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 acquisition price

$1.5B

Acquired by CyberArk Software · May 2024

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

Venafi Overview

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

United StatesSalt Lake City, UT

Website

venafi.com

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.

Venafi acquisition details
AcquirerDateTypePriceEV/Revenue
20 May 2024Strategic M&A$1.5B10.3x

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

Venafi valuation by funding round
DateStageValuation
Jun 2015Series 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

Venafi funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Nov 2018Series GTCV (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 2015Series FIntel Capital (lead); QuestMark Partners (lead); Silver Lake; Foundation Capital$39M$212MVenafi 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

Investors in Venafi by funding rounds participated
InvestorHQRoundsRoleFirst check
QuestMark PartnersUnited StatesBaltimore, MD2LeadJun 2015
Silver LakeUnited StatesSan Francisco, CA1ParticipantJun 2015
TCVUnited StatesSan Francisco, CA1LeadNov 2018
Foundation CapitalUnited StatesSan Francisco, CA1ParticipantJun 2015

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Acquisitions 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

Jetstack
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 CountryUnited Kingdom
HQ City
London
Deal Date14 May 2020
Valuationundisclosed
EV/Revenue
EV/EBITDA

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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

Device Authority
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 CountryUnited Kingdom
HQ City
Reading
Deal Date2 Dec 2021
RoundSeed
Raised$3M
InvestorsAlsop Louie Partners; Tern
Valuation$34M
EV/Revenue
EV/EBITDA

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Venafi Competitors

Venafi competitors include listed companies like Mitek Systems and CloudWalk, and private ones like Phin Security, Tines, Vanta and OneTrust.

Public and private companies comparable to Venafi
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Phin SecurityUnited StatesNewark, NJPrivate--$1.5B-
TinesIrelandDublinPrivate--$1.1B-
Mitek SystemsUnited StatesUnited StatesPublicly listed$180M$37M$781M3.7x
VantaUnited StatesSan Francisco, CAPrivate$220M-$4.2B18.9x
OneTrustUnited StatesAtlanta, GAPrivate$400M-$4.5B11.3x
CloudWalkChinaChinaPublicly listed$75M($75M)$1.5B19.1x

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 FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
CloudWalk$75M($75M)18.8x19.1x(18.7x)-
Secunet$528M$86M2.8x2.6x17.3x16.3x
Progress Software$978M$302M3.0x2.9x9.6x7.3x
DPtech$182M$25M5.3x4.9x39.0x-
Radware$302M$20M3.6x3.4x56.1x23.2x
Red Violet$90M$24M13.2x11.7x50.0x31.7x
CETC Cyberspace Security$338M$20M4.5x-73.6x-
Eastcompeace Tech$197M$26M4.8x-36.4x-

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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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