Global alternative asset manager The Carlyle Group’s First Carlyle Ventures Mauritius fund has sold its majority stake in Ahmedabad-based Cyberoam Technologies Private Ltd (Cyberoam) to Sophos, a global IT security solution provider, for an undisclosed amount.
Cyberoam is a global network security appliances company with presence in over 125 countries. Signal Hill was the sole financial advisor and J. Sagar Associates was the legal advisor to Cyberoam.
Shankar Narayanan, Managing Director, The Carlyle Group, said, “Carlyle has worked with a talented management team with passion, energy and a commitment to innovation, which has led the company to a prominent position in emerging markets, including No. 1 market share in India and top two/three in Southeast Asia, Africa and the Middle East. During Carlyle’s investment, the company’s revenues grew over six times and profits nearly quadrupled.”
He added, “This is an example of our ability to provide strategic direction to portfolio companies to help the businesses quickly scale to create value for all stakeholders. We wish the company continued success going forward.”
Hemal Patel, Managing Director & CEO, Cyberoam, said, “Cyberoam is a fine example that not all successful technology product innovation happens in the Silicon Valley; it can happen anywhere, with the right drive and vision. We have been successful in building Cyberoam into a global IT products company that displays great product and team strength, and the proven ability to innovate.”
Cyberoam and Sophos complement each other in many ways in a fast-growing network security market, she said, adding that the partnership will pave way to more product innovation and value to customers and channel.