(Updates name of private equity firm in paragraph 1) By Milana Vinn Jan 29 (Reuters) – Audax Private Equity 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 […]
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Private equity firm Audax seeks over $1.5 billion for BlueCat Networks, sources say
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(Updates name of private equity firm in paragraph 1)
By Milana Vinn
Jan 29 (Reuters) – Audax Private Equity 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 underway, several of the sources said.
Representatives for Audax 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)