Thycotic and Centrify complete merger, target PAM market
Thycotic and Centrify have completed their merger to form a competitive cloud identity security vendor.
The combined company has now begun integrations and will operate under the temporary name ThycoticCentrify.
Backed by TPG Capital, the combined company brings together complementary product capabilities, best-in-class technology, and expertise to better enable and protect the modern, hybrid enterprise in an environment defined by increasing, identity-based cyber attacks.
The combined company will provide an extensive platform in the privileged identity security market.
ThycoticCentrify's deployment speed and PAM-as-a-Service offerings, paired with identity bridging capabilities and experience operating in complex environments, creates a broad SaaS offering.
These offerings are designed to enable organisations of all sizes to meet the needs of their customers in an efficient, safe, and compliant way, the company states.
ThycoticCentrify expects to debut a new brand in the second half of 2021, which references both companies' legacies and communicates modern identity security.
The merger's completion marks a time of significant momentum for ThycoticCentrify, following TPG Capital's acquisitions and subsequently-announced combination of the companies in the first quarter of 2021.
With the ongoing support and resources of TPG Capital, ThycoticCentrify is well-positioned for continued growth, the company states.
In connection with the closing, Insight Partners, Thoma Bravo, and Public Sector Pension Investment Board (PSP Investments) have taken minority investments in the business.
The company states the privileged access management (PAM) market is primed and growing.
In fact, PAM is expected to double from US$2.2B to US$5.4B by 2025, according to KuppingerCole.
ThycoticCentrify states, organisations are struggling to keep up with the complexity of protecting the ever growing number of privileged accounts created by the business requirements to move more infrastructure and services into the cloud.
This cloud-centric business transformation has created more opportunities for cyber attackers and driven a greater need for better control and compliance around these types of accounts, the company states. It is this issue that ThycoticCentrify aims to solve.
ThycoticCentrify CEO Art Gilliland says, “The accelerated use of cloud services has skyrocketed in recent years, and we believe ThycoticCentrify is uniquely qualified to meet the evolving identity security needs across all industries.
"Our combined organisation will deliver comprehensive PAM solutions built in the cloud, for the cloud that our customers require to enable their business transformation.
ThycoticCentrify is utilised by more than 14,000 organisations around the globe, including more than half of the Fortune 100, and customers include large financial institutions, intelligence agencies and critical infrastructure companies.
The company works to secure privileged access for human or machine, in the cloud or on-premises.
TPG is a global alternative asset firm founded in 1992 with more than US$91 billion of assets under management and offices around the world.
TPG's investment platforms are across a wide range of asset classes, including private equity, growth equity, impact investing, real estate, secondaries and public equity.