Wed, 12/03/2014 - 14:11
A fund managed by Blackstone on behalf of its private equity investors is to acquire a majority stake in Accuvant, a provider of information security solutions and services.
Accuvant management and existing shareholder Sverica International will invest alongside Blackstone in the transaction.
Blackstone’s investment will enable Accuvant to accelerate its pace of expansion and enable the management team to deploy additional capital and resources for a broader roll-out of its product- and service-based solution offerings.
This investment leverages Blackstone’s technology experience and capabilities, and also significantly broadens its presence in the information-security sector. The increased prevalence and complexity of cyber-attacks has made information security a board-level issue at corporations across the world. Blackstone has committed significant time and resources to evaluating the industry landscape and key vendors in the market.
Accuvant is one of several tech investments that Blackstone's private equity funds have made in the technology sector over the last 12 months. Other recent investments include Pactera Technology International, China's largest IT outsourcing company; and Kronos, a provider of workforce management software and services. Separately, Blackstone has made small minority investments in emerging security companies, including Carbon Black / Bit9, iSIGHT Partners, Secure Mentem, WatchDox, and Cylance.
Accuvant provides its enterprise customers with security software and hardware manufactured by its technology partners and, via its security services segments, offers implementation, consulting, 24x7 monitoring / managed services, and post-intrusion detection and remediation services.
Jay Leek, senior vice president in Blackstone’s innovations and infrastructure group and chief information security officer, says: “We are very excited about the strategic value that Accuvant brings to Blackstone and our portfolio companies. This partnership will provide us greater access to their world class security capabilities and talent as we continue to manage the ever increasing threat of information security breaches.”
“We are looking forward to being part of the Blackstone family,” says Dan Burns, Accuvant co-founder and chief executive officer. “Security has transcended everyone and everything – from people to companies to nations. Accuvant has already helped thousands of organisations protect themselves and their customers. But, there’s so much more we can do. This partnership will enable us to accelerate our pace of innovation and expansion, and allow us to deliver new services and solutions that meet the constantly evolving needs of the global and critically important market.”
The transaction is expected to close in April pending relevant regulatory approvals. Simpson Thacher & Bartlett and Blackstone Advisory Partners served as advisors to Blackstone.
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