Friday, November 9, 2012

Crossbeam Acquired by Private Equity Firm

Crossbeam Systems has been acquired by Thoma Bravo, a private equity firm, for an undisclosed sum.  Crossbeam’s current senior management team will continue to manage the company.

Crossbeam is best known for its X-Series network security platform or network operators.  The company is based in Boxborough, Mass. and has more than 200 employees worldwide.

Thoma Bravo currently manages a series of private equity funds representing almost $4 billion of equity commitments.  In software, Thoma Bravo has completed 54 add-on acquisitions across 25 platform companies with total annual earnings of approximately $1 billion.

“Crossbeam is in a stronger-than-ever position to strengthen and expand our customer solutions,” said Mike Ruffolo, president and CEO of Crossbeam. “Thoma Bravo’s support and expertise in the software and technology industries will allow us to pursue new products and services through strategic initiatives and potential acquisitions to enhance our offerings.”

Google Venture Fund Boosted to $300 Million/Year

Google announced a 50% increase in the size of the Google Ventures fund to $300 million in new investments per year.  The company now has over 130 start-ups in its portfolio.