We are excited to bring Transform 2022 back in-person July 19 and virtually July 20 - 28. Join AI and data leaders for insightful talks and exciting networking opportunities. Register today!
Today, access governance solution provider Pathlock announced it has merged with Appsian, an ERP data security company and Security Weaver, a governance, risk and compliance management tool for SAP. Pathlock also touted raising $200 million as part of a funding round led by Vertica Capital Partners.
The merger is intended to position Pathlock as a leader in the Access Governance space while providing a unified solution that offers access governance, application security capabilities and automated data control as part of a single tool.
Pathlock is designed to enable enterprise customers to mitigate risks in real-time. This way, users can have a complete view of user access to applications, users and threats so that organizations can have an accurate perspective of the risks of critical business applications.
Maintaining regulatory compliance
With additional regulations released by world governments year after year, many organizations are finding it more and more difficult to keep up, with many paying millions each year to insulate themselves from compliance violations 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 said.
The enterprise governance, risk and compliance market
The announcement comes as researchers expect the global enterprise governance, risk and compliance market to grow from a value of $40.84 billion in 2021 to continue growth at a compound annual rate of 14.0% from 2022 to 2030 as more organizations look for solutions to help them meet their compliance goals.
Pathlock is not only competing with legacy solutions like manual spreadsheets, but also with identity governance and administration of identity and access management providers.
One of Pathlock’s main competitors is identity management provider Saviynt, which offers a solution called Enterprise Identity Cloud that a user can use to unify access controls across identities and apps throughout the environment. To date, Saviynt has raised $170 million in capital following an investment of $130 million last year.
The main difference between Pathlock and these solutions is its focus on combining data access controls with access visibility.
“Our key differentiation is our focus on business applications and providing 360-degree visibility and protection, looking at what users are actually doing across applications and preventing future attacks with preventative controls,” Dunne said.
VentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative enterprise technology and transact. Learn more about membership.