Austin based identity and data access management Software Company SailPoint has made it official yesterday that it is going to acquire cloud security vendors Orkus and OverWatchID for $37.5 million in combined form.
Highly placed sources from the company say that the acquisition is meant to help SailPoint customers better control their access to applications on public cloud platforms.
“As there is an increase in adoption of cloud services likes AWS, Azure and Google Cloud, users are facing a dilemma of protecting their data assets and apps in multiple cloud environments to avoid regulatory, security and operational risks”, said Paul Trulove, the Chief Product Officer, SailPoint.
Founded in 2016 and running with a headcount of 16 people, OverWatchID is known to offer licensed software-based products meant for access control security for cloud computing environments. The company is now a business subsidiary of SailPoint and sources from the US Security and Exchange Commission report that it was sold for $21 million.
Coming to Orkus which was founded in 2017, the company which functions with 26 employees is known to offer multi-cloud environment users monitor their apps and access automated abilities across hybrid clouds. SailPoint now owns these licenses as it has paid $16.5 million to purchase Orkus.
By purchasing both companies, SailPoint is said to attain deep governance on cloud infrastructure business by integrating the technologies with its identity governance platform.
By the 1Q of 2020, SailPoint is expected to integrate the assets acquired by Orkus and OverWatchID.