Palo Alto Networks agreed to acquire privileged access leader CyberArk in a deal valued around $25 billion, its largest acquisition and a major bet that identity security is core to platform consolidation.

Ping Identity acquired Procyon and relaunched it as PingOne Privilege, adding cloud just-in-time privileged access to its platform.

Identity governance leader SailPoint listed on Nasdaq again under ticker SAIL, while remaining majority-owned by Thoma Bravo.

CyberArk acquired cloud-native identity governance vendor Zilla Security to add lightweight access reviews and provisioning to its platform.

CyberArk completed its acquisition of Venafi, combining human and machine identity security as certificate and workload identities proliferate.

WorkOS acquired Warrant to add fine-grained, relationship-based authorization to its enterprise-readiness toolkit for B2B SaaS.

SailPoint expanded through acquisitions including Imprivata governance assets and UK-based PAM vendor Osirium, broadening its identity security platform.

Entrust acquired identity verification specialist Onfido, adding AI-based document and biometric verification to its IAM and PKI portfolio.

Password manager 1Password acquired Passage to accelerate passkey adoption across consumer and business products.

IBM agreed to acquire HashiCorp, bringing Vault secrets management and Boundary access into its hybrid-cloud portfolio. The deal closed in 2025.

Tenable acquired Ermetic, folding cloud infrastructure entitlement management into its exposure-management platform.

Thoma Bravo closed its ForgeRock purchase and combined it with Ping Identity, consolidating two enterprise access-management leaders under one owner.