Cyberark announced the acquisition of $ 70 million in cash from American cyber company

Cyberark announced the acquisition of $ 70 million in cash from American cyber company Idaptive. Idaptive develops a cloud-based remote access and artificial intelligence solution that supports Single Sign-On, which means connecting with single authentication to different systems, and Multi-Factor Authentication, a technology that allows the user to be identified by a number of different parameters.
The company's technology will be integrated into Cyberark's systems and will strengthen the identification and management solution that the company provides today.
The new solution will enable Cyberark to strengthen its capabilities in hybrid, integrated cloud environments, where there is a mix of private and public cloud computing systems as well as various vendors. Thus, instead of connecting to each system individually, a secure connection can be enabled through a single login, thus connecting users to all systems transparently and without the need for a unique login to each.
Idaptive operates in this area which is relatively new called Identity as a Service or IDaaS. This is a relatively new field that has gained tremendous momentum over the past year. According to data from Markets & Markets, its volume stood at about $ 2.5 billion last year and is expected to grow to about $ 6.5 billion by 2024 with an average growth rate of about 21% per year. It is a saturated market in competitors such as IBM, Google, CA, OneLogin, Oracle Salesforce, Jamalto and others.
The move was announced almost concurrently with Cyberark's first-quarter report, in which the company reported a decline in net income and a decline in operating profit. Reported a revenue increase of $ 106.8 million, up 11% on the same quarter last year.