Assists in meeting the demand for security from cyber attacks
Private equity firm Vista Equity Partners has agreed to acquire California-based website-filtering firm, Websense, for about $1bn.
The deal is the latest involving an Internet-security firm, which is currently in demand as firms seek protection from cyber attacks aimed at stealing corporate information or national-security secrets.
Websense board of directors chairman John Carrington said after detailed discussions with several potential buyers, the Websense board of directors is pleased to approve this agreement.
"It provides stockholders with immediate and substantial cash value that reflects our assessment of the fair value of the company," Carrington said.
Upon the completion of transaction, the Websense’ senior management would continue and maintain the headquarters in San Diego.
Websense CEO John McCormack said Vista shares a similar vision for the company, including a dedication to developing and delivering best-in-class cyber security to its customers.
"Vista brings an operational discipline that will enable us to continue to invest in the business and technology innovation," McCormack said.
Founded in 2000, Vista Equity Partners, specialises in enterprise software, and has its offices in Austin, San Francisco and Chicago.
The financial support for the transaction is being offered by JPMorgan Chase & Co, RBC Capital Markets and Guggenheim Partners.