Buyout house TPG is buying a business unit of software provider Forcepoint for $2.45 billion from Francisco Partners, according to the Wall Street Journal news report.
TPG is acquiring Forcepoint’s government cybersecurity business, known as Forcepoint Global Governments and Critical Infrastructure. The unit focuses on critical infrastructure for U.S. government and federal agencies.
Francisco which bought Forcepoint from Raytheon Technologies in October 2020 will retain a minority stake in the unit. It will continue to own and manage its commercial cybersecurity business as a separate entity.
Austin, Texas-based Forcepoint develops and creates computer security software, data protection, and firewall solutions. Its business that caters to the U.S. government currently generates about $400 million of annual revenue.
Forcepoint is exploring sale of its governments security unit for more than $2 billion as part of its strategy to focus on growing its commercial business, Reuters reported in April.
