07:49 AM EDT, 05/20/2024 (MT Newswires) -- (Adds details about the deal in the second and third paragraphs.)

CyberArk Software ( CYBR ) announced Monday it has signed a definitive agreement to acquire machine identity management company Venafi from Thoma Bravo in a stock-and-cash deal valued at about $1.54 billion.

Under the agreement, CyberArk said it would acquire Venafi for about $1 billion in cash and around $540 million in stock in a deal expected to close in the second half.

The company said Venafi is expected to add about $150 million in annual recurring revenue, and its complementary solution will expand the total addressable market to $60 billion from $50 billion.

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