Audax Private Equity announced it has entered into a definitive agreement to make a strategic growth investment in BlueCat Networks, a leading provider of mission-critical, infrastructure software. Financial terms of the transaction were not disclosed.
Founded in 2001, BlueCat is a leading provider of mission-critical, infrastructure software for network control, automation, and security. BlueCat’s Adaptive DNS™ platform is a dynamic, open, secure, scalable, and automated resource that supports the most challenging digital-transformation initiatives, such as adoption of hybrid cloud, virtualization, and rapid-application development. Some of the largest global enterprises, including 30% of the Fortune 100, trust BlueCat to provide the foundation for digital-transformation strategies such as infrastructure and application modernization, and manage cybersecurity risk through protective DNS security.
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“Since our founding more than two decades ago, BlueCat has strived to ensure reliable, secure, and rapid access from users and devices to clouds and applications — making DNS an enabler of digital transformation and cloud adoption. This investment represents a significant milestone for our company, customers, employees, and all of our stakeholders, as we commence the next phase of our growth journey. Audax has a lengthy and reputable track record of successfully partnering and working collaboratively with software and technology companies in infrastructure and security, in particular by deploying its Buy & Build strategy to expand offerings and move into adjacent markets, and we look forward to benefiting from the firm’s value-add resources,” said Stephen Devito, Chief Executive Officer of BlueCat Networks.
“Having helped some of the biggest enterprises in the world overcome the compounding complexity in their networks, BlueCat possesses a high quality and innovative business model that is primed for both organic and inorganic growth,” said Iveshu Bhatia, Managing Director at Audax. “Importantly, BlueCat is positioned well to capitalize on the growth in network complexity driven by device expansion, cloud adoption and security requirements with its existing customers, and accelerate new customer growth through additional investment in channel partnerships. We are thrilled to have the unique opportunity to work closely with Stephen and the entire BlueCat management team to help take BlueCat to the next level,” said Timothy Mack, Managing Director at Audax.
Doug Grissom, Managing Director at MDP, said, “It has been a pleasure to work with Stephen and the entire BlueCat team and help them grow the business and extend BlueCat’s leadership as the trusted partner for companies implementing digital-transformation initiatives. We are confident that BlueCat has a bright future ahead in partnership with Audax.”
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The transaction is anticipated to close in the third quarter of 2022 and is subject to certain closing conditions, including the waiting period required by the Hart-Scott-Rodino Act. Upon closing, Audax will own a controlling stake in BlueCat, with MDP fully realizing its investment in BlueCat.
William Blair and Nomura Securities International, Inc. are serving as financial advisors to BlueCat. Ropes & Gray is serving as legal counsel to Audax and Kirkland & Ellis is serving as legal counsel to BlueCat and MDP.
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