Investment firm TPG Capital has acquired Thycotic from Insight Partners in a deal which merges the privileged access management (PAM) specialist with enterprise identity bridging provider Centrify.
“The explosive growth of cloud services and the interconnection of networks has created an environment where cyber-attacks are increasing in frequency and sophistication,” said Thycotic‘s CEO Jim Legg in an email to customers.
“We believe this combination will allow us to offer an enhanced and diversified security product suite – a comprehensive platform uniquely built to enable and protect the modern hybrid enterprise.”
Legg has been named president with Centrify chief executive Art Gilliland as CEO of the merged organisation.
Tim Millikin, a partner at TPG Capital, said in the official announcement that the merger creates a leader in one of the most important and strategic sub-sectors of security software.
“Identity security is mission-critical to any organisation’s cybersecurity infrastructure and is becoming even more essential in a deeply interconnected world. TPG has long believed that this sector is poised for rapid growth,” he said.
The combination of Thycotic and Centrify will create one of the most effective SaaS platforms in the identity security market, bringing together complementary product capabilities, best-in-class technology, and deep expertise to better enable and protect the modern, hybrid enterprise, according to the announcement.
Thycotic’s cloud-first PAM complements Centrify’s identity bridging capabilities for complex environments. Centrify’s solutions are used by large organisations including financial institutions, intelligence agencies, and critical-infrastructure companies.
TPG Capital acquired a majority stake in Centrify in January from another private equity firm, Thoma Bravo. TPG reports investing some $2 billion of equity into cyber security acquisitions — from Digital.ai and Expanse to McAfee and Zscaler.
Thoma Bravo and Public Sector Pension Investment Board (PSP Investments) are expected to take minority stakes in the merged Thycotic/Centrify business.
Thycotic is holding a PAM webinar on Wednesday 17 March on what’s needed for effective privileged access security — click here to register or learn more.