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Forescout Technologies has agreed to be bought by Advent International for $1.9bn (£1.5bn) in cash in the private equity firm’s latest purchase on its buying spree.
Advent will pay $33 for each Forescout share – almost 30% more than Forescout’s closing price on 18 October – before two other investment firms revealed an interest in buying the network security company. Crosspoint Capital partners, a buyout firm focused on cybersecurity, will be a co-investor and adviser to Advent.
The agreement allows Forescout to seek better offers from other potential buyers in the 30 days up to 8 March. Advent said the deal, if completed, would allow Forescout the room as a private company to keep investing in its technology, led by current chief executive Michael DeCesare.
“Forescout is an ideal partner for Advent – as it’s a mission-critical business positioned to capitalise on key tech megatrends,” Bryan Taylor, head of Advent’s technology investment team, said. “The company has differentiated itself from its core competitors with its proprietary, agentless technology.”
Like other US private equity firms Advent is on a spending spree armed with billions of dollars of cash from investors seeking returns. The firm has bought Cobham and Laird in the UK.
