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Security vendor WatchGuard Technologies has agreed a deal with Vector Capital to make a large new equity investment in the business, acquire interests held by certain other investors, and become the company's majority shareholder.
Vector Capital and Francisco Partners (with its co-investors) have jointly owned WatchGuard for more than a decade.
Vector Capital aims to accelerate WatchGuard's growth, with continued investment in areas including cloud transformation, secure access service edge, extended detection and response, managed detection and response and further innovation in security automation and simplification for managed service providers (MSPs).
"Vector firmly believes in WatchGuard's portfolio, partners, employees, and vision. This transaction is a testament to WatchGuard's current success and the opportunity ahead," said WatchGuard Technologies CEO Prakash Panjwani.
"We believe Vector is well positioned to further accelerate WatchGuard's growth strategy while preserving our company culture and commitment to security delivery through the MSP community."
Vector Capital founder, managing director and chief investment officer Alex Slusky said "We are thrilled to continue the journey we started with WatchGuard's employees, partners, and customers over a decade ago.
"We are proud of the foundation of success we've built with WatchGuard's management team and look forward to fuelling the next phase of growth and transformation for the company."
Vector Capital managing director Sandy Gill said "MSPs represent the future of security delivery, but to be successful, they need a bespoke platform built for their needs.
"WatchGuard is uniquely positioned to lead the market in enabling those MSPs with its Unified Security Platform. We are excited to further invest both organically and via acquisitions in the company's mission to deliver security-focused MSPs one vendor, one platform, and one vision to build their business upon."
Francisco Partners partner Ben Ball said "WatchGuard has established itself as a leading cybersecurity company under our joint ownership, with a relevant product portfolio, strong partner ecosystem, and talented team of employees.
"We are proud of our role in supporting WatchGuard's transformation, and we look forward to following the company's ongoing success as they continue to pave the way for simplified security when the industry needs it most."
The transaction is expected to close by the end of the third quarter, but is subject to customary conditions.
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