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- Venafi
Venafi Acquisition, Valuation, Funding & Investors
Venafi was acquired by CyberArk Software for $1.5B in May 2024, a 10.3x multiple on $150M of revenue.
Venafi revenue at acquisition
$150M
Last twelve months · May 2024
Venafi revenue multiple at acquisition
10.3x
EV/Revenue · May 2024
Cumulative funding Venafi raised
$139M
across 2 funding rounds
About Venafi
Venafi is a Salt Lake City-headquartered machine identity management company. It secures cryptographic keys and digital certificates for SSL/TLS, SSH, code signing, mobile devices, and IoT. Venafi provides global visibility into machine identities across on-premises, cloud, virtual, and IoT environments. The platform automates remediation of risks from weak or compromised identities, ensuring trusted machine communications and blocking untrusted ones.
Founded
2004
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Revenue
$150M (May 2024)
Valuation
$212M (Jun 2015)
Venafi Acquisition
Venafi was acquired by CyberArk Software for $1.5B on 20 May 2024.
The acquisition price implies a 10.3x revenue multiple on $150M of revenue.
Before the acquisition Venafi had raised $139M across 2 funding rounds.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 20 May 2024 | Strategic M&A | $1.5B | 10.3x |
Venafi Valuation
Venafi is currently valued at $212M, based on its Series F in June 2015.
The $39M round was led by Intel Capital and QuestMark Partners, with participation from Silver Lake and Foundation Capital.
Venafi valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jun 2015 | Series F | $212M |
Venafi Funding History
Venafi has raised a total of $139M across 2 funding rounds.
Venafi's first fundraising round was a $39M Series F in June 2015. The most recent completed round was a $100M Series G in November 2018.
Venafi funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2018 | Series G | TCV (lead); QuestMark Partners; NextEquity Partners | $100M | - | Thoma Bravo's 2020 investment at $1.15 billion valuation, surpassing $100M ARR in 2021, CyberArk's 2024 acquisition for $1.54 billion adding ~$150M ARR, and recent 2024 ARR figures post-acquisition. |
| Jun 2015 | Series F | Intel Capital (lead); QuestMark Partners (lead); Silver Lake; Foundation Capital | $39M | $212M | Venafi is a cybersecurity company specializing in machine identity management, providing software to secure cryptographic keys and digital certificates across networks, devices, and the internet. It acts as an 'Immune System for the Internet' by discovering, managing, and protecting SSL/TLS, SSH, WiFi, VPN, and mobile keys and certificates from various certification authorities like Comodo, DigiCert, and VeriSign. The platform monitors certificates, identifies untrusted ones, and enables fixes or blocks to address IT security risks. On June 30, 2015, Venafi raised $39 million in a Series C (or Series F per some sources) funding round led by QuestMark Partners, with participation from Intel Capital, Silver Lake Waterman, and possibly existing investors including Foundation Capital. This round brought Venafi's total funding to around $55 million according to contemporary reports, or $101 million/$209.86 million per later summaries, fueling growth in the security certificate management space amid rising demand for machine identity security. The funds supported accelerated expansion as the company positioned itself as CA-independent, focusing on comprehensive certificate security beyond just sales. CEO Jeff Hudson emphasized rapid growth needs to counter cybersecurity threats, hinting at future public market potential while prioritizing global protection. Venafi competed with certificate authorities offering limited management, differentiating through broad, trust-based monitoring and rapid replacement capabilities, especially with virtualization growth. Previous investors included Foundation Capital, Origin Partners, and Pelion Venture Partners. The company, founded around 2000-2004 in Salt Lake City, UT, later achieved unicorn status in a Thoma Bravo majority stake deal at $1.15 billion valuation and a Series G at $619.34 million in 2018, reflecting sustained market expansion in machine identity management. |
Who has invested in Venafi?
6 investors have backed Venafi across its funding rounds, including QuestMark Partners, Intel Capital, Foundation Capital, TCV, Silver Lake and NextEquity Partners.
Lead investors include TCV, Intel Capital and QuestMark Partners.
Venafi Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Jun 2015 | ||
| 1 | Participant | Jun 2015 | ||
| 1 | Lead | Nov 2018 | ||
| 1 | Participant | Jun 2015 | ||
This data is available for Pro users. Sign up to see all 6 Venafi investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Venafi
Venafi has acquired 1 company to date.
Last acquisition by Venafi was on May 14th 2020. Venafi acquired Jetstack for undisclosed valuation.
Latest Acquisitions by Venafi
| Description | Jetstack is a London-headquartered open-source software company established in 2016 that develops Kubernetes-native tools like cert-manager for automated TLS certificates. Acquired by Google Cloud in 2023, it supports over 5 billion certificates issued across clusters worldwide. Jetstack's Cert-Manager integrates with Let's Encrypt and HashiCorp Vault, serving enterprises like Shopify and Red Hat in managing PKI at scale. |
| HQ Country | |
| HQ City | London |
| Deal Date | 14 May 2020 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Venafi acquisitions and their M&A valuation multiples. Start Free Trial | |
Investments by Venafi
Venafi has invested in 1 company to date.
Latest investment by Venafi was on December 2nd 2021. Venafi invested in Device Authority in their $3M Seed round.
Latest Investments by Venafi
| Description | Device Authority is a UK-headquartered provider of IoT security platforms featuring automated device provisioning, key management, and policy enforcement. With a development center in San Ramon, California, it delivers KeyScaler software for scalable credential lifecycle management. The company addresses security in industrial, healthcare, and automotive sectors compliant with standards like NIST. Founded from a 2014 spin-out, Device Authority serves global enterprises with dynamic encryption solutions. |
| HQ Country | |
| HQ City | Reading |
| Deal Date | 2 Dec 2021 |
| Round | Seed |
| Raised | $3M |
| Investors | Alsop Louie Partners; Tern |
| Valuation | $34M |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Venafi investments and their VC round multiples. Start Free Trial | |
Venafi Competitors
Venafi competitors include listed companies like Mitek Systems and CloudWalk, and private ones like Phin Security, Tines, Vanta and OneTrust.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1.5B | - | ||
| Private | - | - | $1.1B | - | ||
| Publicly listed | $180M | $37M | $781M | 3.7x | ||
| Private | $220M | - | $4.2B | 18.9x | ||
| Private | $400M | - | $4.5B | 11.3x | ||
| Publicly listed | $75M | ($75M) | $1.5B | 19.1x |
Venafi Public Comps
Venafi is no longer listed, but its public comps include CloudWalk, Secunet, Progress Software, DPtech, Radware, Red Violet, CETC Cyberspace Security, Eastcompeace Tech, A10 Networks and NSFOCUS.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $75M | ($75M) | 18.8x | 19.1x | (18.7x) | - | |||
| $528M | $86M | 2.8x | 2.6x | 17.3x | 16.3x | |||
| $978M | $302M | 3.0x | 2.9x | 9.6x | 7.3x | |||
| $182M | $25M | 5.3x | 4.9x | 39.0x | - | |||
| $302M | $20M | 3.6x | 3.4x | 56.1x | 23.2x | |||
| $90M | $24M | 13.2x | 11.7x | 50.0x | 31.7x | |||
| $338M | $20M | 4.5x | - | 73.6x | - | |||
| $197M | $26M | 4.8x | - | 36.4x | - | |||
This data is available for Pro users. Sign up to see all Venafi competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Venafi
| When was Venafi founded? | Venafi was founded in 2004. |
| Where is Venafi headquartered? | Venafi is headquartered in Salt Lake City, UT, United States. |
| Is Venafi publicly listed? | No, Venafi was acquired by CyberArk Software in May 2024. |
| Who acquired Venafi? | Venafi was acquired by CyberArk Software in May 2024. |
| How much was Venafi acquired for? | Venafi was acquired for $1.5B in May 2024, a 10.3x revenue multiple. |
| What is Venafi's valuation? | Venafi was last valued at $212M in its Series F in June 2015. |
| How much funding has Venafi raised? | Venafi has raised $139M across 2 funding rounds. |
| What was Venafi's last funding round? | Venafi's last funding round was a $100M Series G in November 2018, led by TCV. |
| Who are Venafi's investors? | Venafi's investors include QuestMark Partners, Silver Lake, TCV, Foundation Capital, NextEquity Partners and Intel Capital. |
| Which companies are comparable to Venafi? | Companies comparable to Venafi include Phin Security, Tines, Mitek Systems, Vanta, OneTrust and CloudWalk. |
| How many companies has Venafi acquired? | Venafi has acquired 1 company, including Jetstack. |
| How many companies has Venafi invested in? | Venafi has invested in 1 company, including Device Authority. |
| What was Venafi's last investment? | In December 2021, Venafi invested in Device Authority's $3M seed round alongside Alsop Louie Partners and Tern. |
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