Identity Security Company CyberArk Acquires Cloud Security Specialist C3M
Identity security company CyberArk has acquired C3M, a cloud security posture management (CSPM) software company that supports Amazon Web Services (AWS), Microsoft Azure and Google Cloud Platform. Financial terms of the deal were not disclosed.
This is technology M&A deal number 728 that MSSP Alert and sister site ChannelE2E have covered so far in 2022.
A Closer Look at C3M
C3M, based in San Francisco, California, was founded in 2018. The company has 41 employees listed on LinkedIn.
C3M develops a 100% API-based cloud security posture management (CSPM) and compliance assurance platform. The company in August 2021 launched Cloud Security Assessment as a Service in North America to “help companies to gain immediate deep visibility into their cloud infrastructure and cloud security posture.”
MSSP Alert doesn’t know how many customers and partners have adopted the C3M platform, though demand for CSPM is strong. Indeed, the Cloud Security Posture Management (CSPM) market will reach $8.6 billion by 2027, up from $4.2 billion in 2022. That’s a 15.3% compound announce growth rate, of 15.3%, MarketsAndMarkets predicted.
CyberArk Acquires C3M: Executive Perspectives
Padmanabhan “Paddy” Viswanathan, founder and former CEO of C3M and vice president of Cloud Security at CyberArk, explained the inspiration behind the acquisition:
“Joining with CyberArk is the next phase of our journey at C3M. We are extremely proud of the company we’ve built. We set out to build the world’s most comprehensive cloud security platform, and now, as part of a world-leading R&D organization that’s shaping the future of Identity Security, I’m confident we will do just that. I could not be more excited about what’s to come.”
Viswanathan explained that C3M talent and technologies will bolster specific analysis and monitoring capabilities to empower organizations to intelligently secure privileged access in the cloud:
“Bringing C3M’s automated threat detection and incident capabilities for identity-related compliance violations and misconfigured cloud resources, coupled with behavioral baselining and risk-scoring for all identities, will further strengthen CyberArk’s intelligence and analytics offerings.”
CyberArk Security Business Growth
Meanwhile, CyberArk’s overall security business remains in growth mode.
For Q2 of 2022:
- CyberArk’s revenue was $152.3 million, up from $117.2 million in the corresponding quarter last year.
- The net loss was $37.6 million in Q2 of 222, which was larger than a $22.8 million net loss in the corresponding quarterly last year.
The figures generally beat Wall Street’s expectations, SeekingAlpha reported.