Private equity newcomer Siris Capital Group LLC has agreed to buy the Junos Pulse product portfolio from Juniper Networks Inc. (NYSE: JNPR) for roughly $250 million.
The New York financial sponsor, which was spun out of SAC Capital Advisors LP — a $12 billion hedge fund run by Steven Cohen—in 2011, tapped into its debut fund of $641 million to facilitate the deal.
Pulse software allows users to access secure networks by check device type, location and identity as a way to reinforce corporate access control policies.
Juniper’s divestiture of Pulse coincides with a new strategy that will enable the company to focus on the next-generation of cloud computing. According to public statements by Juniper CEO Shaygan Kheradipir, the Pulse assets were not in line with the Sunnyvale, California-based company's strategy, which tends to focus on cloud computing and security products.
Siris, a specialist in in the technology sector, recently acquired Stratus Technologies for $353 million.