Private equity firm Vista Equity Partners is buying Websense Inc. (Nasdaq: WBSN) for about $1 billion.
The purchase price works out to $24.75 per share in cash. The company's stock closed at $19.23 on May 17, the last day of trading before the deal was announced. On May 20, Websense stock was trading at $24.74.
San Diego-based Websense provides security services that aim to protect organizations from cyber-attacks and data theft.
Vista Equity Partners, headquartered in San Francisco, has $6.6 billion in capital under management. The company has invested in Accruent LLC, a real estate management service, Bullhorn Inc., a software for recruiting firms, and MRI Software LLC, a real estate and investment management software. The firm closed a $3.5 billion fund in May 2012.
In May, McAfee agreed to pay $389 million for Stonesoft Oyj, which develops network firewall products for computer security.
Bank of America Merrill Lynch is Websense’s financial adviser, while Cooley LLP is the company’s legal counsel. Kirland & Ellis LLP is Vista’s legal adviser. J.P. Morgan Securities LLC, RBC Capital Markets and Guggenheim Partners are providing debt financing for the deal.