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Thycotic Acquires Onion ID

Cybersecurity provider Thycotic has announced the acquisition of Privileged Access Management (PAM) solution provider Onion ID for an undisclosed figure.

With the acquisition, Thycotic will add three new products to its PAM portfolio: Thycotic Remote Access Controller, Thycotic Cloud Access Controller and Thycotic Database Access Controller.

This acquisition extends Thycotic’s vision for protecting access to cloud applications and ensuring remote workers stay productive and secure.

“With the sudden growth of remote workforces across the globe, privileged access security controls must also account for ordinary business users, like those in finance and marketing, who are accessing sensitive and privileged corporate data from untrusted devices on untrusted networks,” said James Legg, President and CEO at Thycotic. “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.”

With 80 percent of IT budgets already committed to cloud solutions, Gartner warns that the move to the cloud does complicate PAM challenges. For most organizations this then makes PAM unmanageable without automated processes and specialized tools.

Anirban Banerjee, CEO and Founder at Onion ID, adds, “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 Onion ID deal have not been disclosed. As part of the deal, Onion ID will operate under Thycotic brand and leadership.

This was posted in Bdaily's Members' News section by TH .

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