CyberArk Acquires Idaptive for Identity as a Service, SSO and MFA
CyberArk has acquired Idaptive for $70 million. The buyer gains additional privileged access management (PAM), single sign-on (SSO), multi-factor authentication (MFA), artificial intelligence, and Identity as a Service (IaaS) capabilities. Centrify spun-off Idaptive as a standalone company in 2018.
This is M&A deal number 206 that MSSP Alert and sister site ChannelE2E have covered so far in 2020. See the complete M&A deal list here.
In a prepared statement about the deal, CyberArk CEO Udi Mokady said:
“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. 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.”
CyberArk and Idaptive Partner Strategy
It’s a safe bet CyberArk will promote the Idaptive security capabilities to channel partners. Indeed, channel partners generated or influenced roughly 65 percent of the company’s revenue as of mid-2019. Key enterprise partners include Accenture, Deloitte and PwC.
MSSP Alert is poking around to see if that partner-related sales rose in CyberArk’s Q1 2020 financial results — which were disclosed this morning. Key overall details include:
- Total revenue of $106.8 million, up 11% compared with the first quarter of 2019.
- GAAP net income of $2.4 million, compared to GAAP net income of $13.7 million in the first quarter of 2019.
The results generally exceeded Wall Street’s expectations. Amid the coronavirus pandemic, CyberArk plans to carefully manage costs and only make targeted hires, the company said in a statement.