Private equity group TPG has agreed to acquire a majority stake in Centrify, a US-based identity verification technology developer backed by corporate investors Samsung, NTT Docomo and Fortinet.
TPG subsidiary TPG Capital will pay an undisclosed sum to private equity firm Thoma Bravo, which has been majority owner of the company since 2018 when it purchased its stake from investors including Accel Partners, Index Ventures, Jackson Square Ventures (formerly Sigma West) and Mayfield.
Centrify was founded in 2004 and has built a security software tool that verifies users’ credentials and checks their network environment. It claims more than half of the Fortune 100 companies, in addition to large financial services groups, intelligence agencies and critical infrastructure firms, are among its client base.
Electronics manufacturer Samsung and mobile network operator NTT Docomo participated in a $42m series E round in 2014 through respective corporate venturing units Samsung Ventures and Docomo Capital, investing with cybersecurity technology provider Fortinet, Accel, Mayfield and Sigma West.
Accel and Mayfield had taken part in a $16m series D round in 2011 led by Index Ventures and backed by Invesco Private Capital and Sigma Partners, the latter having led a $15m series C round for the company four years earlier with participation from Accel, Mayfield and Invesco.
Centrify had completed a $14m series B round in 2005 that was led by Invesco and which included Accel and Mayfield, the year after $7m in series A funding from undisclosed investors.
