Israel-based CyberArk announced Wednesday it has acquired identity startup Idaptive in an all-cash deal. The transaction, which values at $70 million, will bring together the technology and expertise of the two companies to come up with what CyberArk described to be the “industry’s only modern identity platform with a security-first approach.”
In a press release, the Israeli cybersecurity firm said the shift of organizations to hybrid and multi-cloud environments also comes with the growth on the number of privileged credentials linked to human, application, and machine identities. These changes, CyberArk noted, have also resulted to heighten attacks on such credentials by threat actors.
“Through the acquisition, CyberArk and Idaptive will deliver a comprehensive Artificial Intelligence (AI)-based, security-first approach to managing identities that are adaptive and context-aware, and architected on the principles of Zero Trust and least privilege access, to dramatically reduce risk,” the company wrote.
“CyberArk will extend its ability to manage and protect identities with various levels of privileges across hybrid and multi-cloud environments, enabling customers to improve their overall security posture with a more efficient and seamless user experience, and address ever-increasing and complex regulatory requirements,” it added.
Founded in 1999, CyberArk operates as a global leader in privileged access management. In a blog post published only a day after the acquisition announcement, CyberArk Chairman and CEO Udi Mokady shared his thoughts on the latest deal, saying he is thrilled about how Idaptive can help drive additional value for the firm’s customers and partners.
“From day one, we’ve been committed to helping our customers improve their overall security posture and supporting the ability of our partners to grow and expand their business. Merging the innovative technology and talents of the Idaptive team with that of CyberArk represents an exciting opportunity to deliver a differentiated, modern approach as we work to continually meet the ever-changing needs of the dynamic threat landscape,” Mokady commented.
Founded in 2018, Idaptive works as an identity startup that delivers zero-trust approach to identity security. Among its offerings include Al-powered Single Sign-On (SSO), Multi-Factor Authentication (MFA), and identity lifecycle management.
“We believe that a traditional approach to managing identities and access is often not enough to prevent unauthorized activity. Users of all types – whether that be human, application or machine identities — are often provisioned with some form of privileged access. If not properly secured, these accounts create pathways for threat actors to execute increasingly targeted attacks and ultimately compromise an organization’s most critical systems and assets,” Mokady said.
“The time is now. This new reality requires a new kind of Identity Security platform – and together with Idaptive, we are answering that call.”