Security Sales & Integration February 2023 - 41

scale in automatic entry products,
maintenance, and installation.
platform acquisition in the cybersecurity
sector above +$1B in 2022.
▶ In March 2022, Motorola acquired Ava
Security for $387M. Ava is a developer
of a video security platform and adds
to the rapidly growing number of video
surveillance acquisitions made by Motorola
as it looks to solidify its position as one of
the industry's largest vendors.
▶ In January 2022, APi Group Corp.
completed its acquisition of the Chubb Fire
& Security business, a provider of design,
installation, monitoring and maintenance,
for $3.1B. This helps expand APi's services
and statutorily mandated recurring revenue
services and should produce significant
cost and revenue synergies between the
businesses.
▶ Securitas AB closed on the acquisition of
Stanley Security Integration in July 2022
for $3.2B, adding scale to their highermargin
technology and solutions offerings.
Cybersecurity M&A
▶ In October 2022, Thoma Bravo announced
its pending acquisition of ForgeRock for
~$2B, representing a 10.6x EV/revenue
multiple and 53% premium over the
unaffected share price. ForgeRock is a leader
in digital identity protection solutions and
is Thoma Bravo's third announced or closed
▶ In September 2022, Vista Equity Partners
acquired KnowBe4 for $4.4B, or 15.2x
EV/revenue. KnowBe4 operates a SaaS
cybersecurity awareness platform enabling
organizations to analyze security risks and
automate compliance and audit functions.
▶ Sailpoint Technologies, a leading provider of
enterprise identity governance solutions, was
acquired by Thoma Bravo for $7B, or 15.2x
EV/revenue in April 2022. This will serve as
a major platform acquisition and shows the
continued investment into top end of the
cybersecurity sector by private equity firms.
▶ In April 2022, Kaseya announced its
acquisition of Datto for $6B, or 9.4x EV/
revenue, supported by its financial sponsor
Insight Partners. Datto, a provider of a
Cloud-based security and IT continuity
solutions, will strengthen Kaseya's IT
Complete platform marketed to MSP
partners. SSI
THOMAS McCONNELL is a Managing Director
at Capstone Headwaters, an investment
bank, where he focuses on M&A and raising
capital for cybersecurity and physical security
companies in the middle market. Also
contributing: Associate Patrick Hashmall
and Analysts Daniel Konst & Sam Musler.
Industry merger
and acquisition
activity in 2022
maintained pace
with 2021 M&A
activity as 450+
transactions were
announced or
completed.
securitysales.com
FEBRUARY 2023 Security Sales & Integration
41
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Security Sales & Integration February 2023

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