Centrify, a leader in both the Privileged Access Management (PAM) and Identity-as-a-Service (IDaaS) markets, has announced it is spinning out its IDaaS business as a standalone company named Idaptive. Centrify is sharpening its strategic focus on redefining the legacy approach to Privileged Access Management with cloud-architected Zero Trust Privilege to stop the leading cause of breaches — privileged access abuse. Idaptive will deliver Next-Gen Access to protect employees, partners and customers with their market-leading IDaaS solution.
Tim Steinkopf, Chief Financial Officer, has been named CEO of Centrify effective January 1, 2019. During his seven years as CFO at Centrify, the company has evolved to become a global leader in Zero Trust Security solutions for Identity & Access Management, and he was named the 2016 CFO of the Year by Silicon Valley Business Journal. Danny Kibel, who currently leads development of Centrify’s IDaaS solutions as Vice President of Engineering and Operations, will assume the CEO role at Idaptive effective January 1, 2019. The executive leadership teams for both companies will be comprised of existing Centrify executives to take each business forward with consistency and ensure a seamless transition for customers.
“The more we looked at our business, the clearer it became that a huge opportunity existed to create two organizations that can each better focus on innovation, accelerate their respective roadmaps, and ensure customer success,” said Steinkopf. “Our new relationship with PE firm Thoma Bravo gives us the flexibility to execute this strategy and positions both companies for organic and inorganic growth to strengthen their market positions and offer even better PAM and IDaaS solutions, respectively, to secure the enterprise.”
Tom Kemp, who is transitioning out of the role of CEO as part of this evolution, co-founded Centrify 14 years ago and has led the company through a number of industry milestones, such as combining Enterprise Mobility Management (EMM) and Identity-as-a-Service (IDaaS) as a unified service and pioneering Privilege-as-a-Service. Kemp will transition to an active strategic advisory role.
“We saw a tremendous opportunity for both Centrify and Idaptive to drive core product focus in each of their respective markets, while continuing to fulfill the mission of Zero Trust and Next-Gen Access,” said A.J. Rohde, a partner at Thoma Bravo. “Customers will become the major beneficiaries by having two companies with distinct and already well-known leadership, capital for rapid expansion, and accelerated investments in product and support. We share the companies’ collective vision for this, and we are very excited to be a part of it.”