Clearlake Capital Group LP, a sector-focused investment firm operating integrated businesses across private equity, credit and other related strategies, has invested in BeyondTrust, a provider of privileged access management software services. Clearlake will join existing investor Francisco Partners, a leading global investment firm that specializes in partnering with technology businesses, as an institutional shareholder in BeyondTrust.
BeyondTrust offers protection against data breaches related to stolen credentials, misused privileges and compromised remote access.
“We are thrilled to welcome Clearlake as an investor alongside Francisco Partners to further enable the company to accelerate innovation and drive continued growth,” said Matt Dircks, CEO of BeyondTrust. “With Francisco Partners’ financial support and resources, we not only scaled our global offerings through organic development and meaningful acquisitions, but also expanded and enhanced our cloud product portfolio. The additional investment from Clearlake both reflects the success that BeyondTrust has been able to achieve over the years and validates our mission to revolutionize Privileged Access Management. Going forward, Clearlake’s extensive experience investing in market-leading software companies, particularly in the cybersecurity segment, will help further support our growth and acquisition strategy.”
“BeyondTrust has built an innovative software platform for Privileged Access Management, and we believe that the company is uniquely positioned in the market to continue to experience significant growth in the coming years,” said Behdad Eghbali, co-founder and managing partner, and Prashant Mehrotra, partner, of Clearlake. “We are pleased to join Francisco Partners to support the company as it continues to scale its business and advance its product suite, and we are excited to partner with Matt and the entire BeyondTrust management team to build upon the current momentum to accelerate this next phase of growth.”
“Since our investment in BeyondTrust in 2018, the company has evolved into a market leader in Privileged Access Management solutions and is now positioned at the intersection of several large and growing market segments,” said Dipanjan Deb, co-founder and CEO, and Brian Decker, partner, at Francisco Partners. “We are excited to partner with Clearlake as they join us as an investor in BeyondTrust, and we are eager to continue working together with the BeyondTrust management team to further transform the business and capitalize on the growth opportunities ahead in the security market.”
J.P. Morgan Securities LLC and Credit Suisse served as financial advisor, and Kirkland & Ellis served as legal counsel, to BeyondTrust and Francisco Partners. Sidley Austin served as legal counsel to Clearlake.