Source: Lucap via Alamy Stock Photo

Identity management provider CyberArk announced it will acquire Venafi from Thoma Bravo for more than $1.5 billion to expand into end-to-end machine identity security.

Venafi provides machine identity management that CyberArk's chief strategy officer Clarence Hinton explains will position the company to help secure the sprawling enterprise IoT attack surface.

"Our new Identity Security Landscape report found that machine identities are the top driver of identity growth and are rated by security professionals around the world as the riskiest identity type in the enterprise," Hinton tells Dark Reading. "Broadly speaking, this combination positions CyberArk as the market leader in machine identity security across machine identity credential types, use cases, and target environments."

The deal is slated to be finalized by the end of 2024, the company said in its acquisition announcement.