Raytheon Cyber Products joins forces with Vista Equity Partners’ Websense
Waltham, MA-based Raytheon Company and Vista Equity Partners announced May 29 have completed a joint venture transaction creating a new company that combines Websense, a Vista Equity portfolio company, and Raytheon Cyber Products, a product line of Raytheon’s Intelligence, Information and Services business. The newly-formed commercial cybersecurity company will be known on an interim basis as Raytheon|Websense. The company expects to introduce a new brand identity upon completion of standard organizational integration activity.
Under the terms of the joint venture transaction originally announced on April 20, 2015, Raytheon owns 80.3 percent of the new company. Vista Equity Partners owns 19.7 percent. The joint venture will start operations immediately and will be based in Austin, TX. John McCormack has been named CEO of the new company.
“The creation of this new commercial cybersecurity company allows us to leverage deep domain expertise to offer our customers unique capabilities that will help defend against the vast, advanced scope threats that exist today,” said Thomas Kennedy, Raytheon Company Chairman and Chief Executive Officer. “We are excited to bring these advanced, defense-grade cyber solutions to our existing and new customers.”
“The combination of Websense and Raytheon Cyber Products enables us to deliver unprecedented levels of innovation that better protect customers in today’s incredibly dynamic and complex business environment,” said McCormack. “Advanced attacks and data theft are the new normal; we believe this joint venture provides customers the best defense against such threats.”
Source: Raytheon Company