Thoma Bravo for approximately $1.54 billion, comprising $1 billion in cash and about $540 million in CyberArk shares.
– Boston-based CyberArk focuses on intelligent privilege controls and provides human and machine identity security solutions across hybrid, SaaS, and multi-cloud environments.
– Venafi delivers machine-to-machine connection and communication security, offers visibility into machine identities across various environments, and has recently launched a solution addressing Google’s proposed 90-day limit for digital certificates.
– CyberArk believes that the acquisition of Venafi will allow the creation of an enterprise-scale unified platform for machine identity security and expand its total addressable market (TAM) by nearly $10 billion.
– The combination of Venafi’s capabilities with CyberArk’s secrets management will protect organizations against machine identity misuse and compromise and prevent outages.
– The acquisition is subject to regulatory approvals and customary closing conditions, and is expected to be completed in the second half of the year.
– CyberArk CEO Matt Cohen expressed that the integration of technologies and expertise will address the needs of global enterprises to defend against sophisticated attacks leveraging human and machine identities.
– Morgan Stanley and Latham & Watkins served as financial and legal advisors to CyberArk.
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