Addison-based Brainspace is set to join a new global cybersecurity company being formed by private equity firms Medina Capital and BC Partners, according to D CEO.
The Brainspace acquisition is part of a $2.8 billion deal, which is expected to be completed in the first quarter of 2017, according to the magazine.
The deal comes less than a month after Brainspace announced an investment from In-Q-Tel Inc., a venture capital arm of the Central Intelligence Agency. Medina Capital has also been a previous investor in Brainspace.
The new company, which is unnamed at this point, unites Brainspace along with 57 data centers being acquired from communications company CenturyLink, and other security and data analytics companies currently held by Medina Capital.
“The joint venture will create one of the most advanced cybersecurity solutions in the world by combining the physical data centers with the security products of our companies,” Medina Capital founder and managing partner Manny Medina told the Miami Herald.
Brainspace deals mainly with artificial intelligence, data analytics, and machine learning. Its products are used by leading enterprises, government agencies, and legal service providers. In a October 2015 CIO Review cover story, Brainspace CEO Dave Copps explained his company’s commitment to rapid innovation and changing the space.
“The big opportunity for us going forward is to reinvent and accelerate learning in organizations. By capturing collective intelligence and placing it at the fingertips of everyone, we are disrupting 20 years of convention and accelerating enterprise innovation in ways that have never been possible before,” Copps told CIO Review.
Medina will be at the helm of the new company, but Copps will remain in charge of the Brainspace unit, which Copps said will stay in Addison.
“They’re going to pour gas on the flame,” Copps told D CEO about the private equity firms’ plans. “They really love what’s happening here, and they want to make it bigger, better, and smarter.”
Delivering what’s new and next in Dallas-Fort Worth innovation, every day. Get the Dallas Innovates e-newsletter.