Raytheon (NYSE: RTN) has closed its transaction with Vista Equity Partners to establish a data security firm comprising of Raytheon’s cyber product line and Vista’s security technology business Websense.
The Austin, Texas-based venture, led by John McCormack, will operate as Raytheon|Websense and plans to launch a new brand identity once it completes the organizational integration process, Raytheon said Friday.
“The creation of this new commercial cybersecurity company allows us to leverage deep domain expertise to offer our customers unique capabilities that will help defend against the vast, advanced scope threats that exist today, ” said Thomas Kennedy, Raytheon chairman and CEO.
Through the deal announced in April, Raytheon also bought Websense for approximately $1.9 billion, of which $600 million represents an intercompany loan to Raytheon|Websense.
Raytheon holds an 80.3 percent ownership stake in the venture and Vista invested about $335 million to keep the remaining percentage of the business.