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The $1.2 billion takeover of the cyber security company has officially been approved.
Bain Capital Private Equity and Crosspoint Capital Partners have completed a US$900 million ($1.2 billion) deal to acquire cloud-native cyber security firm ExtraHop.
The deal, first announced last month, had been subject to customary closing conditions and the granting of regulatory approvals.
According to ExtraHop, its acquisition would help fund the advancement of its growth ambitions in the network detection and response market.
"Software supply chain attacks and the rise of double-extortion ransomware have brought security to the forefront of both business and consumer awareness, and organisations are actively looking for new ways to reclaim the upper hand against these advanced threats," Arif Kareem, CEO of ExtraHop said.
"ExtraHop is uniquely positioned to help customers defend against these new and emerging attack vectors.
“Adding the resources, expertise, and financial support of Bain Capital Private Equity and Crosspoint Capital Partners will allow ExtraHop to extend our leadership in the network detection and response market and continue to innovate to help our customers stay ahead of the game."
Greg Clark, managing partner at Crosspoint Capital Partners, identified an opportunity in the growing cyber security market.
"The cyber security market is seeing an incredible amount of innovation, and for good reason,” he said.
“With advanced threats like supply chain attacks and ransomware on the rise, the time to invest in accelerating this innovation is now.
“ExtraHop is poised to be one of the revolutionary great companies in this next era of cyber.”
David Sajoto, vice president of sales for Asia-Pacific and Japan at ExtraHop, added, “With Bain Capital Private Equity and Crosspoint Capital Partners, we will continue to invest in our talent, partners, and technology innovations, as well as expand our reach across Asia-Pacific and Japan."
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