Pathlock Secures $200M; Completes Merger with Appsian and Security Weaver

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May 17, 2022, 09:00 ET

Company Also Announces Acquisition of CSI Tools and SAST SOLUTIONS Securing their Position as the Global Leader in Access Governance

NEW YORK, May 17, 2022 /PRNewswire/ -- Pathlock, the leading provider of access governance solutions for business applications, today announced a merger with Appsian, the leading provider of ERP data security solutions, and Security Weaver, the leading provider of governance, risk and compliance management (GRCM) software for SAP. In addition to the mergers, the newly combined company, Pathlock, is announcing the acquisition of CSI Tools, a Belgium-based GRCM provider, and Germany-based SAST SOLUTIONS, a holistic solution provider for hardening SAP environments.

"Traditionally, organizations are auditing the controls for their applications and data with a patchwork of manual processes, disparate software tools, and consulting and services organizations. The combined company from this series of mergers and acquisitions creates a first-of-its-kind, unified, 360-degree platform. Now, organizations can automate their controls across their business applications and mitigate risk in real-time. It is a simplified way for enterprises to protect their data in the face of digital transformation and the cloud era. I am honored to be leading the charge on this endeavor," said Piyush Pandey, former CEO of Appsian and new CEO of Pathlock.

As a part of these transactions, Pathlock is also announcing a $200M capital raise led by Vertica Capital Partners. This investment will allow Pathlock to further expand its Application Governance and Data Security capabilities, successfully addressing the surge in demand for governance and protection of cloud and on-premise business applications, and the data within them. The company's offerings are going deeper and wider than ever before by providing a single unified platform to implement, enforce, and manage GRC controls across enterprise applications.

"We are thrilled to see these major players in the industry come together to create a global leader in the Application Governance, Risk, and Compliance space," said Philip Vorobeychik, Managing Director, Vertica Capital Partners. "The combined company, Pathlock, will now offer the most robust library of productized controls for business applications on the market today," added Vitaly Vorobeychik, Managing Director, Vertica Capital Partners.

"As we've detailed in our most recent Leadership Compass report on Access Control Solutions for SAP and other business applications, Pathlock is a key player in the Access Control market. Their latest M&A activity is reshaping this market," said Martin Kuppinger, Founder and Principal Analyst, KuppingerCole. "One of Pathlock's strongest capabilities is their broad support for business applications beyond the SAP ecosystem, with a coverage of over 140 applications. By combining their expertise with these four industry players, Pathlock is on its way to becoming a powerhouse in the application access governance space."

The combined company is now servicing over 1,200 customers across all major industries and will double in size in terms of employees. Additionally, the new company brings with it a global reach and international customer presence with offices across the United States, Belgium, the UK, Germany, Israel and India.

For further details on the company's go-forward strategy and integration plans, please join our webcast scheduled for May 24th at 8am Pacific, 11am Eastern. You can register here: www.pathlock.com/merger-announcement

Raymond James acted as the exclusive financial advisor to Appsian Security. KPMG Investment Banking (dba as KPMG Corporate Finance) acted as the exclusive investment banking advisor to Security Weaver. Hampleton Partners acted as the exclusive financial advisor to Akquinet Enterprise Solutions GmbH (SAST).

About Pathlock

Pathlock is the global leader in application governance, risk, and compliance. Our platform protects over 140 enterprise business applications and the critical transactions they power. Our unified application governance solution supports companies on their journey to enforce GRC controls and takes action to prevent loss. Enterprises can manage all aspects of application governance in a single platform, including user provisioning and temporary elevation, ongoing User Access Reviews, control testing, transaction monitoring, and audit preparation. Global 2000 companies rely on Pathlock to protect their critical digital assets from financial, operational, regulatory and security threats, ensure corporate compliance and improve performance. Our customers have saved millions in employee productivity, labor costs, audit fees and data loss prevention.

About Appsian

Appsian provides comprehensive data security and compliance solutions for ERP applications such as SAP and Oracle. The Appsian Security Platform is designed to manage and mitigate the myriad of risks associated with ERP data, including hacking, fraud, theft, and business process errors. Using a suite of sophisticated solutions, including dynamic access controls, data security, and user activity & transaction monitoring, Appsian enables organizations to strengthen how their systems and data are accessed, while gaining deep visibility into behavior around data access and usage. With Appsian, organizations can be prepared to combat today's modern security and compliance threats without drastically overhauling their existing systems or incurring change management.

About Security Weaver

Security Weaver is a leading provider of governance, risk and compliance management (GRCM) software. Our flagship software suite, Security Weaver is engineered to give customers a unified view of their enterprise-wide application environment so they can reduce the risk of fraud, accelerate the efficiency of operations and ease the burden of ongoing compliance requirements. Security Weaver's suite of products includes tools for the management of enterprise wide segregation of duties (SOD) conflicts, full automation of the user provisioning process, control of privileged user access, configurable process controls and advanced audit analytics integrated with robust reporting and workflow capabilities. Organizations throughout the world are using Security Weaver to support a robust GRCM framework while providing Finance, IT and Audit with the tools and visibility they need to reduce the risk of fraud and ensure compliance.

About CSI Tools

CSI tools has been on the market with their solutions for SAP access governance since 1997 and provides analytic control solutions that audit and monitor SAP environments, manage and validate authorizations, and build roles tuned to the organization's security requirements and business needs.

About SAST SOLUTIONS

SAST SOLUTIONS is your world-class provider of holistic SAP security and authorization solutions for SAP ERP as well as SAP S/4HANA systems. We provide our customers with comprehensive protection against attacks - in real time! In addition to our proprietary software suite, we offer consulting and managed services from one single source. Worldwide, more than 200 customers with around 5,000 SAP systems and over 3.5 million SAP users currently rely on our vast expertise in protecting their SAP systems from espionage, hacker attacks and data theft.

About Vertica Capital Partners

Vertica Capital Partners is a growth-focused software investor based in New York. The fund's Limited Partners include a broad base of software entrepreneurs, university endowments, charitable foundations, family offices, pension funds, funds of funds, and other financial institutions. For more information, visit verticacp.com.

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SOURCE Pathlock