Veritas Capital to acquire cybersecurity solution provider BeyondTrust
BeyondTrust, a cybersecurity provider of context-aware solutions for privilege and vulnerability management, announced on September 3 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.
“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.”
“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,” said Hugh Evans, Partner of Veritas Capital. “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.”
Since 2008, BeyondTrust has experienced significant growth, with revenue CAGR of more than 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, CEO of 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 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.”