Pathlock, a provider of access governance solutions, said today that it has merged with Appsian, an ERP data security firm, and Security Weaver, a SAP governance, risk, and compliance management tool. Pathlock also announced a $200 million fundraising round headed by Vertica Capital Partners.
The merger aims to position Pathlock as a leader in the Access Governance field while also providing a comprehensive solution that combines access governance, application security, and automated data control into a single product.
Pathlock was created to help enterprise customers reduce threats in real time.
This manner, users may get a complete picture of user access to applications, users, and threats, giving companies a clear picture of the risks associated with essential business applications.
Keeping regulatory compliance
With more regulations being released by world governments every year, many firms are finding it increasingly difficult to stay up, with many paying millions of dollars each year to insulate themselves from compliance infractions and data breaches.
“We estimate the global market for control testing, enforcement and compliance services is nearly $100 billion per year. The cost to each company of reaching SOX compliance alone can be $2 million or more annually,” said Kevin Dunne, president at Pathlock.
“Pathlock automates the manual and disconnected processes associated with providing financial and data controls for business applications,” Dunne further said.
Market for enterprise governance, risk, and compliance
Researchers estimate the global enterprise governance, risk, and compliance market will increase from $40.84 billion in 2021 to a compound annual rate of 14.0 percent from 2022 to 2030 as more firms seek solutions to assist them reach their compliance targets.
Pathlock competes not just with legacy solutions such as manual spreadsheets, but also with identity governance and administration suppliers of identity and access management.
Saviynt, an identity management supplier, is one of Pathlock’s primary competitors. It offers a system called Enterprise Identity Cloud that allows users to integrate access restrictions across identities and apps throughout the environment.
Saviynt has raised $170 million in cash to date, including a $130 million investment last year. Another competitor is Sail point, which just claimed a $439 million sales increase last year for its lifecycle and compliance management products, which allow customers to automate access controls. Pathlock differs from these systems in that it focuses on merging data access controls with access visibility.
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