Private equity firm Siris Capital is planning to acquire Cybersecurity company Radware. Even as the talks were on, the deal is not assured and may fall apart, a CNBC report said, citing people familiar with the matter.
Siris Capital, which has raised over $5.9 billion of cumulative committed capital, is a tech-focused investment firm. The size of the deal is still under wraps but industry watchers opine that it could be in the range of $US300-400 million. Radware, whose market cap stands at about $1.6 billion and competes with companies such as Cloudflare and Akamai Technologies, provides cybersecurity services to enterprises for protection against attacks.
When Reuters reached out, Radware did not immediately respond to a request for comment, while Siris declined to comment.
Cybersecurity attacks have been rampant this year and ll institutions are grappling with this increase in attacks. Internet banking services of Commonwealth Bank, Westpac and ANZ got disrupted as a result of a major outage. To counter this threat, major efforts are underway – from governments to corporations.
This transaction reflects the increasing strategic, financial, and operational impact of cyber risk to organisations and markets, Moody’s said. A Moody’s Investors Service review of cyber vulnerability and impact identified 13 sectors with high or medium-high risk with total rated debt exceeding $20 trillion, which is more than the size of the entire US and India’s economy combined.
