CyberArk Software (CYBR) has released an update.
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CyberArk, a leading identity security company, has announced the strategic acquisition of Venafi, a machine identity management leader, from Thoma Bravo for approximately $1.54 billion. This move is set to establish a comprehensive platform for machine identity security, catering to the increasing number of machine identities such as IoT devices and cloud services. The deal, expected to close in the second half of 2024, will expand CyberArk’s addressable market by nearly $10 billion and is anticipated to immediately enhance margins and contribute around $150 million in annual recurring revenue.
For further insights into CYBR stock, check out TipRanks’ Stock Analysis page.
