Global security company Forcepoint announced the completed acquisition of the company’s Global Governments and Critical Infrastructure (G2CI) cybersecurity business by asset management firm TPG.
The deal separates Forcepoint’s G2CI and Commercial businesses. It also marks Forcepoint G2CI’s next chapter as an independent company with the flexibility and resources to grow its platform as a comprehensive next-generation cybersecurity provider for the defense, intelligence, and critical national infrastructure industries. TPG bought the business through TPG Capital, its large-scale U.S. and European private equity platform.
Forcepoint G2CI President Sean Berg was named CEO of the new company, effective immediately, as part of the deal. Under Berg’s leadership, the Forcepoint G2CI business grew into an industry leader in Cross Domain and Insider Threat Solutions for government agencies worldwide. As CEO, Berg will focus the strategy on global growth and expansion of the business.
Peter Leav has joined the new company’s Board of Directors as Executive Chairman. Leav is an industry executive who has significant experience growing technology companies. He most recently served as President and CEO of McAfee (a former TPG portfolio company).
Francisco Partners – a leading global investment firm specializing in partnering with technology businesses – will maintain a minority stake in Forcepoint G2CI. The firm also continues to own Forcepoint’s Commercial business.
Citi and Barclays were the financial advisors to Forcepoint and Francisco Partners. Paul Hastings LLP served as legal advisor to Forcepoint and Francisco Partners. Piper Sandler served as financial advisor to TPG and Davis Polk & Wardwell LLP served as legal counsel.
KEY QUOTES:
“For more than 20 years, Forcepoint G2CI has worked to solve government’s most complex challenges – mitigating the risk posed by insiders, enabling remote work, facilitating data sharing in classified environments and securing our nation’s critical infrastructure. As the cybersecurity landscape grows even more complex for public sector organizations worldwide, particularly in the emerging AI era, partnering with TPG positions us to continue to meet our customers’ needs, both now and in the future.”
- Sean Berg
“Teams across all levels of government rely on Forcepoint G2CI to conduct mission-critical business safely and effectively. The transaction provides Forcepoint G2CI with additional flexibility and resources to build upon its trusted platform, serving as a partner of choice to agencies amid an ever-changing operating environment. We look forward to partnering with Sean, Peter, and the G2CI team to invest behind the company’s capabilities and deepen relationships with global government and critical infrastructure customers.”
- Tim Millikin, Partner at TPG
“Cyberattacks from malicious nation-states, bad actors and insiders remain an existential threat to global governments and private industry. The closing of this transaction allows both Forcepoint Commercial and G2CI to focus on simplifying security for their primary customers and bringing to market game-changing solutions that improve efficacy, ease of use, and TCO for security investments.”
- Andrew Kowal, Partner at Francisco Partners
