Merritt Maxim

Principal Analyst

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Cisco Purchases Duo Security For $2.3 Billion

Merritt Maxim August 2, 2018

Today, Cisco announced that it has acquired Ann Arbor, Michigan/California-based Duo Security for $2.35 billion in cash. Founded in 2010, Duo Security has been growing rapidly over the last few years with its multifactor authentication (MFA) offering and has raised over $120 million in venture financing to date. Based on Forrester’s estimates of Duo Security’s […]

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Cybersecurity And Professional Sports: Securing The Internet Of Sports

Merritt Maxim July 25, 2018

Over the past few years, companies in all markets have embraced digital transformation, whether it is financial services finding new mechanisms to engage with customers or manufacturers adding sensors and other data collection components into their operational processes. These digital transformation efforts are about leveraging digital insights to drive better outcomes. Digital transformation has value in the […]

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The CIAM Implications Of The Facebook/Cambridge Analytica Scandal

Merritt Maxim April 11, 2018

My fellow Forrester analysts have been covering the data and privacy implications of the Facebook/Cambridge Analytica scandal in several excellent blog posts, such as this one and this from yesterday, but this scandal has highlighted some CIAM-specific implications that CISOs and CMOs need to assess, particularly around the future role of social login. For those […]

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M&A In The IAM Market Is Off To A Strong Start In 2018

Merritt Maxim February 1, 2018

We’re only one month into 2018 and have already witnessed a surge in M&A activity in the IAM space. Since January 1, 2018, four major IAM related deals, totaling over $1 billion (based on reported amounts and Forrester estimates on certain transactions), have been announced: • KPMG acquired Cyberinc. • One Identity acquired Balabit. • […]

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SAP Buys CIAM Vendor Gigya

Merritt Maxim September 25, 2017

Today, SAP announced it has acquired Mountain View, CA based Customer Identity and Access (CIAM) provider Gigya. Several media outlets placed the purchase price in the $350M range. Gigya has been a CIAM vendor since 2010 and raised ~$105M in venture capital, so if the purchase price is accurate, it reflects a good return for […]

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Okta Files to Go Public

Merritt Maxim March 14, 2017

Yesterday, Okta filed its S-1 with the SEC, officially marking its intent to go public. This planned IPO had been rumored in early 2016, but less than optimal capital market conditions in 2016 likely contributed to the delay. The S-1 followed last week’s news that Okta acquired Stormpath, an identity API provider based in Silicon […]

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Ping Identity Acquires UnboundID

Merritt Maxim August 3, 2016

Yesterday, Ping Identity announced it has acquired Austin, Texas-based UnboundID. Although the financial terms were not disclosed, Forrester estimates the purchase price in the $50M-$75M range, based on typical M&A SaaS revenue multiples of 6X to 8X and Forrester’s estimation of UnboundID’s annual revenue. This acquisition is not particularly surprising, as UnboundID and Ping have […]

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Reflections on my First Year as an IAM Analyst

Merritt Maxim March 15, 2016

At the RSA Conference two weeks ago, a common question from both clients and former colleagues — “So, what’s it like being analyst?” — led me to write this blog post. In the interest of full disclosure, there were no massive epiphanies during my first year, but the transition from being on the vendor side for […]

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Daily Fantasy Sports Sites’ Emerging Identity Management & Verification Challenges

Merritt Maxim November 24, 2015

Recent business and sports headlines in the US have been dominated by state and federal government efforts to assess whether daily fantasy sports (DFS) sites, such as FanDuel and DraftKings, should be treated and regulated like gambling. The New York State Attorney General recently issued cease-and-desist letters against DraftKings and FanDuel to stop accepting bets […]

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Two-Factor Authentication (2FA) Companies Continue to be Attractive Acquisition Targets

Merritt Maxim November 19, 2015

Last week, Courion announced its acquisition of Nova Scotia-based SecureReset, which, through its QuickFactor product, provides mobile-based two-factor authentication (2FA). This is the fourth acquisition of a 2FA startup by an enterprise software vendor in 2015: ·         Twilio acquired Authy, February 2015 (purchase price N/A). ·         Salesforce acquired Toopher, April 2015 (purchase price N/A). ·         […]

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Are Passwords Dead? Take the Forrester Password Usage & Trends Survey!

Merritt Maxim May 6, 2015

To paraphrase the great humorist Mark Twain, rumors of the death of passwords have been greatly exaggerated. While people lament the challenges and problems posed by passwords, they remain a core authentication and security technology. My colleague Andras Cser and I have been fielding so many client inquiries around passwords that we are undertaking a […]

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What A Teenaged Driver Can Teach You About Access Governance

Merritt Maxim April 28, 2015

Most parents cheerfully mark the key milestones in their child’s path to adulthood: first step,first word, first school, first sleepover, first broken bone, and so on. But for many parents, no milestone causes as much anxiety as “first-time driver,” which is bestowed on all USA-based teenagers upon their16th birthday. While surviving the experience of having […]

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Ice Dams And Identities: Remove Dams Before They Remove You

Merritt Maxim March 4, 2015

This winter in Boston has been a record breaker. Bostonians are tired of the weather, while non-Bostonians are tired of hearing Bostonians complain about the weather. However, this never-ending winter provides a useful analogy for assessing your organization’s identity and access management (IAM) processes. My analogy is based on two words that strike fear into […]

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