WatchGuard Technologies, which is backed by Vector Capital and Francisco Partners, has acquired Panda Security, a provider of advanced cybersecurity solutions. No financial terms were disclosed.
SEATTLE and MADRID – June 2, 2020 – WatchGuard Technologies, a leading global provider of network security and intelligence, secure Wi-Fi and multi-factor authentication, today announced that it has closed the acquisition of the advanced endpoint protection provider, Panda Security. WatchGuard announced the signing of a definitive agreement to purchase Panda in March 2020. Panda is now a wholly-owned subsidiary of WatchGuard, and the combined company will enable its current and future customers and partners to consolidate their fundamental security services for protection from network to endpoint under a single company.
“Our customers and partners need access to enterprise-grade security built for the unique needs and requirements of the midmarket. WatchGuard is focused on delivering these security services via an MSP-focused security platform that simplifies every aspect of security delivery, and solidifying our position as the de facto security solution for the midmarket,” said Prakash Panjwani, CEO of WatchGuard Technologies. “The completed acquisition of Panda Security, and the subsequent integration of its portfolio into WatchGuard Cloud, represents a significant milestone for the company and will result in both immediate and long-term benefits for our customers and partners that will address common challenges with security complexity, rapidly changing network topologies, purchasing models, and more.”
The immediate focus of the combined company is to provide partners and customers from both companies access to the newly expanded portfolio of security solutions. Once the portfolios are integrated partners and customers will benefit from advanced threat detection and response functionality fueled by modern AI capabilities, behavior profiling techniques, and cutting-edge security event correlation, as well as additional operational benefits such as centralized management across network and endpoint security.
Panda Security Early Access Program
WatchGuard resellers will enjoy immediate access to Panda Adaptive Defense 360, which includes both endpoint protection platform (EPP) and endpoint detection and response (EDR) capabilities, and Advanced Reporting Tool products via the Panda Security Early Access Program launching on June 1, 2020. This new program will put these exciting new products into the hands of WatchGuard partners quickly for training and internal deployment, as well as resale to end users.
“We believe that Panda’s people and technology were the perfect fit for WatchGuard’s culture and goals,” said Panjwani. “Working together through the final stages of a major acquisition and kicking off integration efforts during a global pandemic has been a unique experience. Though we’ve been physically separated while working from home, the shared experience has brought us closer together faster, and has further validated that WatchGuard and Panda will be a powerful combination.”
“I’m happy to join WatchGuard’s board of directors, and to continue advising on daily operations to help build an integrated company that provides the industry’s best security solution from network to endpoint,” said Juan Santamaria Uriarte, CEO of Panda Security. “In its 30 years as a company, Panda has developed a strong culture of passion, dedication and commitment of excellence to our customers and each other. WatchGuard’s culture and focus mirrors our own, and as we begin a new chapter as members of the WatchGuard team, I’m excited by all that we’ll accomplish together.”
As part of the transaction, Investing Profit Wisely (IPW) will join Vector Capital and Francisco Partners as a shareholder in WatchGuard Technologies. Juan Santamaria Uriarte will join the WatchGuard board of directors. WatchGuard was represented in the transaction by Paul Hastings LLP and Cuatrecasas, Gonçalves Pereira LLP. Additionally, Jefferies International acted as sole financial advisor to Panda Security, and Uría Menéndez acted as legal advisor to the sellers of Panda Security in this transaction.
About WatchGuard Technologies, Inc.
WatchGuard Technologies, Inc. is a leading global provider of network security, secure Wi-Fi, multi-factor authentication and network intelligence. The company’s award-winning products and services are trusted around the world by nearly 10,000 security resellers and service providers to protect more than 80,000 customers. WatchGuard’s mission is to make enterprise-grade security accessible to companies of all types and sizes through simplicity, making WatchGuard an ideal solution for midmarket businesses and distributed enterprises. The company is headquartered in Seattle, Washington, with offices throughout North America, Europe, Asia Pacific, and Latin America. To learn more, visit WatchGuard.com.
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About Francisco Partners
Francisco Partners is a leading global private equity firm that specializes in investments in technology and technology-enabled businesses. Since its launch 20 years ago, Francisco Partners has raised approximately $24 billion in committed capital and invested in more than 275 technology companies, making it one of the most active and longstanding investors in the technology industry. The firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit: www.franciscopartners.com.
About Vector Capital
Vector Capital is a leading global private equity firm specializing in transformational investments in established technology businesses. With approximately $4 billion of capital under management, Vector actively partners with management teams to devise and execute new financial and business strategies that materially improve the competitive standing of businesses and enhance value for employees, customers, and all stakeholders. For more information, visit http://www.vectorcapital.com.
About Panda Security
Celebrating its 30th anniversary in 2020, Panda Security is a leading global provider of advanced cybersecurity solutions. The company offers a full portfolio of user-centric security products and services for protecting people, devices, and the networks they connect to from malicious websites, malware, spam, and other targeted attacks. With offerings for businesses and consumers alike, Panda Security offers advanced endpoint protection, sophisticated threat hunting services, and more. Designed for maximum protection with minimal complexity, the company packages its robust portfolio of security services to take the guesswork out of endpoint security. Prior to its acquisition by WatchGuard Technologies, Panda was owned by Investing Profit Wisely (IPW), a Spain-based investment company focused exclusively on software publishing companies.