Funds advised by Apax Partners (the “Apax Funds”) announced on December 13 they have reached an agreement to acquire Westminster, CO-bsed Coalfire, a provider of cybersecurity advisory and assessment services, from The Carlyle Group and The Chertoff Group. The transaction is expected to be completed in early 2020, subject to regulatory approval. Financial terms were not disclosed.
Founded in 2001, Coalfire is a cybersecurity advisor that helps
organizations avert threats, close gaps, and effectively manage cyber risk. By
providing independent, tailored advice and services that span the cybersecurity
lifecycle, Coalfire helps clients develop scalable programs that improve their
security posture. The company today has more than 1,800 government and
commercial clients and extensive cloud security experience, working with seven
of the top ten SaaS providers. Coalfire’s more than 730 employees operate from
11 locations in the United States and the United Kingdom.
The investment from the Apax Funds will support Coalfire in accelerating
its growth. Rohan Haldea, Partner at Apax Partners, said: “Coalfire is an
established and highly-respected cybersecurity advisory and assessment services
firm that is well-positioned for further growth due to cybersecurity trends and
the vision of its strong management team. The Apax Funds’ investment will
assist the company in particular by increasing Coalfire’s investment in
technology; continuing to invest in thought leadership, especially with respect
to securing cloud environments; and deepening capabilities across assurance
standards while scaling its penetration testing and cyber risk services
business.”
Tom McAndrew, Coalfire CEO, said: “We are thrilled with our new
partnership with Apax, which will help drive our growth plans while continuing
our commitment to our customers, people, and core values. The leadership,
support, and investment provided by Carlyle, Chertoff, and Baird Capital have
been instrumental in our success over the last four years, and we are excited
to begin this new chapter.”
Carlyle Managing Director Steve Bailey said: “It has been a great
pleasure working with Tom and his team, along with The Chertoff Group, to
support Coalfire’s tremendous growth over the past four years as we leveraged
our cybersecurity investing experience. We wish them much continued
success.”
Haldea added: “We look forward to working with the Coalfire team as they broaden their services to support customers in navigating an environment that is characterized by an increasing range of cybersecurity challenges.”
Source: Coalfire
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