CyberArk on Wednesday announced that it has acquired Idaptive, an Identity as a Service (IDaaS) provider based in Santa Clara, California, for $70 million in cash.
CyberArk says that the addition of Idaptive’s technology will allow it to deliver a modern identity platform that takes a SaaS-delivered, AI-based approach to managing identities with privileged access management at its core.
“CyberArk will extend its ability to manage and protect identities with various levels of privileges across hybrid and multi-cloud environments, enabling customers to improve their overall security posture with a more efficient and seamless user experience, and address ever-increasing and complex regulatory requirement,” the company said.
CyberArk also announced financial results for the first quarter ended March 31, 2020 on Wednesday, noting that total revenue for the quarter was $106.8 million, up 11% compared with the first quarter of 2019.
“Given the weakened economic environment due to Covid-19, we expect customers to make more cautious purchasing decisions which will impact our revenue and cash flow from operations in the near term,” stated Josh Siegel, CyberArk Chief Financial Officer.