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Thoma Bravo sells Tripwire to Belden

Private equity firm Thoma Bravo has completed the sale of Tripwire, a specialist in advanced threat, security and compliance solutions, to Belden Inc for USD710 million in cash.

Since being acquired by Thoma Bravo in May 2011, Tripwire has grown revenues 70%, improved profitability by 400%, increased market share, and solidified its global leadership position in cybersecurity.

“From the very beginning of our partnership, Thoma Bravo provided Tripwire with the resources and expertise to achieve market leadership in security and vulnerability management,” says Seth Boro, managing partner at Thoma Bravo. “The sale to Belden is a testament to the success we’ve had in partnering with Tripwire to realize its goals, and is a great addition to the list of security software companies we’ve taken to the next stage of growth.”

“Tripwire has been able to strengthen and expand our product portfolio, with Thoma Bravo’s assistance, leading to more value for our customers and positioning the company for the next stage of growth with Belden,” says Jim Johnson, Tripwire president and CEO. “We are very appreciative of Thoma Bravo’s insight over the last several years and look forward to continued innovation with Belden to meet the growing security needs of our customers in the industrial and enterprise ‘Internet of Things’.”

“It was a pleasure to work with the leadership team at Tripwire to harness the growth potential of the brand,” says Robert ‘Tre’ Sayle, partner at Thoma Bravo. “We wish Jim and his team the best as they play an integral role in Belden’s expansion into security solutions.”

Chertoff Capital served as the exclusive investment banking advisor to Thoma Bravo on this transaction. Kirkland & Ellis LLP served as legal advisor.

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