Thoma Bravo snaps up digital forensic software firm Magnet Forensics for $1.3B


Private equity firm Thoma Bravo has continued on its security-related company buying spree, entering into an agreement to acquire publicly listed Canadian digital forensic software firm Magnet Forensics Inc. for CAD $1.8 billion ($1.3 billion).

Founded in 2009, Magnet Forensics develops software solutions to assist forensic professionals in investigating cyberattacks and digital crimes. The company’s services include case management, incident response, digital forensics and human resources investigations.

The company’s Magnet Axiom Cyber software offers robust digital forensics and incident response for businesses that need to perform remote acquisition and collect and analyze evidence from computers, the cloud and mobile devices. Other software offerings from Magnet Forensics cater to law enforcement, federal agencies, the military and intelligence.

Post-acquisition, Magnet Forensics will be combined with digital forensic solutions provider Grayshift LLC. Thoma Bravo acquired a majority stake in Grayshift in July. The offering from both companies is expected to create a new end-to-end digital investigations platform empowering public safety agencies around the world to assist them in seeking justice, solving crimes and protecting victims.

The combination will see Grayshift’s mobile device digital forensics, specializing in lawful access and extraction, combined with Magnet Forensics’ digital investigation suite to deliver customers a platform to extract, process, examine, collaborate on and manage digital forensic evidence.

“We believe the combination of Magnet and Grayshift will unlock tremendous value for our customers by further integrating and expanding our product suite which will result in more seamless workflows in the recovery and analysis of critical digital evidence to investigations and ultimately contribute to our shared mission of the pursuit of justice,” Adam Belsher, chief executive officer of Magnet Forensics, said in a statement. “We are confident that this transaction — joining two complementary organizations to form a new private company — offers the most compelling value creation for all our stakeholders and is a testament to the value of digital investigation solutions.”

The acquisition of Magnet Forensics has received board approval but is still subject to shareholder approval at a meeting scheduled in March.

Previous Thoma Bravo acquisitions include identity management provider ForgeRock Inc. for $2.3 billion in October, cybersecurity provider SailPoint Technologies Holding Inc. for $6.9 billion in April and business management software provider Coupa Software Inc. for $8 billion in December – and that’s just the big ones. According to Crunchbase, Thoma Bravo has made over 100 acquisitions and averaged nearly two acquisitions a month last year.

Image: Magnet Forensics

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