Forcepoint to sell business unit to TPG

Security firm Forcepoint - which is backed by Francisco Partners - said on Monday that it has agreed to sell its Global Governments and Critical Infrastructure (G2CI) business to alternative asset management firm TPG.

The deal will separate Forcepoint’s Commercial and G2CI businesses and will establish G2CI as an independent entity.

Investment firm Francisco Partners bought Forcepoint in January 2021 from Raytheon Technologies.

Forcepoint said the transaction will enable G2CI to operate with greater flexibility and focus, "positioning the new company to grow its platform as a comprehensive, next-generation cybersecurity provider for defence, intelligence, and critical national infrastructure organisations across the globe".

No financial details were given but the Wall Street Journal has reported a potential purchase price of $2.45bn.

Tim Millikin, partner at TPG said: "Today’s operating environment - one in which data volumes are compounding, attack surfaces are broadening, and threats are growing in sophistication - demands dynamic security solutions.

"This is especially true for the public sector, and Forcepoint has designed its platform to address the unique complexities of government objectives and culture."