Veritas Capital To Acquire Leading Cybersecurity Solution Provider BeyondTrust
PHOENIX, AZ - BeyondTrust, the cybersecurity industry’s only provider of context-aware solutions for privilege and vulnerability management, today announced that an affiliate of private equity firm, Veritas Capital, will acquire the company from private equity and venture capital firm, Insight Venture Partners. Specific terms of the deal have not been disclosed.
"Veritas Capital is pleased to be associated with BeyondTrust, which has a long history of providing market-leading cybersecurity software to enterprise and government markets. We are excited to support Kevin Hickey and his talented team in continuing to provide best-of-breed integrated software solutions, and in accelerating the growth of the company's innovation in the dynamic cybersecurity market," said Hugh Evans, Partner of Veritas Capital.
Since 2008, BeyondTrust has experienced significant growth, with revenue CAGR of over 20-percent. According to IDC, the markets for both privileged account management and vulnerability management are expected to grow approximately 30-percent over the next few years. With an integrated suite of solutions that both shrink the cyber-attack surface and contain breaches when they do occur, BeyondTrust is well positioned to address anticipated market demands.
“BeyondTrust is poised to continue its significant growth both with new customers and across our existing customer base,” said Kevin Hickey, president and CEO, BeyondTrust. “We are excited to partner with Veritas in order to continue innovating our integrated cybersecurity software platform and to pursue enterprise and government markets.”
“We believe that the acquisition of BeyondTrust represents the opportunity to create a leading cybersecurity software platform. We expect the cybersecurity market to benefit from increasing regulatory/compliance requirements, high profile breaches and complexity of the IT environment. BeyondTrust’s unified risk management software solution provides an essential component to securing critical information technology infrastructure” added Mr. Evans.
As a result of BeyondTrust’s growth, Red Herring recently selected the company as a Top 100 North American winner, a prestigious industry accolade that honors the year’s most promising private technology ventures from North America.
BeyondTrust’s over 4,000 customers include leading organizations in the government, technology, aerospace and defense, media & entertainment, telecommunications, healthcare, pharmaceutical, education and financial services sectors.
“We are very happy with this transaction and believe Veritas is getting a terrific asset in a critical market space,” said Mike Triplett, Managing Director, Insight Venture Partners. “BeyondTrust delivers the highest level of results and service to its customers and we are confident that it will continue to do so under Veritas’ stewardship.”
Evercore served as BeyondTrust’s financial advisor in the transaction.
BeyondTrust empowers security-conscious organizations with Context-Aware Security Intelligence, delivering Privileged Account Management and Vulnerability Management solutions that reduce IT security risks and simplify compliance reporting across heterogeneous IT environments.
Our customers not only mitigate user-based risks arising from misuse of system or device privileges, but also identify and remediate asset vulnerabilities targeted by cyber-attacks. As a result, they address both internal and external threats, while making every device – physical, virtual, mobile and cloud – as secure as possible. BeyondTrust solutions are unified under the BeyondInsight IT Risk Management Platform, which provides IT and security teams a single, contextual lens through which to view user and asset risk.
More than half of the companies listed on the Dow Jones Industrial Average rely on BeyondTrust to secure their enterprises. Customers include 8 of the world's 10 largest banks, 8 of the world's 10 largest aerospace and defense firms, and 7 of the 10 largest U.S. pharmaceutical companies, as well as renowned universities across the globe.
About Veritas Capital
Veritas Capital is a leading private equity firm that invests in companies that provide critical products and services to government and commercial customers worldwide including those operating in aerospace & defense, healthcare, technology, national security, communications, energy and education. Veritas seeks to create value by strategically transforming the companies in which it invests through organic and inorganic means. For more information on Veritas Capital and its current and past investments, visit www.veritascapital.com.
About Insight Venture Partners
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight has raised more than $8 billion and invested in more than 200 companies worldwide. Our mission is to find, fund and work successfully with visionary executives providing them with practical, hands-on growth expertise to foster long-term success. For more information on Insight and all of its investments, visit insightpartners.com or follow us on Twitter: @insightpartners.