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The Wire

Mar. 18, 2022

TA backs Veracode, as PE-backed cybersecurity deals heat up; plus, spotlight on Acon’s Anjali Jolly

Happy Friday, Hubsters. MK Flynn here with the Wire.

 

Last Friday, I predicted we’d see more private equity-backed cybersecurity transactions, and, indeed, this week, some new deals were announced.

 

Application security. Here’s one that caught my eye: TA Associates is making a significant growth investment in Veracode, while current majority stake holder Thoma Bravo is retaining a minority position.

 

Veracode helps companies develop more secure software, enabling them to find and fix vulnerabilities. The transaction, which values Veracode at $2.5 billion, is expected to close in the second quarter.

 

Cybersecurity confab. In another indication of private equity’s keen interest in cybersecurity, Crosspoint Capital bought a significant interest in RSA Conference from RSA Security. RSAC, which hosts an annual event that brings together more than 40,000 attendees, will become a standalone business. Existing RSA Security sponsors Clearlake Capital and Symphony Technology Group are also investing in the new company.

 

Women’s History Month. In the Wire throughout March, we’re highlighting the dealmakers PE Hub and Buyouts named Women in private equity: The class of 2022.

 

Today, we’re focusing on Anjali Jolly, partner, Acon Investments, profiled by Aaron.

 

After Harvard Business School, Jolly joined growth equity firm Perseus as a vice-president and eventually was promoted to managing director, and she became part of the investment committee, Aaron reports. Then she joined Acon in 2018 as a partner. While at Acon, Jolly has invested in three portfolio companies and sold two.

 

For more, read the whole report, in which we profile 10 stellar dealmakers.

 

Works in progress. As we wrap up the week, I want to let you know about some stories we’re working on at PE Hub and invite you to reach out to us with ideas, tips and sources.

 

Aaron Weitzman is continuing to look for healthcare-focused PE firms to profile, as well as healthcare deals to spotlight. Email him at [email protected] and check out his story on Deerfield here.

 

Obey Martin Manayiti, who joined our team as a reporter this week, is currently exploring PE-backed deals in logistics, especially investments in companies that aim to solve supply chain problems. Email him at [email protected].

 

As for me, I’m always on the hunt for high-profile PE pros to interview for my Q&A series. Check out my conversation with EQT CEO Christian Sinding on his firm’s $7.5 billion acquisition of Baring Private Equity Asia and email me at [email protected].

 

Hope you have a great weekend!

 

Until Monday,

MK

 

Read the full wire commentary on PE Hub ...

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Bernhard Capital, which invests in companies that provide services to the energy and industrials sectors, is raising its third fund as the firm continues its steady growth, a person with knowledge of the firm told Buyouts.

 

SEC Chairman Gary Gensler’s proposed compliance review rules won’t just keep private fund advisers from outsourcing their fiduciary duties or charging some fees and expenses—they’ll blow up existing agreements where those waivers, fees or expenses are in place, experts warn. (Buyouts)

 

Whitehorse Liquidity Partners will bring its assets under management up to at least $14 billion if it hits the hard-cap on its latest fund, US pension documents show. (Secondaries Investor)