Global alternative asset management firm TPG has completed its acquisition of Austin-based Forcepoint’s Global Governments and Critical Infrastructure cybersecurity business from Francisco Partners.
TPG is headquartered in Fort Worth and San Francisco. No financial details were released.
As part of the transition, Forcepoint G2CI President Sean Berg has been named CEO of the new company. As CEO, Berg will focus the company’s strategy on global growth and expansion of the business.
“Teams across all levels of government rely on Forcepoint G2CI to conduct mission-critical business safely and effectively,” TPG Partner Tim Millikin said in a statement. “The transaction provides Forcepoint G2CI with additional flexibility and resources to build upon its trusted platform, serving as a partner of choice to agencies amid an ever-changing operating environment. We look forward to partnering with Sean, Peter (Leav), and the G2CI team to invest behind the company’s capabilities and deepen relationships with global government and critical infrastructure customers.”
Under Berg’s leadership, the Forcepoint G2CI business grew to become an industry leader in Cross Domain and Insider Threat Solutions for government agencies worldwide, the companies said.
Separating one company into two to better serve customers
The transaction separates Forcepoint’s G2CI and Commercial businesses, launching Forcepoint G2CI as an independent company with the flexibility and resources to grow its platform as a comprehensive, next-generation cybersecurity provider for the defense, intelligence, and critical national infrastructure industries.
TPG acquired the business through TPG Capital, its large-scale U.S. and European private equity platform.
Peter Leav has joined the new company’s board of directors as executive chairman. Leav has significant experience growing technology companies and most recently served as president and CEO of McAfee, a former TPG portfolio company.
“For more than 20 years, Forcepoint G2CI has worked to solve government’s most complex challenges — mitigating the risk posed by insiders, enabling remote work, facilitating data sharing in classified environments and securing our nation’s critical infrastructure,” Berg said. “As the cybersecurity landscape grows even more complex for public sector organizations worldwide, particularly in the emerging AI era, partnering with TPG positions us to continue to meet our customers’ needs, both now and in the future.”
Francisco Partners, a global investment firm that specializes in partnering with technology businesses, will maintain a minority stake in Forcepoint G2CI. The firm continues to own Forcepoint’s Commercial business.
“Cyberattacks from malicious nation-states, bad actors and insiders remain an existential threat to global governments and private industry,” Andrew Kowal, a partner in Francisco Partners, said in a statement. “The closing of this transaction allows both Forcepoint Commercial and G2CI to focus on simplifying security for their primary customers and bringing to market game-changing solutions that improve efficacy, ease of use, and TCO for security investments.”
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