Symphony Technology Group (STG) purchased a 70% majority stake in RedSeal, the US-based cybersecurity analytics platform developer backed by fire protection and security company Tyco, on Wednesday.
The size of the deal was undisclosed, but VentureBeat reported that the investment took RedSeal’s total funding to $142m, which would place the size of the transaction at approximately $60m.
Founded in 2004, RedSeal has developed an analytics software platform that maps an organisation’s entire network security infrastructure to find weaknesses, risks and blind sports in cloud and physical networks.
The company’s customers span areas such as governmental organisations as well as the financial, healthcare, utilities, retail, technology and manufacturing industries.
Ray Rothrock, chairman and chief executive of RedSeal, said: “STG’s collaboration and investment will help us further strengthen our position in the industry, expand and pursue growth opportunities, and drive increasing value to our customers.”
RedSeal has not revealed whether any of its backers exited in the deal. Tyco took part in its $17m series C round in 2015, investing alongside Math Venture Partners, Pallasite Ventures, DRW, Venrock, Sutter Hill Ventures, Icon Ventures, Leapfrog Ventures and Olympic Ventures.
The company had raised approximately $50m prior to that round, from investors including Venrock, Sutter Hill, Leapfrog Ventures, OVP Venture Partners, Jafco Ventures and In-Q-Tel. It added $5m from unnamed investors in 2016 according to a regulatory filing.
Atlas Technology Group was financial adviser to STG while Paul Hastings was legal adviser for the deal. Wilson, Sonsini Goodrich and Rosati was RedSeal’s legal adviser.