Thoma Bravo Continues Its Security Firm Buying Spree With Acquisition of Crossbeam Systems
On Friday, Private equity investment firm Thoma Bravo announced that it has acquired Crossbeam Systems, Inc., a Boxborough, Massachusetts-based maker of network security solutions.
Founded in 1999, Crossbeam is best known for its X-Series security platform, an open, high-performance architecture that integrates network processing with application processing to create a high-performance, virtualized security infrastructure. The company's technolgy lets customers run applications from various vendors such as Check Point, McAfee, Sourcefire, Imperva or Actiance in any combination.
Crossbeam claims its security solutions are deployed by fixed and mobile operators such as Telefonica, BT, NTT Globe Telecom, Cell C and enterprise customers such as Fiserv, Volkswagen Group and Motel 6.
While competition in the network security market has intensified recently, Crossbeam president and CEO Mike Ruffolo has high hopes for his firm following the acquisition.
“Crossbeam is in a stronger-than-ever position to strengthen and expand our customer solutions,” Ruffolo said. “Thoma Bravo’s support and expertise in the software and technology industries will allow us to pursue new products and services through strategic initiatives and potential acquisitions to enhance our offerings.”
Financial details of the transaction were not disclosed.
Crossbeam’s current senior management team will continue to manage the company, the company said. Crossbeam has more than 200 employees in the United States, Europe, Latin America and Asia.
Thoma Bravo currently manages a series of private equity funds representing almost $4 billion of equity commitments, including several investments in security-related tech firms over the past few years. Earlier this year, Thoma Bravo led an investment group in the $1.3 Buyout of Blue Coat Systems.
The private equity firm announced its plans to acquire privately-held TripWire in May 2011 for an undisclosed sum, and was also the leader of an investor group that acquired SonicWALL back in June 2010 in a transaction valued at approximately $717 million. SonicWALL was later sold to Dell for an undisclosed sum. The firm also has investments in the other security firms including Entrust, Attachmate, and Embarcadero Technologies.