Thycotic and Centrify have completed their previously-announced merger, and are now operating under the temporary name of ThycoticCentrify, it has been announced.
The two cybersecurity firms have joined together to form a single cloud identity security vendor, pooling their respective expertise and tools in the area of privileged access management (PAM).
The announcement comes amid growing cloud adoption as organizations seek to enable hybrid working models, particularly following the shift to remote working during COVID-19. This has in turn provided more opportunities for cyber-criminals to undertake identity-based attacks, with an increasing number of privileged accounts being created. As a result of this trend, it has been estimated that PAM will double in value from $2.2bn to $5.4bn by 2025.
The newly combined company has now begun integrations, and aims to use its extensive expertise in PAM to offer a broad SaaS offering that meets the needs of organizations of all sizes.
ThycoticCentrify said it expects to unveil a new brand in the second half of 2021, which references both brands legacies.
Art Gilliland, CEO, ThycoticCentrify commented: "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 organization will deliver comprehensive PAM solutions built in the cloud, for the cloud that our customers require to enable their business transformation."
The deal has been backed by private equity firm TPG Capital, which will continue to support the growth of ThycoticCentrify going forward.
In June 2020, Thycotic announced the acquisition of fellow PAM solution provider Onion ID to extend its PAM offering.