Private equity bigwig Thoma Bravo acquired network security specialist Crossbeam Systems, the companies confirmed Friday.
Financial terms of the transaction weren't provided. Crossbeam, based in Boxborough, Mass., has about 200 employees and is best known for its X-series network security platform, which automates how security applications are provisioned and scaled for enterprise and service provider customers.
"Crossbeam is in a stronger-than-ever position to strengthen and expand our customer solutions," Mike Ruffolo, Crossbeam's president and CEO, said in a statement. "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."
"Mike and his team have built a first-class network security company with a proven track record and are uniquely positioned to lead the industry," said Seth Boro, partner at Thoma Bravo. "We look forward to working with Crossbeam's management to build off of that reputation and help them accelerate their growth through the buy-and-build strategy we have followed successfully many times before."
Thoma Bravo in recent years has made a specialty of IT security-focused companies, including its $1.3 billion pickup of Blue Coat Systems that closed eight months ago. It also had acquired SonicWall, which it later sold to Dell this year, and Tripwire. Other recent Thoma Bravo acquisitions include Mediware Information Systems, Deltek and Infovista.
Crossbeam, meanwhile, recently expanded its Crossbeam Authorized Partner Program (CAPP) to include an Elite tier for its top solution provider partners. CAPP Elite partners can receive preferred training and sales support, special pricing, priority access to leads, marketing funds and seats on Crossbeam's Advisory Board, as well as free, priority access to Crossbeam demo equipment. The CAPP program overall has been streamlined to offer partners easier deal tracking, complimentary sales training and additional sales incentives.
With the acquisition, Crossbeam's current management team is expected to remain in place, said the companies.
PUBLISHED Nov. 9, 2012