Raytheon and Vista Equity Partners enter agreement to form new cybersecurity company
Raytheon Company, based in Waltham, MA, announced on April 20 that it has entered into a definitive agreement with Vista Equity Partners to form a new company combining Websense, a Vista portfolio company, with Raytheon Cyber Products, a business unit of Raytheon’s Intelligence, Information and Services (IIS) segment. The new company will leverage Raytheon’s advanced cybersecurity technologies and Websense’s industry leading TRITON® platform to provide a new level of defense-grade cybersecurity to combat the evolving cyber threat environment.
“The market for advanced cyber solutions that protect and defend global industry and infrastructure is rapidly growing due to the sophisticated threats posed by well-funded, nation-state adversaries and criminal networks. As the business enterprise evolves to meet the networked demands of today’s mobile and cloud economy, these threats will grow in size and scale,” said Thomas Kennedy, Raytheon Company Chairman and CEO. “The new joint venture will combine Raytheon Cyber Products and Websense capabilities to deliver the advanced, defense-grade technology solutions needed to meet this evolving threat.”
Following successful completion of the transaction, the new company will be a separately reported Raytheon business segment. The CEO of the new company will be John McCormack, CEO of Websense. A Board of Directors will be established for the new company and will include representatives of both Raytheon and Vista Equity Partners.
“We believe the combination of Raytheon Cyber Products and Websense creates a strong foundation for growth in the cybersecurity market, especially in light of the combined technical, product and multi-channel strengths each brings to the table,” said Brian Sheth, Co-founder and President of Vista Equity Partners. “We are excited to invest in this new venture as we clearly see its ability to accelerate growth and create value for all parties.”
“Commercial companies are evolving their infrastructure with cloud computing, mobility and the internet of things to stay competitive and, as a result, they have become more vulnerable than ever,” said David Wajsgras, President of Raytheon Intelligence, Information and Services business. “For nearly two decades, Raytheon has provided cybersecurity technology and support to some of the world’s largest organizations, spanning government, retail and financial services. I am pleased to welcome John McCormack and the Websense team to Raytheon. Our joint venture will deliver the power of TRITON®, a market leading integrated security platform, with the strength of SureView® software products to protect commercial business across the globe.”
“As a cybersecurity market leader, Websense provides a proven technology platform, a team with depth and breadth of industry experience, over 21,000 customers, and a delivery channel of over 2,200 partners,” said John McCormack, CEO of Websense. “The opportunity to provide our growing customer base with Raytheon’s patented technology positions us to serve customers as they manage the emerging and long-term cyber threat environment.”
Source: Raytheon Company