By Milana Vinn Jan 27 (Reuters) – Private equity firm Audax Group is exploring a sale of cybersecurity provider BlueCat Networks, which could fetch more than $1.5 billion, according to people familiar with the matter. The private equity firm, which bought BlueCat in 2022, has hired JPMorgan to run the sale process, which is currently […]
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Private equity firm Audax Group seeks over $1.5 billion for BlueCat Networks, sources say
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By Milana Vinn
Jan 27 (Reuters) – Private equity firm Audax Group is exploring a sale of cybersecurity provider BlueCat Networks, which could fetch more than $1.5 billion, according to people familiar with the matter.
The private equity firm, which bought BlueCat in 2022, has hired JPMorgan to run the sale process, which is currently under way, several of the sources said.
Representatives for Audax Group and BlueCat did not respond to requests for comment, while a spokesperson for JPMorgan declined to comment.
Toronto, Canada-based BlueCat provides software for network control, automation and security.
The company generates more than $100 million in annual revenue and could be valued between $1.5 billion and $2 billion in the sale, the people said.
Security software has remained a ripe sector for M&A as private equity firms target cash-generative businesses with returning customers and long-term growth tied to cyber risk.
(Reporting by Milana Vinn in New York; Editing by Dawn Kopecki and Edmund Klamann)