CyberArk to acquire Venafi from Thoma Bravo for $1.54B in accretive deal

CyberArk (CYBR) announced it has signed a definitive agreement to acquire Venafi, a firm in machine identity management, from Thoma Bravo. This acquisition will combine Venafi’s best-in-class machine identity management capabilities with CyberArk’s leading identity security capabilities to establish a unified platform for end-to-end machine identity security at enterprise scale. As an innovative leader in PKI and certificate management with a robust presence in modern cloud environments, Venafi offers complementary solutions that and CyberArk’s total addressable market TAM by nearly $1B to approximately $60B “This acquisition marks a pivotal milestone for CyberArk, enabling us to further our vision to secure every identityhuman and machine – with the right level of privilege controls,” said Matt Cohen, Chief Executive Officer, CyberArk. …CyberArk intends to acquire Venafi for an enterprise value of approximately $1.54B in a combination of cash and CyberArk shares approximately $1B in cash and approximately $540M in shares . The Boards of Directors of both CyberArk and Venafi have each approved the transaction. The transaction is expected to close in the second half of 2024, subject to required regulatory approvals, clearances and other customary closing conditions. Other details include: Venafi is expected to add approximately $150M annual recurring revenue ARR. Expected to be accretive to non-GAAP margins.