Today, I am pleased to share that TPG Capital has closed on its previously-announced acquisition of Centrify.
This is exciting news for many reasons, one of which being that it also marks my first official day as Centrify CEO.
Over the past few weeks I’ve had the chance to start getting to know our employees, unpack our strategy, and meet our customers and partners. While still early in my journey, these conversations have affirmed every belief I had when we announced this acquisition in January: that Centrify is a great company with fantastic people, and the opportunity ahead of us is tremendously exciting.
The second exciting news today is that Centrify will be merging with Thycotic, a next-generation, cloud-first company with innovative identity security solutions, in a transaction supported by a TPG-led investor group.
Thycotic is a next-generation, cloud-first security provider that offers customers of every size world class solutions that can be tailored to the needs of organizations, from emerging innovators to sophisticated global leaders. Centrify brought the industry’s first PAM-as-a-Service solution to market in 2015, continues to offer the only PAM solution with a true multi-tenant cloud architecture, and is still the only PAM vendor to receive FedRAMP authorization.
The combination of Thycotic and Centrify will create a leading cloud identity security company and the most extensive platform in the identity security market, bringing together complementary product capabilities, best-in-class technology, and unmatched expertise to better enable and protect the modern, hybrid enterprise.
The world around us is changing at an unprecedented pace, and this expanding market opportunity is being driven by evolving IT trends. Digital transformation and accelerated cloud migrations are creating enterprise complexity never seen before, and many organizations are currently facing complex security scenarios exacerbated by the ongoing pandemic. As the IT estate expands via the cloud, containers, microservices, DevOps environments and more, there has never been more demand for a cloud-first privileged access management suite to secure the modern threatscape and protect human and non-human identities.
Since its founding, Centrify has strived to be a best-in-class partner to companies in solving their identity and security challenges through high-quality privileged access management solutions that allow even the most complex of organizations to operate in safer, more efficient, and highly-connected ways. We will continue that commitment with the combined company, as we deliver more value for our customers by creating the most comprehensive platform in the market, redefining, and modernizing the legacy approach to identity security.
Thank you for your continued support as we take this exciting step forward. I am committed to keeping you updated on all the exciting developments as we continue this journey.