Enterprise device security firm Forescout Technologies (NASDAQ:FSCT) announced on Thursday that it has agreed to be acquired by private equity firm Advent International in a deal valued at $1.9 billion.
Under the terms of the agreement, Advent will acquire all outstanding shares of Forescout common stock for $33.00 in cash, a premium of nearly 20% over Forescout’s closing share price on Feb. 5th.
There is a chance that Advent could be out bid for the cybersecurity firm, as the agreement includes a 30-day "go-shop" period that expires on March 8, 2020, and allows Forescout to solicit alternative acquisition bids from interested parties.
ForeScout’s offerings help customers gain real-time network visibility into users, devices, systems and applications. Its platform helps IT organizations better understand their security posture and automate responses to a wide variety of security issues.
Upon completion of the transaction, Forescout will become a private company led by current CEO and President Michael DeCesare and continue to be headquartered in San Jose, California.
“We are still in early innings of a large market opportunity as every organization needs visibility into what is connecting to their network and how to mitigate against high risk devices, including non-traditional IoT and OT devices,” said DeCesare. “This transaction represents an exciting new phase in the evolution of Forescout.”
In 2016, Forescout raised $76 million in funding at a $1 billion valuation, and became a public company after its initial public offering (IPO) in October 2017.
In November 2018, Forescout acquired operational technology (OT) network security firm SecurityMatters for approxima ..
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