The global investment firm KKR and to-end cybersecurity solution provider Optiv Security have signed a definitive agreement under which KKR will acquire majority stake in Optiv.
The financial terms of the transaction have not been disclosed; however, Herald Chen, co-head of KKR's technology, media and telecom investment team, said the firm's goal is to accelerate investment in Optiv's product and service capabilities to expand its presence. In the last three years, Optiv has worked with 7,500 clients in 76 countries.
"Cybersecurity has been a growing focus and pain point for companies over the last decade, and is now one of the highest priorities for global enterprises," Mr. Chen said. "We have been following the cyber security sector very closely over the past several years and believe Optiv represents an attractive investment opportunity given its market leadership as a critical partner and advisor to the Global 1000."
Prior to this agreement, Optiv's majority stake was held by a group of private investors, including a private equity fund managed by Blackstone. The fund will maintain minority interest in Optiv.