Venafi, Inc.

United States · owned by Palo Alto Networks (United States) · www.venafi.com · 42 vendors

Venafi is a machine identity security company, originally founded in Salt Lake City, Utah, specializing in protecting cryptographic keys and digital certificates (TLS/SSL, SSH, code signing, and PKI). It was acquired by CyberArk in 2024 and now operates as CyberArk Machine Identity Security, providing certificate lifecycle management, secrets management, and workload identity solutions. Its platform is trusted by over 55% of Fortune 500 companies to secure machine identities across enterprise environments.

Resilience scores

Disruption prediction

Venafi, Inc. has an estimated 17% probability of disruption in the next 6 months.

20 of Venafi, Inc.'s 42 vendors monitored for disruptions.

Technology vendors

Services catalogue

1 service in catalogue across 1 category; runs on 42 sub-vendors.

Insights

Last updated 2026-07-30 · revision 1

42 direct vendors, 340 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Migration Readiness: 9/10

Assessed by AI based on technology stack characteristics (cloud-native vs legacy, containerization, microservices), regulatory environment, data residency requirements, financial stability, and vendor lock-in risks. The score ranges from 0-10, where higher scores indicate better readiness for technology migration.

Venafi exhibits very high migration readiness, primarily driven by its exceptionally modern and cloud-native internal tech stack. The extensive use of multi-cloud platforms (AWS, Azure, GCP), containerization technologies (Kubernetes, Docker), infrastructure as code (Terraform), and robust CI/CD pipelines (Jenkins, GitHub Actions) signifies an agile, portable, and highly adaptable infrastructure. The adoption of microservices architectures (Kafka, Elasticsearch) further enhances modularity, making components easier to migrate independently. The absence of specified data residency requirements provides significant flexibility, simplifying potential migration efforts. Regarding vendor relationships, the data states 'Total Vendors: 0', which, if accurate, would imply no vendor lock-in and thus extremely high migration readiness. However, this is contradicted by the mention of 'Total Services: 62' and vendor geographic diversity. Assuming external services are consumed, the explicit 'Vendor Lock-in Risk: Unknown' means we cannot definitively assess this risk, but the geographic diversity of vendor locations (8 countries) could mitigate some complexities if migration involves regional shifts. The lack of information on financial stability (ability to fund migration) and the regulatory environment are the main unknowns. Despite these gaps, the overwhelming strength of Venafi's cloud-native and containerized technology stack positions it with a very high capacity for seamless migration.

Compliance

7 in-scope frameworks identified; showing 3.

GDPR (source) — Partially Compliant

Venafi (now operating as CyberArk Machine Identity Security following CyberArk's acquisition completed in 2024) has a documented privacy notice that explicitly references GDPR, maintains a Data Protection Office (DPO), implements Standard Contractual Clauses (SCCs) for cross-border data transfers, and provides EU/EEA data subject rights mechanisms. The company has a registered EU legal entity — CyberArk Bulgaria (formerly Venafi EOOD) — in Sofia, Bulgaria, and offices across multiple EU member states (France, Germany, Spain, Netherlands, Denmark, Italy). The risk is rated Medium rather than Low because: (1) the acquisition by CyberArk and subsequent integration creates transitional compliance risks; (2) the privacy notice was last updated February 2026 and references Palo Alto Networks as a parent entity, indicating complex multi-entity data flows that require careful governance; (3) no independent GDPR audit or DPA registration evidence was publicly available; (4) the company processes personal data of EU employees, customers, and partners at scale across 15+ countries. The risk is not High because the company has clearly invested in GDPR compliance infrastructure (DPO, SCCs, data subject rights portal, privacy notice with lawful bases).

Evidence: https://www.cyberark.com/privacy-notice/, https://www.cyberark.com/company/office-locations/, https://lp.cyberark.com/cyberark-data-subject-rights-request-form.html, https://edpb.europa.eu/about-edpb/board/members_en

NIS2 (source) — Assessment Required

NIS2 Directive (EU 2022/2555) may apply to Venafi/CyberArk's EU operations. The company provides digital infrastructure and ICT service management solutions — specifically machine identity security, certificate lifecycle management, PKI, and secrets management — which are used by critical infrastructure operators across the EU. Under NIS2, 'digital infrastructure' providers (including trust service providers, DNS service providers, TLD registries, cloud computing service providers, data centre service providers, content delivery networks, managed security service providers) and 'ICT service management' providers are classified as Essential or Important Entities. CyberArk/Venafi's products are used by over 55% of Fortune 500 and 35% of Global 2000 companies, indicating scale well above NIS2 size thresholds. The company has EU legal entities in Bulgaria, France, Germany, Spain, Netherlands, Denmark, and Italy — all NIS2 member states. Risk is Medium because: (1) the company is a cybersecurity vendor rather than a direct operator of critical infrastructure, which may affect classification; (2) as a managed security service provider (MSSP) or digital provider, NIS2 Article 3 classification requires national competent authority determination; (3) the specific NIS2 entity classification (Essential vs. Important) depends on each EU member state's transposition and registration requirements. A formal NIS2 scoping assessment by EU legal counsel is required.

Evidence: https://www.cyberark.com/company/office-locations/, https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32022L2555, https://www.cyberark.com/venafi-and-cyberark-machine-identity-security/

CPRA — Partially Compliant

Venafi/CyberArk has a US office in Salt Lake City, Utah (formerly Venafi's HQ) and Santa Clara, California. The company explicitly addresses CCPA/CPRA in its privacy notice, provides California-specific rights disclosures, a toll-free number (888-808-9005) for California residents, opt-out mechanisms for sale/sharing of personal information, and a data subject rights request form. Risk is Medium because: (1) the company acknowledges sharing personal data with third-party advertisers which may constitute 'sale' or 'sharing' under CCPA; (2) the multi-entity structure (CyberArk + Palo Alto Networks parent) creates complex data flow governance requirements; (3) CPRA enforcement by the California Privacy Protection Agency (CPPA) has been active since 2023; (4) the company serves California-based enterprise customers and employees. Risk is not High because the company has clearly implemented CCPA compliance infrastructure.

Evidence: https://www.cyberark.com/privacy-notice/, https://www.cyberark.com/your-privacy-choices/, https://www.cyberark.com/company/office-locations/

Financials

Three-year financials

Financial Resilience Score: 8/10

Venafi demonstrates strong financial resilience despite limited public disclosure. As a category leader in machine identity management with approximately US$150M ARR at the time of its May 2024 acquisition by CyberArk, the company has shown consistent growth from ~US$115M ARR in 2020 to ~US$150M ARR in 2024, representing roughly 30% growth over 3.5 years under Thoma Bravo ownership. The subscription-based recurring revenue model provides high revenue visibility and predictability. The company's resilience is further supported by its blue-chip customer base (over 55% of Fortune 500 as part of the combined machine identity portfolio), strong structural tailwinds from the explosive growth in machine identities (outnumbering human identities by ~82:1), and consecutive acquisitions by well-capitalized owners (Thoma Bravo → CyberArk → Palo Alto Networks) that have progressively increased scale and financial backing. However, resilience is tempered by lack of standalone public reporting since 2020, undisclosed leverage profile from PE ownership, and significant integration risk from two major acquisitions within 18 months. Competitive pressures from cloud-native CLM offerings and shorter TLS certificate lifespans also present ongoing challenges.

Key strengths: Category leadership in machine identity management (Gartner, KuppingerCole leader quadrant), Recurring subscription revenue model with ~$150M ARR, Blue-chip customer base including majority of world's largest banks and US federal agencies, Strong structural tailwinds from machine identity growth (82:1 vs human identities), Successive acquisitions by financially strong owners (Thoma Bravo, CyberArk, Palo Alto Networks), Low customer concentration risk with no single customer >10% of revenue, Acquisition multiple of ~10x ARR indicates strong market valuation

Risk factors: No standalone public financial reporting since 2020 take-private, Integration risk from two major acquisitions within 18 months, Competitive pressure from cloud-native CLM (AWS/Azure/Google) and free ACME/Let's Encrypt, Shorter TLS certificate lifespans may pressure legacy PKI/CLM vendors, Loss of 'Venafi' brand following rebrand to CyberArk Machine Identity Security, Undisclosed leverage profile from PE ownership, Potential customer churn and workforce attrition during integration

Revenue by geography

Workforce by country

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