Netwrix Announces Strategic Investment from Centerbridge Partners
Leveraging the new investment and continued partnership with TA, Netwrix aims to expand market leadership in data security solutions.
FRISCO, TX, May 9, 2023 – Netwrix, a cybersecurity vendor that makes data security easy, today announced a new strategic investment with Centerbridge Partners L.P. (Centerbridge), a global multi-strategy private equity firm. TA Associates (TA), a leading global private equity firm, remains the majority shareholder, with members of Netwrix’s senior management team and Updata Partners retaining minority positions in the business.
"Netwrix solutions help organizations of any size strengthen their security posture across all the primary attack surfaces: data, identity and infrastructure, as well as ensure regulatory compliance," said Steve Dickson, CEO of Netwrix. "With Centerbridge and TA's backing and technology acumen, we're well positioned to address our customers' mission-critical needs."
Netwrix solutions help over 13,000 organizations worldwide identify and protect sensitive data to reduce the chance of a breach, and detect, respond to and recover from security threats while ensuring regulatory compliance. The Company’s offerings span data access governance (DAG), identity and access management (IAM), privileged access management (PAM) as well as Active Directory security and Ransomware protection.
“Netwrix has continually demonstrated its ability to innovate and identify software that best addresses the complex data security challenges facing enterprises today,” said Jared Hendricks, Senior Managing Director at Centerbridge and Chris Litchford, Managing Director at Centerbridge. “We look forward to partnering with the Netwrix team and TA to promote innovation and further scale the Company.”
“Since TA’s initial investment in 2020, Netwrix has increased annual recurring revenue fivefold, driven by the Company’s transition to a fully subscription business model, investment in new offerings and several strategic acquisitions,” said Mike Libert and Harry Taylor, both Managing Directors at TA. “Given Netwrix’s established industry leadership, we believe there is a clear runway for further organic and inorganic growth in partnership with the Centerbridge team.”
“Netwrix has a history of delivering cutting-edge capabilities and excellent employee and customer satisfaction,” said Dan Mayleben, Executive Chairman of Netwrix. “We are grateful for the confidence Centerbridge and TA continue to have in the business.”
The transaction is expected to close in the third quarter of 2023. Financial terms of the transaction were not disclosed.
Jefferies LLC served as financial advisor to Netwrix and TA. DLA Piper and Goodwin Procter LLP provided legal counsel to TA. Moelis & Company served as financial advisor to Centerbridge and Kirkland & Ellis LLP provided legal counsel.
Netwrix makes data security easy. Since 2006, Netwrix solutions have been simplifying the lives of security professionals by enabling them to identify and protect sensitive data to reduce the risk of a breach, and to detect, respond to and recover from attacks, limiting their impact. More than 13,000 organizations worldwide rely on Netwrix solutions to strengthen their security and compliance posture across all three primary attack vectors: data, identity and infrastructure. For more information, visit www.netwrix.com.
TA is a leading global private equity firm focused on scaling growth in profitable companies. Since 1968, TA has invested in more than 560 companies across its five target industries – technology, healthcare, financial services, consumer and business services. Leveraging its deep industry expertise and strategic resources, TA collaborates with management teams worldwide to help high-quality companies deliver lasting value. The firm has raised $48.6 billion in capital to date and has more than 150 investment professionals across offices in Boston, Menlo Park, Austin, London, Mumbai and Hong Kong. More information about TA can be found at www.ta.com.
Centerbridge Partners, L.P. is a private investment management firm employing a flexible approach across investment disciplines—private equity, private credit and real estate—in an effort to develop the most attractive opportunities for our investors. The firm was founded in 2005 and, as of January 31, 2023, has approximately $36 billion in capital under management with offices in New York and London. Centerbridge is dedicated to partnering with world-class management teams across targeted industry sectors and geographies. For more information, please visit www.centerbridge.com.