Broadcom will be selling its application security testing (AST) asset Veracode for $950 million in cash to private equity investment firm Thoma Bravo.
The deal is expected to close this quarter, pending customary closing conditions and regulatory approvals. Veracode currently has more than 2,000 customers in different industries, including almost a third of Fortune 100, and more than 20 of Forbes’ 100 Most Valuable Brands, it added.
Veracode’s SaaS platform and integrated solutions help security teams and software developers find and fix security-related defects at all points in the software development lifecycle.
Veracode’s Senior Vice President and General Manager, Sam King, will become CEO of Veracode after the transaction is complete.
“Software security is one of the most consequential issues facing companies as they look to compete in the digital economy. We are proud that our SaaS security platform combines multiple application security testing solutions, helping our customers around the world secure the software powering their companies and enabling them to focus on their core business objectives," he said.
“Partnering with Thoma Bravo, a proven security software investor, is expected to extend our market reach and further fuel our innovation so that we can offer the broadest software security platform and empower us to accelerate growth — all to allow us to transform the way companies achieve their software security goals.”
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