Privileged access management specialist CyberArk today announced the acquisition of Identity-as-a-Service company IDaptive Holdings Inc.
Commonly known as Idaptive, the California company was formed in the fall of 2018 as an offshoot of the IDaaS service offered by Centrify. From its headquarters in Santa Clara, Idaptive serves a client list of around 500 well-known organizations that includes Swarovski, Butterball, Rémy Cointreau, and Appen.
The company describes its Next-Gen Access Cloud Platform as "like a chameleon that adapts almost instantly to its environment and has amazing 360-degree vision." The platform combines leading capabilities to seamlessly integrate single sign-on, multi-factor authentication, enterprise mobility management, and user behavior analytics to offer maximum cybersecurity.
The total purchase price for the acquisition of Idaptive was $70m in cash consideration.
Through the acquisition, CyberArk and Idaptive said that they aim to deliver a "comprehensive Artificial Intelligence (AI)–based, security-first approach to managing identities that is adaptive and context-aware and architected on the principles of Zero Trust and least privilege access, to dramatically reduce risk."
The deal will allow CyberArk to up its game when it comes to managing and protecting identities with various levels of privileges across hybrid and multi-cloud environments. The company said customers will benefit from the acquisition by attaining a better overall security posture with a more efficient and seamless user experience that complies with the ever-increasing number of complex regulatory requirements.
“With cyber-attacks on the rise, organizations need modern, comprehensive solutions to make better, continuous access and authorization decisions for the broadest range of users,” said Udi Mokady, founder, chairman, and CEO of CyberArk.
"With Idaptive, CyberArk will offer customers a SaaS-delivered, security-first approach to managing identities—with Privileged Access Management at its core—that reduces risk, simplifies operations and improves business agility. We are thrilled to welcome the Idaptive team to CyberArk.”
Mokady went on to praise the team at Idaptive for the spirit with which they approach their work.
He said: "Idaptive brings with it an amazing and passionate team. I am eager to bring their energy and commitment to define the future of Identity Security."