Clearlake Capital, TA Associates Investing in DigiCert Inc.

Date : 07/09/2019 @ 6:39PM
Source : Dow Jones News
Stock : Symantec Corporation (SYMC)
Quote : 23.71  -0.05 (-0.21%) @ 11:49PM

Clearlake Capital, TA Associates Investing in DigiCert Inc.

Symantec (NASDAQ:SYMC)
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By Colin Kellaher

 

Private-equity firms Clearlake Capital Group L.P. and TA Associates will invest an undisclosed amount to become equal partners in DigiCert Inc., the web-certification company said Tuesday.

DigiCert said Chief Executive John Merrill and its current management are investing alongside Clearlake and TA, and will continue to lead the Lehi, Utah, company, which was founded in 2003.

Boston-based TA Associates in 2012 invested an undisclosed amount for a majority stake in DigiCert. Private-equity firm Thoma Bravo LLC in late 2015 acquired a majority stake in DigiCert, with TA Associates retaining a minority interest.

Cybersecurity firm Symantec Corp. (SYMC) in late 2017 sold its website-security business to DigiCert for about $950 million in cash and a roughly 28% stake in DigiCert, valued at the time at $160 million. In a May filing with the Securities and Exchange Commission, Symantec said it had reduced the carrying value of its DigiCert stake to $32 million as of March 29.

DigiCert posted revenue of $313 million, a gross profit of $250 million and a net loss of $342 million last year, according to Symantec's SEC filing.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

July 09, 2019 13:24 ET (17:24 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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