Francisco Partners is reportedly selling a majority stake in Forcepoint’s government-focused cybersecurity unit to fellow private equity firm TPG (Nasdaq: TPG) for approximately $2.45 billion, The Wall Street Journal reported Sunday.
The price of the deal between the two technology investment companies is more than double the amount Francisco paid when it purchased the Austin, Texas-based software business from Raytheon Technologies in 2021, the report said.
WSJ noted the unit TPG will acquire is known as Forcepoint Global Governments and Critical Infrastructure and that G2CI’s current owner will continue to operate the commercial arm of Forcepoint separately.
Raytheon, now called RTX (NYSE: RTX), debuted Forecepoint as a cybersecurity joint venture in 2016 to help public and private sector organizations protect networks from inside and outside threats using technology.
TPG and Francisco previously joined forces to acquire Boomi, which offers cloud-based application and data integration platforms, from Dell Technologies (NYSE: DELL) via a $4 billion cash transaction.