CyberArk to Acquire Venafi for $1.54 Billion

CyberArk (NASDAQ: CYBR), a Newton, MA-based identity security company, acquired Venafi, a Salt Lake City, UT-based company which specializes in machine identity management, from Thoma Bravo, for $1.54 Billion.

The transaction is expected to close in the second half of 2024, subject to required regulatory approvals, clearances and other customary closing conditions.

This acquisition will combine Venafi’s machine identity management capabilities with CyberArk’s identity security capabilities to establish a platform for end-to-end machine identity security at enterprise scale.

Other details include:

  • Venafi is expected to add approximately $150M annual recurring revenue (ARR).
  • Venafi brings its business model with 95% in recurring revenue, including SaaS and Term Based License Revenue.
  • The transaction is expected to be accretive to margins immediately, with significant revenue synergies through cross-sell, up-sell and geographic expansion.
  • Venafi brings complementary capabilities to protect machine identities and expands the Total Addressable Market (TAM) from $50 Billion to $60 Billion.

Venafi is a cybersecurity company which specializes in machine identity management, securing machine-to-machine connections and communications. It protects machine identity types by orchestrating cryptographic keys and digital certificates for SSL/TLS, SSH, code signing, mobile and IoT. The company provides global visibility of machine identities and the risks associated with them for the extended enterprise—on premises, mobile, virtual, cloud and IoT—at machine speed and scale.

Led by CEO Matt Cohen, CyberArk is a company which specializes in identity security. It provides security offering for any identity – human or machine – across business applications, distributed workforces, hybrid cloud environments and throughout the DevOps lifecycle.