Veritas Capital has agreed to sell Phoenix, Arizona-based BeyondTrust, a cybersecurity solutions provider, to Bomgar. No financial terms were disclosed.
Atlanta, GA and Phoenix, AZ – September 13, 2018 – Bomgar, a global leader in Privileged Access Management (PAM) solutions, today announced it has signed a definitive agreement to acquire BeyondTrust, a global leader in Privilege-Centric Security, from an affiliate of Veritas Capital. The combined company, which will be called BeyondTrust, brings together proven innovators with a shared mission of securing privileged access and helping customers to defend themselves from cyber-attacks while increasing productivity.
Bomgar secures privileged credentials, remote access sessions, and endpoints, while empowering users to be more efficient and effective. BeyondTrust offers the most extensible PAM platform that enables organizations to scale privileged security as threats evolve across endpoint, server, IoT, cloud, and network device environments. These combined solutions will result in the world’s most comprehensive PAM portfolio, currently used by more than 19,000 customers worldwide.
Matt Dircks, CEO of Bomgar, who will lead the combined company as CEO, commented, “We are extremely excited to build upon BeyondTrust’s Privileged Access Management leadership, and the significant benefits it will bring to our joint customers, partners, and people. Both organizations bring talented employees who are passionate about protecting organizations from attacks related to privileged access. The greater scale and resources of the combined company will allow us to accelerate innovation and deliver technology that protects our customers from constantly evolving threats.”
Earlier this year, Bomgar was acquired by Francisco Partners, a leading technology-focused private equity firm. Francisco Partners’ Co-Founder and Chief Executive Officer Dipanjan “DJ” Deb commented, “Both Bomgar and BeyondTrust have a long history of driving innovation and efficiency, and delivering solutions, services, and support that customers love. We believe bringing Bomgar and BeyondTrust together will result in a winning combination and create a leader in the high-growth Privileged Access Management market.”
“The BeyondTrust family is excited to join the dynamic Bomgar and Francisco Partners teams,” said Kevin Hickey, president and CEO, BeyondTrust. “I’m confident that the additional investment and scale resulting from this combination will drive innovation for our customers and new opportunities for our partners as we expand our leadership position in the fast-moving Privileged Access Management market. Working with the Veritas Capital team over the last four years, we have transformed the business by strengthening our product offering, enhancing our market position, and generating outstanding growth.”
According to Forrester, 80% of security breaches involve privileged credentials. Andras Cser, Forrester vice president and principal analyst, wrote, “The PIM (Privileged Identity Management) market is growing because more S&R (security and risk) professionals see PIM as part of the layered solution to address their top cyberthreat and data breach prevention challenges.” The combination of BeyondTrust’s market-leading PAM platform with Bomgar’s advanced privileged session and endpoint protection solutions will result in the broadest solution portfolio for securing and defending organizations against threats related to the compromise and misuse of privileges.
“Privileged Access Management is one of the top priorities for today’s security leaders, and we see incredible opportunity with the combination of Bomgar’s and BeyondTrust’s technology and talent,” said Brian Decker, partner and head of security investing at Francisco Partners. “The joint team is focused on developing integrated and easy-to-use products, building out the channel, and continuing to deliver the highest levels of customer service and support.”
The combined company will be headquartered in Atlanta, GA. Terms of the transaction, which is expected to close in October, were not disclosed.