Venafi, the company credited with inventing machine identity management, has named Patrick Dennis as its new chief executive officer. The appointment follows a year of considerable growth for the company, with Venafi's Software as a Service (SaaS) business expanding by more than 150% year-on-year. Dennis is tasked with capitalising on this growth, furthering the development and delivery of innovative machine identity management products designed for the AI and quantum computing era.
Dennis brings valuable years of industry experience to Venafi, having worked for a quarter of a century with esteemed technology industry leaders such as EMC, Oracle, Guidance Software, and most recently, ExtraHop. His key achievements include leading an $11 billion business unit as COO at EMC, doubling the size of ExtraHop as CEO, and overseeing Guidance Software in its acquisition by OpenText. Dennis also served as Operating Executive at Vector Capital, gaining crucial private equity experience.
Speaking on his appointment, Dennis highlighted the value of Venafi’s offering and its importance in meeting major industry challenges. He stated, “Major industry trends – from the rapid advancements in quantum computing to the mainstream emergence of deep fakes and the arms race afoot to continually accelerate the capabilities of AI – are what caught my attention with Venafi. The company has a powerful solution and strategy for combating these types of challenges.”
Dennis, expressing confidence in Venafi’s potential to tackle these significant challenges in 2024 and beyond, reflected on the company's strong industry backing, stating, “With the strongest backing in the security industry by Thoma Bravo, I have full confidence that we are set up for success.”
Chip Virnig, partner at Thoma Bravo, echoed this belief in Venafi’s potential under Dennis’ leadership, stating, “Patrick's market expertise from big tech to PE and security will be instrumental in leading Venafi through the company's next phase of growth and innovation as it continues on its journey as the most modern, connected and trusted leader in machine identity management. Market drivers like the post-quantum world, cloud native and AI are creating an immense addressable market that we’re excited to take on together.”
Following a successful 14-year tenure as CEO, Jeff Hudson passed the torch to Dennis, expressing confidence in his leadership and Venafi's continuing success in machine identity management. Hudson, who will continue to work within the global security community in his new role as CEO Emeritus, stated, “Patrick will take the company to the next level. The foundation has been laid, and under his leadership, Venafi will increase its leading role in managing machine identities, which the world needs now more than ever.”