Private equity firm TPG Capital on Thursday announced that it has agreed to acquire a majority stake in privileged access management (PAM) solutions provider Centrify.
Founded in 2004, Santa Clara, Calif.-based Centrify provides a platform designed to enforce least privilege access at scale, across enterprise networks.
TPG will acquire the stake from Thoma Bravo, the private equity investment firm that bought a majority interest in Centrify in 2018. Terms of the agreement were not disclosed.
In connection to the transaction, Art Gilliland will become Centrify’s CEO, replacing Flint Brenton.
Centrify’s PAM solutions leverage Zero Trust principles to allow users to access the applications they need without sharing accounts. The platform helps organizations automate and integrate privileged access controls, reduce risks, and ensure compliance.
The PAM solutions provider serves thousands of customers from the banking, defense, energy, healthcare, manufacturing, and retail sectors.
TPG has been involved in the evolving cybersecurity space for years, with investments in organizations such as Digital.ai, Expanse, McAfee, MX Technologies, Planview, Tanium, and Zscaler.
“Every organization today is investing in its own digital armor, and its ability to secure privileged access to critical systems and infrastructure is essential to that defense. Many of the largest and most security-conscious organizations in the world trust Centrify’s industry-leading PAM technology to guard their most important accounts,” Gilliland said.
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