July 10, 2018 / 3:37 PM / 12 days ago

Thoma Bravo to buy majority stake in cybersecurity firm Centrify: sources

NEW YORK (Reuters) - Thoma Bravo LLC has agreed to acquire a majority stake in Centrify Corp, according to people familiar with matter, adding to the technology-focused buyout firm’s portfolio of cybersecurity companies.

Thoma Bravo is buying the interest in Santa Clara, California-based Centrify owned by venture capital investors that include Mayfield, Accel Partners and Index Ventures, two people said, adding that the deal could be announced as early as Tuesday.

Centrify was founded by Tom Kemp, Adam Au and Paul Moore in 2004, and offers user-verification software to over 5,000 organizations. For the fiscal year ended June 30, 2017, it posted sales of more than $100 million.

Thoma Bravo has already invested in other cyber security firms such as DigiCert Inc, Bomgar Corp and LogRhythm Inc.

High-profile data breaches in recent years involving companies such as consumer credit score provider Equifax Inc (EFX.N) and Sony Corp’s (6758.T) video game online network have heightened the focus around the importance for businesses of protecting themselves from cyber threats.

The cybersecurity market is expected to grow from around $138 billion in 2017 to over $230 billion by 2022, according to research firm MarketsandMarkets.

Reporting by Joshua Franklin; Editing by Lisa Shumaker

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