You may recall that on April 20, 2015, Raytheon announced the formation of a joint venture with leading private equity firm, Vista Equity Partners, to create a first-of-its-kind commercial company specifically designed to meet the needs of the evolving cybersecurity environment. The joint venture combines 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.

I am delighted to inform you that Raytheon has completed this joint venture transaction. For more information on this announcement, please refer to the press release.

Last month, I outlined how the creation of this joint venture sets an unprecedented standard in the industry – defense-grade cybersecurity for organizations worldwide. We are all incredibly excited at the prospect of developing a next-generation platform based on the deep cybersecurity synergies that exist within this joint venture. The combined strengths of Raytheon Cyber Products and Websense will empower customers to defend against threats, detect successful breaches, make actionable decisions based on context and defeat the advanced and vast scope threats you face. We are calling this vision: 4D Cybersecurity – Defend, Detect, Decide and Defeat. An additional key component of this combined new company will be our long-standing cross domain business. We will continue to invest and expand on our cross domain market leadership position and support our extensive customer base.

Beyond the technological innovations that we will develop to secure our customers' future, I cannot stress enough how important our partners are to our long-term strategy. The next-generation platform will create exciting new business opportunities for you. Our goal is to enable you to address a broader market, solve more customers' needs and do so with a portfolio of cybersecurity solutions that will be unmatched in the industry. I will lead the new company as CEO, which will be headquartered in Austin, Texas and reported as a fifth business segment of Raytheon. Until our corporate naming and branding project is complete, the new company will be known as Raytheon|Websense.

We will keep you updated on this joint venture throughout the coming weeks as the integration proceeds. In the meantime, if you have any questions, please contact your account manager or email RaytheonWebsense.

Thank you for your continued partnership.

John R. McCormack
Chief Executive Officer
Websense, Inc.