The combined company says it has now begun integrations and will operate under the temporary name ThycoticCentrify.
Backed by TPG Capital, firm says it brings together complementary product capabilities, technology, and expertise to enable and protect the hybrid enterprise in an environment.
It says organisations struggle 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 new firm notes that PAM is one of the fastest-growing areas in cybersecurity – the market is expected to double from $2.2 billion to $5.4 billion by 2025, according to KuppingerCole.
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“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,” said Art Gilliland, CEO, ThycoticCentrify.
“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’s deployment speed and PAM-as-a-Service offerings, paired with its strong identity bridging capabilities and deep experience operating in highly complex environments, creates one of the broadest SaaS offerings that enables organizations of all sizes to meet the needs of their customers in an efficient, safe, and compliant way,” the company said in a statement.
ThycoticCentrify expects to debut a new brand in the second half of 2021, which references both companies’ rich legacies and communicates modern identity security.
Insight Partners, Thoma Bravo, and Public Sector Pension Investment Board (PSP Investments) have taken minority investments in the business.