Ivanti
Ivanti sells IT and endpoint management software with a security suite bolted on.
On the record
Checkpoint: Outcome of Kirkland and Ellis led creditor talks over Ivanti's debt
The call
Ivanti's software still has customers and renewals, but its owners are now negotiating with creditors while zero-days keep landing on the same products.
Ivanti sells software that helps big companies control and protect employee computers and devices, especially in industries like banks and hospitals that have strict rules. Right now, Microsoft is bundling its own similar tool (Intune) into Microsoft 365, which most companies already buy, making Ivanti harder to sell. At the same time, Ivanti has had serious security problems with over 30 hacking flaws that attackers found and used, which has damaged trust in the company. The real question for investors is not whether Ivanti survives as a business, but whether its owners will lose their money entirely. That depends on what happens with the company's debt restructuring plan over the next year, not on whether it can compete better against Microsoft or improve its security reputation.
Why
01
AI pressure: Agentic AI ITSM tools plus attacker-side LLMs. AI both automates the Tier-1 service desk Ivanti sells and speeds up exploitation of the same products getting hit by zero-days. Could AI do the core job? Only partly.
02
Bigger players: Microsoft Intune and Defender bundled into M365. Microsoft gives away overlapping endpoint management inside licenses customers already pay for, squeezing Ivanti's standalone pitch. Could a giant copy it? Yes, easily.
03
What protects it. Regulated enterprises stuck on Ivanti workflows and integrations that are painful to rip out mid-audit cycle.
What would change this call
Whether Ivanti's restructuring resolves as a debt-for-debt exchange or Chapter 11 filing within 12 months. Debt-for-debt leaves equity intact; Chapter 11 likely wipes it out.
Any new critical CVE added to CISA's KEV catalog for Ivanti products in the next four quarters. Continued zero-days would show the security-reputation collapse is unresolved.
Reported customer contract losses or renewal rate changes disclosed in creditor or S&P filings. Would show whether Microsoft, ServiceNow, or Tanium are actually converting Ivanti accounts.
Any new critical CVE added to CISA's KEV catalog for Ivanti products in the next four quarters. Continued zero-days would show the security-reputation collapse is unresolved.
Reported customer contract losses or renewal rate changes disclosed in creditor or S&P filings. Would show whether Microsoft, ServiceNow, or Tanium are actually converting Ivanti accounts.
Key numbers
- Cash was roughly $10M as of mid-2024
- S&P rates Ivanti B minus, outlook negative
- CISA KEV lists 30+ Ivanti flaws to date
Named risks
- Restructuring or Chapter 11 that wipes out common equity, per June 2026 creditor organization with Kirkland & Ellis.
- Recurring critical zero-days (CVSS 9.8-10.0) damaging renewal trust across regulated customers.
- Litigation/regulatory exposure from alleged pre-disclosure knowledge of 2021 Pulse Connect Secure breach.
- Displacement by Microsoft Intune bundling and ServiceNow in core UEM/ITSM segments.
- Conflicting revenue and headcount data across sources signals reporting opacity for a distressed private company.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Microsoft (Intune/M365) | losing to | Named single biggest displacement threat via M365 bundling, per SuperOps, July 2026 |
| ServiceNow | losing to | Larger-scale ITSM incumbent squeezing Ivanti's workflow segment, cited July 2026 |
| NinjaOne | contesting | Listed as active alternative vendor gaining share in patch/UEM market, Jan 2026 |
| Action1 | contesting | Positioned as nimble patch-management alternative to Ivanti as of July 2026 |
| Tanium | contesting | Overlaps in endpoint security/management, cited as alternative July 2026 |
Questions people ask
- Is Ivanti profitable in 2026?
- Public profitability figures are not disclosed since Ivanti is private, but distress signals point the other way: S&P cut its outlook to negative on a B- rating in mid 2026, citing revenue softness and cash burn, with cash near $10M as of mid-2024 and Kirkland & Ellis hired for restructuring by June 2026.
- Is Ivanti going bankrupt?
- Not confirmed, but risk is elevated. As of June 22, 2026, Ivanti hired Kirkland & Ellis while an ad hoc creditor group retained Davis Polk and a minority group retained Glenn Agre, following an April 2025 $350M liability-management transaction, per Pitchbook.
- Who owns Ivanti?
- Ivanti is privately held by a private-equity consortium: Clearlake Capital Group (majority owner since 2017), TA Associates (joined August 2020), and Charlesbank Capital Partners (joined March to May 2021), which valued the company at roughly $4 billion at entry.
- Could AI replace Ivanti's products?
- AI cuts both ways for Ivanti. It launched agentic AI for ITSM ticket resolution in January 2026 and used LLMs internally to find a max-severity vulnerability (CVE-2026-10520) by July 2026, but agentic AI also threatens to commoditize the same Tier-1 service-desk layer Ivanti sells into.
- Who is Ivanti's biggest competitor?
- Microsoft's Intune, bundled into M365 licensing, is identified as the single biggest displacement threat to Ivanti's endpoint management business as of July 2026, per SuperOps; ServiceNow is the larger incumbent threat in ITSM.
- How many critical security vulnerabilities has Ivanti had?
- CISA's Known Exploited Vulnerabilities catalog lists 30+ Ivanti flaws as of February 19, 2026, including a CVSS 9.8 EPMM zero-day (exploited since roughly July 2025) and a CVSS 10.0 Sentry flaw disclosed June 9, 2026.
Timeline
- 2026-07-20Ivanti discloses internal use of frontier LLMs for vulnerability discovery, including CVE-2026-10520
- 2026-06-22Ivanti hires Kirkland & Ellis; creditors organize via Davis Polk and Glenn Agre amid B- negative outlook
- 2026-06-09Ivanti Sentry CVSS 10.0 flaw CVE-2026-10520 disclosed, added to CISA KEV within two days
- 2026-04-21Ivanti ships AI-driven autonomous operations framed against Mythos and GPT-5.4-Cyber threats
- 2026-02-18CVE-2026-1281/1340 EPMM zero-day (CVSS 9.8) reported exploited since July 2025, hits EU regulators
- 2026-02-01Bloomberg reports Ivanti allegedly knew of 2021 Pulse Connect Secure breach two months before disclosure
- 2026-01-27Ivanti unveils agentic AI for ITSM and enhanced Autonomous Endpoint Management in Neurons
- 2025-01-01Dennis Kozak becomes CEO, succeeding Jeff Abbott who remains on the board
- 2021-03-09Charlesbank Capital Partners invests, implying roughly $4 billion valuation for Ivanti
Revision history
21 July 2026
First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Ivanti
- A Compromised Platform (2026-05-22)
- Ivanti hires legal advisor, creditors organize (2026-06-22)
- Ivanti Promotes Jeff Abbott To CEO
- Ivanti - Overview, News & Similar companies (2026-07-17)
- Ivanti - Headcount, Funding & Open Jobs (2026-06-07)
- Ivanti Software Number of Employees 2026 (2026-06-29)
- Companies that use Ivanti Neurons (2026-07-12)
- Ivanti Unveils AI-Driven Innovations to the Neurons Platform (2026-01-27)
- Ivanti Enhances Autonomous Capabilities (2026-04-21)
- Inside Ivanti's Automation Push (2026-07-20)
- Attackers Deploy Dormant Backdoors In Ivanti EPMM (2026-02-18)