Information technology security software solutions firm BeyondTrust said Tuesday that it will be acquired by the private equity firm Veritas Capital in a deal the company says will boost investments in its capabilities and help it penetrate new markets.
“BeyondTrust is poised to continue its significant growth both with new customers and across our existing customer base,” Kevin Hickey, the company’s president and CEO, said in a statement. “We are excited to partner with Veritas in order to continue innovating our integrated cyber security software platform and to pursue enterprise and government markets.”
Terms of the deal were not disclosed. Arizona-based BeyondTrust is currently owned by the private equity firm Insight Venture Partners.
BeyondTrust is an infrastructure software provider with core solutions in privileged account management and vulnerability management for reducing information technology (IT) security risks and simplifying compliance reporting across disparate IT environments. The company’s solutions are marketed under the BeyondInsight IT Risk Management Platform.
The company has over 4,000 customers, including marquis names in a number of industries including large financial institutions such as CitiGroup [C], aerospace and defense companies such as Boeing [BA] and Raytheon [RTN], large pharmaceutical companies in the United States, all branches of the U.S. military, other federal agencies and universities.
BeyondTrust said it has been growing at an average of 20 percent annually since 2008.
BeyondTrust said there will be no changes in its management as a result of the pending acquisition by Veritas and that its brand and strategy remain intact.
Veritas sees the cyber security market benefiting from increasing regulatory and compliance requirements as well as the need to react to “high profile breaches and complexity of the IT environment,” Hugh Evans, a partner with the private equity firm, said in a statement. “We believe that the acquisition of BeyondTrust represents the opportunity to create a leading cyber security software platform.”
Evercore [EVR] served as BeyondTrust’s financial adviser on the deal.