Centrtiy has opted to spin out its IDaaS business as a standalone company named Idaptive, and is honing its strategic focus around its Privileged Access Management approach with cloud-architected Zero Trust Privilege to stop privileged access abuse – the leading cause of breaches.
Centrify said Idaptive will deliver Next-Gen Access to protect employees, partners and customers with its IDaaS offering.
In addition, Centrify confirmed that CFO Tim Steinkopf has been named CEO – 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, ” Centrify added.
Danny Kibel, who currently leads development of Centrify’s IDaaS suite as VP 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. He 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.”