Late last week, privileged access solution provider Bomgar announced their plans to acquire fellow PAM vendor BeyondTrust. The new IAM provider will go under the name of BeyondTrust, but will be led by Bomgar CEO Matt Dircks. According to sources, Bomgar chose to adopt the BeyondTrust name for its brand recognition in the privileged identity marketplace.
Diricks confirmed this in a blog post, saying: “It’s not just BeyondTrust’s innovative technology and loyal customer base that attracted Bomgar. It’s also the company’s recognition as a top-tier performer by industry analysts; its established global partner network; its talented staff of cyber security professionals; and its exceptional, recognizable brand.”
The acquisition of BeyondTrust is expected to close on October 1. The terms of the deal were not disclosed. 2018 has proved a year of acquisition for Bomgar. They purchased privileged access veteran Lieberman Software in February and endpoint privilege management provider Avecto in July. Bomgar itself was recently acquired by private technology focused-equity firm Francisco Partners.
In a statement, Brian Decker of Francisco Partners said: “Privileged Access Management is one of the top priorities for today’s security leaders, and we see incredible opportunity with the combination of Bomgar’s and BeyondTrust’s technology and talent. The joint team is focused on developing integrated and easy-to-use products, building out the channel, and continuing to deliver the highest levels of customer service and support.”
Sources indicate the acquisition of BeyondTrust will create an identity security solution provider with $300 million in total bookings and over 19,000 customers. This business move indicates the growing emphasis on privileged access management and the consolidation of a rapidly maturing marketplace.