Founded by Israelies, Forescout Technologies, today announced that it has entered into a definitive agreement to be acquired by private-equity firm Advent International in an all-cash deal valued at $1.9 billion.
Advent International will acquire all outstanding shares of Forescout common stock for $33.00 per share. Advent will be joined by Crosspoint Capital Partners, a private equity investment firm focused on the cybersecurity and privacy industries, as a co-investor and advisor.
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This price represents a premium of approximately 30% over Forescout’s closing share price of $25.45 on October 18, 2019. The deal is expected to close in the second quarter, although it includes a 30-day “go-shop” period that expires on March 8.
Founded in 2000 by Doron Shikmoni, Hezy Yeshurun, Ori Naishtein, and Oded Comay, Forescout has raised $125.4 million and is traded on Nasdaq. The company employs 1,100 people worldwide, 250 of which are in Israel. Upon completion of the transaction, Forescout will become a private company.
Forescout is a cybersecurity company that provides security at first sight. The company’s device delivers visibility and control to enable companies to gain awareness of what is connecting to their network.
The company will continue to be headquartered in San Jose, California.
Advent, founded in 1984, has made over 350 investments in 41 countries. As of late 2019, the private equity firm had $56.6 billion in assets under management.