“When Summit invested in our business, we were immediately perceived as a more substantial company. Customers, vendors, potential partners, and acquisition candidates all viewed us more positively, simply because a firm of Summit’s caliber had confidence in us.”
Nieuwegein, The Netherlands
Acquired by McAfee 2007
Nearly doubled EBITDA in 2 years of Summit's investment
Expanded user base from 2 million to 5 million
Grew customer base to more than 4,200 corporate customers
Acquired by McAfee for $350 million
SafeBoot was launched to address the growing demand from corporations for encryption software and management systems on laptops and other mobile data security applications. By 2005, the company had grown to serve an extensive list of Fortune 1000 clients, and its management team saw tremendous potential for further growth as information security had become a top corporate priority.
How Summit helped:
- Led a majority recapitalization to retire early investors
- Worked closely with the CEO to build-out the sales force, which resulted in a meaningful increase in the already high organic growth rate of the business
- Worked with management to help upgrade systems and reporting to public company levels
- Recruited former CIO of the Central Intelligence Agency to the board
- Assisted in preparing company for an IPO, and supported negotiations with strategic acquirer McAfee
By 2007, SafeBoot had become a leading mobile data security provider with 5 million users in more than 75 countries, and the company began preparing for an IPO. While paperwork was being filed, McAfee offered to acquire SafeBoot for $350 million. In November of that year, the acquisition was completed and SafeBoot became the cornerstone of McAfee’s Data Protection Product Business Unit delivering continued strong growth.