Cybersecurity company Venafi has reached a $1.15bn valuation after securing an investment from private equity firm Thoma Bravo.
This investment is expected to accelerate the development of Venafi’s technology to capitalise on the rise in machine identity management.
Existing investors of TCV and Foundation Capital will remain shareholders in the company.
Venafi is a machine identity management platform that protects machine identity types by orchestrating cryptographic keys and digital certificates for SSL/TLS, SSH, code signing, mobile and IoT.
Venafi CEO Jeff Hudson said, “Machine identity management is a top priority in cybersecurity because it is foundational for digital transformation.
“Humans use usernames and passwords to identify themselves to machines. Machines also need to identify themselves to each other, but they use machine identities.
“Venafi created the category of machine identity management and our strategic vision remains unchanged: we are committed to creating a world where all machine identities are trusted and protected. Our strategic partnership with Thoma Bravo can help us realize our vision by capitalizing on market momentum and accelerating growth and product innovation.”
Thoma Bravo received legal advice from Kirkland & Ellis for the deal and J.P. Morgan Securities acted as financial advisors to Venafi.