Francisco Partners is exploring a sale of BeyondTrust Software, the privileged access management (PAM) specialist it has backed since 2018, in a potential mult-ibillion dollar transaction, according to a report by Bloomberg citing unnamed people familiar with the matter.
Minority shareholder Clearlake Capital is also invested in the Johns Creek, Georgia-based business.
BeyondTrust generates around $500m in annual recurring revenue and could command a valuation of five to 20 times revenue, market sources said. The firm is expected to attract interest from strategic acquirers and other buyout groups, though talks are at an early stage and no deal is certain.
The possible sale comes amid heightened M&A activity in the cybersecurity sector, with recent headline deals including Palo Alto Networks’ $25bn acquisition of CyberArk and Alphabet’s $32bn purchase of Wiz.
