Buyout house TPG is buying a business unit of software provider Forcepoint for $2.45 billion from Francisco Partners, the Wall Street Journal reported on Sunday, citing people familiar with the matter.
TPG is acquiring government cybersecurity firm Forcepoint, known as Forcepoint Global Governments and Critical Infrastructure, according to the report. The unit focuses on critical infrastructure for the US government and federal agencies.
Francisco, which bought Forcepoint from Raytheon Technologies in October 2020, will retain a minority stake in the unit, he told the WSJ, adding that it will continue to own and manage its cybersecurity business as a separate entity.
TPG and Francisco Partners declined to comment, while Forcepoint did not immediately respond to a request for comment.
Based in Austin, Texas, Forcepoint develops and creates software for computer security, data protection and firewall solutions. Its business, which caters to the US government, currently generates roughly $400 million in annual revenue.
Forcepoint is exploring the sale of its government security unit for more than $2 billion as part of its strategy to focus on growing its commercial business, sources said in April.