Funds advised by Apax Partners today announced the signing of a definitive agreement to acquire a majority stake of global managed security services provider Herjavec Group (HG).
Under the deal, Robert Herjavec, who founded the award-winning company in 2003, will stay on as chief executive officer and remain a significant stakeholder.
Herjavec said he "couldn’t be more thrilled" to welcome the Apax Partners team to his award-winning company.
Describing what the business has achieved so far, Herjavec said: "Over the past seventeen years, HG has remained steadfast in our mission to make enterprises around the world more secure. We have succeeded in that effort by developing an industry-leading 24/7 Managed Security Services practice, by advancing our proprietary IP, by diversifying our offerings to include Advisory, Managed Detection & Response, Identity and Incident Response services, and by hiring what I fundamentally believe is the very best team in the world."
For Herjavec, the planned acquisition is recognition of the work that he and his colleagues have put in over the years.
"This acquisition and the growth funding that results is a testament to our entire team, and to our loyal customer base who has entrusted us with their mission critical assets," said Herjavec.
"I am excited for this next phase in our growth trajectory as we continue to earn their trust by expanding our localized support models, deepening our Managed Security Services offerings and furthering our platform development to drive incremental automation, efficiency and security ROI.”
Apax plans to partner with HG's management team to accelerate international expansion efforts and advance the “HG Identity” and “HG SOAR” proprietary platforms.
"We are excited to partner with Robert and [his] team as we look to drive the business forward, investing in continued product innovation and growth acceleration while maintaining the company’s number one priority: customer centricity,” said Apax partner Rohan Haldea.
No financial terms of the deal have been disclosed. Dentons US LLP is serving as legal counsel to Herjavec Group, and Kirkland & Ellis LLP is serving as legal counsel to Apax.
The proposed acquisition follows Apax Funds’ prior investments in Sophos and in Coalfire, a cybersecurity advisory business acquired by the Apax Funds in 2019.