Global private equity major Carlyle Group has sold its majority stake in Ahmedabad-based network security solutions provider Cyberoam Technologies to British IT security solutions firm Sophos for an undisclosed sum.
"During Carlyle's investment, the company's revenues grew over six times and profits nearly quadrupled," Carlyle's Managing Director Shankar Narayanan said today.
First Carlyle Ventures Mauritius, a unit of Carlyle Group, had in 2007 acquired majority stake in Cyberoam's parent company Elitecore Technologies. The network security business got spun off into a separate entity in 2012.
According to a report, the Carlyle growth fund had picked up 80 per cent stake in Elitecore for USD 10.3 million in 2007 and followed it up with an infusion of USD 3.1 million.
"Cyberoam and Sophos complement each other in many ways in a fast-growing network security market. Joining forces will allow us to offer more product innovation and value to our customers and channel," Cyberoam's Managing Director and Chief Executive Hemal Patel said.
