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CyberArk to Buy Thoma Bravo-Backed Venafi for $1.5 Billion

In Technology
May 20, 2024

(Bloomberg) — CyberArk Software Ltd. agreed to buy Venafi, a cybersecurity company backed by private equity firm Thoma Bravo, for $1.54 billion.

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CyberArk, based in Israel and listed in the US, will buy Salt Lake City-based Venafi for about $1 billion in cash and $540 million in CyberArk shares, according to a statement on Monday confirming an earlier Bloomberg News report.

Venafi is a cybersecurity firm focused on machine identity management, offering solutions that protect identities from physical machines to internet-of-things devices to software applications, according to its website. It has more than 30 patents and its clients include the biggest US health insurers, US airlines, payment card issuers as well as major banks in the country.

The acquisition is expected to close in the second half of 2024 and add approximately $150 million in annual recurring revenue, CyberArk said in the statement. It is also expected to boost margins, the company said.

Thoma Bravo, a US-based private equity firm focused on software and technology services, made a growth investment in Venafi in 2020, valuing the company at $1.15 billion at the time.

Shares of CyberArk have gained about 12% this year, valuing the firm at $10.4 billion. Morgan Stanley advised CyberArk on the deal, while Thoma Bravo worked with Piper Sandler Cos.

–With assistance from Swetha Gopinath.

(Updates with details from company statement.)

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