Thoma Bravo is exiting its investment in Blue Coat Systems, a cybersecurity company, for a $2.4 billion all cash deal to Bain Capital.
Both Bain and Thoma Bravo declined to comment on the transaction.
Sources familiar with the deal say Bain’s investment came from Bain Capital Fund XI and Bain Capital Europe Fund IV.
Thoma Bravo first acquired the company in 2012, in a $1.3 billion take private deal that included an investment from the Ontario Teachers’ Pension Plan. Since going private, Blue Coat has made a series of acquisitions allowing it to build the largest global cloud security infrastructure offering on the market today.
The company said in a statement that it plans to use the investment from Bain Capital to continue expanding the company and to prepare a return to the public markets. The transaction is expected to close during the first half of 2015.
Both Thoma Bravo and Bain have announced fundraising efforts in recent weeks. According to a Reuters report, Thoma Bravo is asking investors for more funds as a top up for its recently raised $3.65 billion fund. The firm is seeking $1 billion for Thoma Bravo Special Opportunities Fund II, a fund that will invest in deals alongside its main buyout vehicle, Thoma Bravo Fund XI, according to the piece.
As PEI reported earlier today, Bain is also gearing up for its latest Asian fundraising round targeting $2.5 billion for a pan-regional vehicle.