CyberArk has confirmed plans to acquire Idaptive in a $70 million transaction. It intends to use Idaptive's tech to develop secure identity management based on a software-as-a-service (SaaS) and artificial intelligence (AI) approach.

California-based Idaptive was founded in 2018 to create next-gen access technology. Its portfolio includes single sign-on, multifactor authentication, and identity life cycle management for employee, third-party, machine, and consumer identities. CyberArk, a privileged access management company, plans to use this technology to develop a secure identity platform at a time when human, application, and machine identities are often given privileged access. 

"If not properly secured, these accounts create pathways for threat actors to execute increasingly targeted attacks and ultimately compromise an organization's most critical systems and assets," said CyberArk chairman and CEO Udi Mokady in an interview about the acquisition. 

Following the transaction, CyberArk and Idaptive will create a "SaaS-delivered, AI-based, security-first approach to managing identities and reducing risk," he said. This approach will put privileged access management at its core so it can manage and protect identities with different levels of privilege across hybrid and multicloud environments, Mokady added.

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