ExtraHop announces completion of acquisition by Bain Capital Private Equity and Crosspoint Capital Partners
Jul 23, 2021
SEATTLE – JULY 22, 2021 – ExtraHop, the leader in cloud-native network detection and response, today announced the completion of its acquisition by Bain Capital Private Equity and Crosspoint Capital Partners. The transaction, first announced on June 8, 2021, valued ExtraHop at $900 million. ExtraHop is poised to accelerate momentum under new ownership and further advance its mission to help organizations detect and respond to advanced threats.
"Software supply chain attacks and the rise of double-extortion ransomware have brought security to the forefront of both business and consumer awareness, and organizations are actively looking for new ways to reclaim the upper hand against these advanced threats," said Arif Kareem, CEO, ExtraHop. "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."
"We are excited to invest behind ExtraHop as a true leader in the next big segment in cybersecurity—network detection and response—which organizations increasingly require to respond to today's escalating threats proactively," said David Humphrey, a Managing Director at Bain Capital Private Equity."
"We are honored to partner with ExtraHop and look forward to working with the team as they continue to build an innovative, best-in-class offering that helps customers defend and overcome advanced threats," added Max de Groen, a Managing Director at Bain Capital Private Equity.
"The cybersecurity market is seeing an incredible amount of innovation, and for good reason. With advanced threats like supply chain attacks and ransomware on the rise, the time to invest in accelerating this innovation is now," said Greg Clark, Managing Partner at Crosspoint Capital Partners. "ExtraHop is poised to be one of the revolutionary great companies in this next era of cyber."
Qatalyst Partners served as the exclusive financial advisor to ExtraHop, and Wilson Sonsini served as legal counsel. Morgan Stanley & CO. LLC served as the financial advisor to Bain Capital Private Equity and Crosspoint Capital Partners, and Ropes & Gray LLP served as legal counsel. PwC served as accounting advisor to Bain Capital Private Equity.
Stay up to date with the latest industry developments: sign up to receive TelecomTV's top news and videos plus exclusive subscriber-only content direct to your inbox – including our daily news briefing and weekly wrap.