RAYTHEON CYBER PRODUCTS AND WEBSENSE COMBINE TO CREATE PIONEERING NEW CYBERSECURITY COMPANY
As Websense CEO, I have an exciting announcement to make about the future of our organization. Today Raytheon announced the formation of a joint venture with leading private equity firm Vista Equity Partners to create a first-of-its-kind commercial cybersecurity company specifically designed to meet the needs of the evolving cybersecurity environment. This joint venture will combine Websense, a leading provider of data theft prevention and Vista Equity Partners portfolio company, with Raytheon Cyber Products, the products-focused portion of Raytheon's overall Cyber business.
This company sets a new standard in the market—defense-grade cybersecurity for organizations worldwide.
We are combining Raytheon's unique expertise in protecting critical assets with Websense's proven ability to defend against advanced cyber-attacks and data theft. Our goal is to become the leading security vendor by providing defense-grade cybersecurity that meets your complex and ever-evolving challenges. I will have the privilege of leading this new company as CEO and we will be headquartered in Austin, Texas. To support the operational agility required in the commercial market, the new company will have its own Board of Directors with representation from both Raytheon and Vista Equity Partners. We anticipate the transaction will close in the second quarter of 2015, subject to regulatory approvals and other closing conditions.
I want to emphasize what this development means for you, a valued Websense customer.
First, we expect to deliver greater value to your existing Websense investment with intellectual property that was originally developed to protect some of the most targeted assets in the world from highly sophisticated cyber threats. This is the first time that a major cyber defense organization is broadly addressing the modern information security needs of enterprises around the globe. The solution offerings of Websense and Raytheon Cyber Products are highly complementary, and we will be defining a uniquely exciting roadmap and technology integration plan.
Second, Raytheon is a multibillion-dollar company with a 92-year history that regularly spends hundreds of millions of dollars a year in research and development. As Websense and Raytheon Cyber Products combine, there will be access to a much broader set of research and development (R&D) capabilities and investments backed by the stability of a company that has been in business for more than nine decades.
Third, new products and functionality will be added as R&D efforts realize the combination of intellectual property—in the form of technology, patents, methods and cyber intelligence—generated from years of protecting some of the world's most sensitive assets. We will continue to unveil new security capabilities that will significantly extend the scope of your current defenses.
The combined strengths of Raytheon and Websense will empower you to defend against threats, detect successful breaches, make actionable decisions based on context and defeat the advanced and vast scope threats you face. Defend, Detect, Decide and Defeat – 4D Cybersecurity.
Following this announcement, I expect you will have questions and we will strive to keep you apprised of this venture. Please look out for other communications on this topic. If you have any questions, please contact your Websense account manager or email RaytheonQuestions@websense.com.
It is our firm belief that today's news will ensure the continued long-term security of our customers with innovation, resources and capabilities that are unmatched by any other company in our industry. Thank you for your continued support. We look forward to this exciting journey with you.
John R. McCormack
Chief Executive Officer