Quest Software, a cybersecurity, data intelligence, and IT operations management software provider, has signed a definitive agreement with investment firm Clearlake Capital Group, L.P. to acquire the company from Francisco Partners. Patrick Nichols, current CEO of Quest, will continue to lead the company supported by the existing executive management team. Upon closing of the transaction, Clearlake will become the majority shareholder in Quest. The terms of the transaction were not disclosed.
Founded in 1987, Quest Software has built a reputation over three decades as a critical software solution provider for security-sensitive customers.
The transaction is expected to close in the first quarter of 2022, pending customary regulatory approvals and closing conditions. Goldman Sachs acted as sole lead financial advisor to Quest. J.P. Morgan also acted as financial advisor and Paul Hastings LLP acted as legal advisor to Quest.
Silicon Valley Tech Investment Bank and Morgan Stanley along with BoA Securities, Barclays, Evercore, and William Blair acted as financial advisors to Clearlake. Sidley Austin LLP acted as legal advisor to Clearlake.
Goldman Sachs, Morgan Stanley, BoA Securities, Barclays, Credit Suisse, BMO Capital Markets and Citigroup provided committed debt financing for the transaction.