Private equity firm to acquire Herndon tech company

Thoma Bravo to buy Exostar

Published June 2, 2020 by Sydney Lake

Herndon-based tech company Exostar LLC announced Tuesday it will be acquired by private equity firm Thoma Bravo LLC.

The transaction amount was not disclosed. 

Exostar is a cloud-based platform that allows companies to securely share information and operate with security compliance. The platform is used by more than 135,000 aerospace and defense organizations across 150 countries. Thoma Bravo specializes in the software and technology-enabled services sector and will partner with Exostar’s management to expand the company’s cybersecurity offerings.

“Our corporate vision remains unchanged … to be a trusted, innovative leader in secure business collaboration for highly-regulated industries,” Exostar President and CEO Richard Addi said in a statement. “Thoma Bravo’s strategic investment positions us to more rapidly expand our community and deliver the digital trust that must exist between an enterprise and its suppliers, customers and partners.”

Founded in 2000, Exostar was developed as a joint venture among BAE Systems plc, The Boeing Co., Lockheed Martin Corp., The Raytheon Co., Rolls-Royce Holdings plc and Merck & Co. Inc. In 2015, Exostar raised $15 million in venture capital from Merck Global Health Innovation Fund. 

Kirkland & Ellis is serving as legal adviser to Thoma Bravo. Exostar is using AGC Partners as its financial adviser, and Latham & Watkins LLP as its legal adviser in the transaction.

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