TPG to Buy Majority Stake in Privileged Access Mgmt Tech Provider Centrify

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.

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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.

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