Israeli company Cyberark announced it has signed an agreement to purchase Venafi for $1.54 billion

A huge high-tech deal: The Israeli company Cyberark announced that it has signed an agreement to purchase Venafi for $1.54 billion - $1 billion in cash and the balance in Cyberark shares.
Cyberark is a global leader in the field of identity security, and focuses on smart permissions, and the acquired company Vanafy is engaged in the complementary field of machine identity management and machine connection security, while maintaining the flow of information to trusted machines and preventing communication with untrusted machines.
According to Cyberark's announcement, the acquisition will provide it with synergy options and the supply of complementary solutions for machine identification, so that they will significantly expand Cyberark's overall market.
The boards of directors of Cyberark and Venafi have approved the transaction, and it is expected to close in the second half of 2024, subject to required regulatory approvals, approvals and other customary closing conditions.
Cyberark explains that "the acquisition will combine Venafi's best-in-class machine identity management capabilities with Cyberark's leading identity security capabilities to establish a unified platform for end-to-end machine identity security at an enterprise scale. The number of machines is rapidly outpacing the growth of their human counterparts, with more than 40 identities machine to every human identity. Left unprotected, they serve as a lucrative hunting ground for cybercriminals. These machine identities need to be discovered, managed, and automated to keep their connections and communications safe."
According to Cyberark's estimate, the purchase will increase the total market it addresses from $50 billion to $60 billion. The company also predicts that the acquisition will result in an increase in recurring annual revenues of approximately 150 million dollars.