Collaborate Disseminate
When we last heard from BigID at the end of 2020, the company was announcing a $70 million Series D at a $1 billion valuation. Today, it announced a $30 million extension on that deal valuing the company at $1.25 billion just 4 months later. This chunk of money comes from private equity firm Advent […] Continue reading With $30M extension, BigID boosts Series D to $100M at $1.25B valuation
A scheduled private equity acquisition of a major cybersecurity vendor is back on after a lawsuit and questions about the strength of its business during the coronavirus pandemic. San Jose, California-based Forescout announced Wednesday it would drop litigation against Advent International, a private equity firm, as part of a revised acquisition agreement. Advent will purchase outstanding Forescout shares for $29 per share, down from the $33 per share it initially said it would pay when the two companies announced a proposed agreement in February. The final deal values Forescout at $1.43 billion, down from the initial price of $1.9 billion. Forescout said its board of directors unanimously approved the deal, which is expected to close in the third fiscal quarter. The resolution comes after Boston-based Advent said in May it would hold up the acquisition over a “material adverse effect” that it had not anticipated when the two sides first […]
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Continue reading Private equity firm to acquire Forescout for $1.4 billion after awkward start
If Advent International still intends to acquire the security vendor Forescout, then the companies’ relationship is getting off to an awkward start. Forescout said Wednesday it had filed a complaint against Advent, a Boston-based private equity firm, for allegedly violating the terms of the acquisition. Advent announced in February it would acquire Forescout for roughly $1.9 billion, only to say on Monday it would not complete the deal by the May 18 deadline. The delay coincides with the ongoing coronavirus pandemic, and a significant increase in the number of deals between security vendors and private equity firms in recent years. Advent blamed a “material adverse effect” for the holdup, a claim that Forescout is disputing. “We have satisfied all conditions to closing under our merger agreement, and a material adverse effect has not occurred,” Theresia Gouw, chair of the Forescout board of directors, said in a statement Wednesday. “The only […]
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Private equity dollars continued to flow into the cybersecurity industry Thursday when Forescout Technologies announced it reached an agreement to be acquired by the investment firm Advent International. It’s an all-cash deal worth $1.9 billion, meaning Advent International will pay $33 per Forescout share, a rate that’s about 18% above Forescout’s closing price of $27.98 on Thursday. The company first went public in October 2017 at $22 a share. Forescout specializes in “device security,” a concept that allows companies to protect their share of any device connected to their networks. Its shares have fallen by some 12% over the past year, while the overall S&P 500 index has climbed by 22%, Silicon Valley Business Journal reported. The company’s fourth-quarter revenue grew 8% year-over-year to $91.3 million, propelled in part by a 14% jump in subscription revenue to $37.6 million. President and CEO Mike DeCesare will remain in charge, and Forescout’s headquarters […]
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Continue reading Forescout goes for $1.9 billion in private-equity acquisition