Vista Equity to buy net security firm Websense for $907 mn
21 May 2013
US online security firm Websense Inc yesterday agreed to be taken private by Vista Equity Partners for about $907 million.
Websense stockholders will receive $24.75 in cash for each share of Websense common stock that they own, a 29-per cent premium to Websense's 17 May closing price and a 53-per cent premium of Websense's average closing price over the last 60 days.
Websense's board has unanimously approved the acquisition and the company's senior management will continue working at the company.
California-based Websense was founded in 1884 by Phil Trubey as NetPartners, a reseller of firewalls and other network security products.
The company changed its name to Websense in 1999 and raised 65.7 million through an IPO in 2000.
Its first software product called Websense Internet Screening was launched in 1996 to help customers manage employee use of the web.
Websense is a leader in providing protection from the cyber attacks and data theft. Its Triton security solutions unify web security, email security, mobile security and data loss prevention.
"After detailed discussions with several potential acquirers, the Websense board of directors is pleased to approve this agreement," said John Carrington, chairman of the Websense board of directors. "It provides stockholders with immediate and substantial cash value that reflects our assessment of the fair value of the company."
"Vista shares a similar vision for the company, including a dedication to developing and delivering best-in-class cyber security to our customers," said John McCormack, Websense CEO. "Vista brings an operational discipline that will enable us to continue to invest in the business and technology innovation."
"We are long-term investors in enterprise software and data companies that are committed to being leaders in their markets," said Robert Smith, CEO and founder of Vista Equity Partners.
San Francisco-based Vista focuses on investing in software and technology-enabled businesses.
With offices in San Francisco, Chicago and Austin, Vista currently invests over $7 billion in capital in successful technology-based companies with long-term perspective.