Thycotic, a provider of privileged access management (PAM) solutions, has acquired fellow PAM solution provider Onion ID to extend its PAM coffering.
With the acquisition, Thycotic adds three new products to its PAM portfolio to further protect enterprise cloud apps and ensure remote worker productivity.
Commenting on the deal, James Legg, president and CEO at Thycotic, said that with the sudden growth of remote workforces across the globe, privileged access security controls must account for ordinary business users who are accessing sensitive and privileged corporate data from untrusted devices on untrusted networks.
“With the addition of Onion ID, we are now able to implement fine-tuned role-based access controls across any web-based application, IaaS console and cloud-hosted database, while providing flexible multi-factor authentication that gives security leaders a significantly easier way to ensure secure access paths for remote employees,” Legg added.
Anirban Banerjee, CEO and founder, Onion ID, said: “By joining forces with Thycotic, we are enhancing our commitment to delivering user-friendly authentication, authorization and auditing to cloud servers, databases and applications. We are launching a diverse set of next-generation PAM 2.0 offerings in the market which will enable enterprise customers to elevate their security controls above and beyond current best of breed solutions and reduce costs with secure remote access.”
Financial terms of the acquisition have not been disclosed but, as part of the transaction, Onion ID will operate under Thycotic brand and leadership.