TPG Capital today announced it is purchasing privileged access management (PAM) provider Thycotic and merging it with competitor Centrify, which the firm recently acquired.
In a deal worth $1.4 billion, the private equity platform of alternative asset firm TPG said it has signed a definitive agreement to acquire Thycotic. Centrify CEO Art Gilliland will be CEO of the newly expanded business. James Legg, Thycotic's CEO, will be president.
Thycotic has more 12,500 organizations in its client portfolio, according to TPG Capital.
"Identity security is mission-critical to any organization's cybersecurity infrastructure and is becoming even more essential in a deeply interconnected world constantly under threat of cyber-attacks,” said Tim Millikin, partner at TPG Capital, adding that the firm believes the sector is poised for rapid growth.
TPG has invested approximately $2 billion of equity in several other cybersecurity firms, including Digital.ai, Expanse, McAfee, Onfido, Tanium, Wind River, and Zscaler.
The merger is subject to customary closing conditions, including regulatory reviews. Financial terms were not disclosed.