Optiv Security, the cyber security company formed as a result of the merger of Accuvant and FishNet Security, today announced that private equity giant Kohlberg Kravis Roberts & Co. (KKR) will acquire a majority stake in the security firm.
While details of the transaction were not disclosed, some reports peg the value of the deal at $1.8 to $1.9 billion. An Optiv spokesperson declined to comment when asked about the terms of the deal.
According to the announcement, Optiv is being acquired from a group of private investors, including a private equity fund managed by Blackstone, which will maintain a minority interest in Optiv. Other selling shareholders include Investcorp and Sverica.
Founded in 2002, Accuvant was acquired by Blackstone in March 2014, while Investcorp acquired a majority stake in FishNet Security in January 2013.
“We have been following the cyber security sector very closely over the past several years and believe Optiv represents an attractive investment opportunity given its market leadership as a critical partner and advisor to the Global 1000,” Herald Chen, co-head of KKR’s Technology, Media & Telecom investment team, said. “For KKR, this investment is premised on partnering with an awesome management team to build Optiv into a global security powerhouse by accelerating investment in Optiv's product and service capabilities and expanding its presence across the U.S. and internationally."