Private equity and investment adviser Veritas Capital has announced the acquisition of IT security firm BeyondTrust. Announced earlier this week, the deal went ahead for $310 million with the intent of direct business tie-ups with the US federal government. However, specific details of the deal were not disclosed.
Kevin Hickey, president and CEO, BeyondTrust said, “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,” he added. “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.”
BeyondTrust’s customers range from 8 of the world’s 10 largest banks and 8 of the world’s 10 largest aerospace and defense firms, to 7 of the 10 largest U.S. pharmaceutical companies, and other prestigious universities across the globe. According to the company, BeyondTrust has experienced revenue CAGR of over 20 percent since 2008.
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(Image Credit: Bob Mical)