San Jose, Calif. Feb.7, 2020: The San Jose, California-headquartered based security provider Forescout Technologies, Inc. has announced that it had entered into a definitive agreement under which Advent International, one of the largest global private equity investors, will acquire all outstanding shares of Forescout common stock for $33.00 per share in an all-cash transaction valued at $1.9 billion. Advent will be joined by Crosspoint Capital Partners, a private equity investment firm focused on the cybersecurity and privacy industries, as a co-investor and advisor.
Upon completion of the transaction, Forescout said in a press release, it will become a private company with “the flexibility to continue investing in the development and deployment of leading-edge cybersecurity products and solutions that serve the evolving needs of enterprise customers.” CEO and President Michael DeCesare will continue to lead the company.
“Forescout has established itself as a leader in device visibility and control, with the most advanced platform in the market,” said Michael DeCesare, CEO and President, Forescout. “We are still in early innings of a large market opportunity as every organization needs visibility into what is connecting to their network and how to mitigate against high risk devices, including non-traditional IoT and OT devices. We are excited to be partnering with Advent International and Crosspoint Capital, premier firms with security DNA and track records of success in strengthening companies and supporting them through transitionary times.”
The transaction is expected to close in the second calendar quarter of 2020, subject to customary closing conditions, including approval by Forescout shareholders and receipt of regulatory approvals. Upon completion of the transaction, Forescout common stock will no longer be listed on any public market.