Global alternative asset firm TPG has agreed to purchase a majority stake in Centrify from Thoma Bravo for an undisclosed sum in a move to help Centrify expand its presence in the privileged access management and identity security market.
Art Gilliland, formerly head of Symantec Enterprise, will succeed Flint Brenton as CEO of Centrify as part of the transaction, the companies said in a joint release published Thursday.
Centrify offers a PAM platform based on zero trust approach that could help enterprises reduce administrative access-related risks, integrate privileged access controls and build up compliance postures. The company’s cloud-ready service platforms for PAM are certified under the Federal Risk and Authorization Management Program.
“As a result of the many accelerating IT trends – including faster digital transformation, accelerated cloud adoption, and agile DevOps practices – enterprises need to manage and protect more privileged accounts than ever before,” said Tim Millikin, a partner at TPG Capital. “We believe PAM is one of the most important and strategic sub-sectors of security software, and Centrify is a clear market leader in this space – serving more than half of the Fortune 100.”
Citi and Davis Polk & Wardwell respectively served as financial and legal advisers to TPG in the transaction. DBO Partners acted as Centrify’s financial adviser and Kirkland & Ellis served as Thoma Bravo’s legal counsel.