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Venture capital firms sell ScanSafe to Cisco Systems

Venture capital firms Montagu Newhall Associates, Balderton Capital Management (UK) and Scale Venture Partners have sold their stakes in ScanSafe, a provider of web security-as-a-service, to Cisco Systems.

Cisco is a designer and manufacturer of communications, network and information technology related products.

The acquisition will enable Cisco to build a borderless network security architecture that combines network and cloud-based services for advanced security enforcement. The acquisition brings together the Cisco IronPort high-performance Web security appliance and ScanSafe’s SaaS Web security service.

On 27 October, Montagu Newhall, Balderton Capital and Scale Venture Partners (formerly BA Venture Partners) announced that they were planning to sell their stakes in ScanSafe to Cisco. The transaction was valued at approximately USD183m in cash and retention-based incentives.

Upon completion, the ScanSafe team will become a part of Cisco’s security technology business unit. The transaction is expected to close in the second quarter of 2010.

Fenwick & West is acting as legal adviser to Cisco.

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