Veritas Capital snaps up security firm BeyondTrust for $310 million

BeyondTrust has agreed to be acquired by private equity firm Veritas Capital for $310 million.

Phoenix-based BeyondTrust provides privileged account management and vulnerability management solutions to the enterprise in order to keep corporate systems secure, as well as tools to combat identity theft.

According to the company, BeyondTrust has experienced revenue CAGR of over 20 percent since 2008, and serves over 4,000 globally in the government, technology, aerospace and defense, media & entertainment, telecommunications, healthcare, pharmaceutical, education and financial services sectors.

BeyondTrust's website states that customers include eight of the world's 10 largest banks, eight of the 10 largest aerospace and defense firms and seven of the 10 largest pharmaceutical firms.

Announced on Tuesday, under the terms of the deal, New York-based private-equity firm Veritas will acquire the company from private equity and venture capital firm, Insight Venture Partners.

While specific details were not disclosed, Bloomberg says the acquisition was agreed upon for $310 million. Kevin Hickey, president and BeyondTrust CEO, said the motivation is "to build a world class security-software company," and "get deeper into the federal government space."

Hugh Evans, a partner of Veritas, said in prepared remarks:

"Veritas Capital is pleased to be associated with BeyondTrust, which has a long history of providing market-leading cybersecurity software to enterprise and government markets. We are excited to support Kevin Hickey and his talented team in continuing to provide best-of-breed integrated software solutions, and in accelerating the growth of the company's innovation in the dynamic cybersecurity market."

Evercore Partners acted as BeyondTrust's financial advisor during the process.