News
CyberArk Completes Acquisition Venafi
October 2024 by Marc Jacob
CyberArk announced the successful completion of its acquisition of Venafi, a leader in machine identity management, from Thoma Bravo. This acquisition enables CyberArk to further deliver on its vision to secure every identity – human and machine – with the right level of privilege controls. Together, CyberArk and Venafi will build end-to-end machine identity security solutions that help organizations vastly improve security and stop costly outages. Venafi adds complementary solutions that expand CyberArk’s total addressable market by $10 billion to approximately $60 billion.
Ongoing digital transformation, pervasive cloud computing and the rise of AI are driving an exponential increase in the number of machine identities, which can outnumber human identities by as much as 45-to-1, many of which remain undetected. If left unprotected and unmanaged, these identities can serve as a lucrative hunting ground for cybercriminals who seek to exploit their vulnerabilities. A new paradigm is required to keep pace with this rapid proliferation – shifting from inefficient manual, siloed approaches that create compliance and security risks to centralized management of machine identities across all applications and workloads for any cloud or IT environment at scale.
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.
