Private equity firms Bain Capital and Crosspoint Capital will acquire cybersecurity startup ExtraHop for $900 million. It’s one of the largest acquisitions of a Seattle-area tech startup to date, and comes amid heightened cybersecurity concerns across industries.

ExtraHop uses machine learning to help companies prevent, detect, and eliminate threats on their networks, operating in a fast-growing sector of cybersecurity called “network detection and response.” It has around 1,000 customers including The Home Depot, Concur, Seattle Children’s, Ulta Beauty, and others. The 14-year-old company — which hinted at an IPO in the past — hit $100 million annual recurring revenue in the first quarter and expects that metric to grow by 40% this year.

Cybersecurity has been in the spotlight over the past year and particularly the last few months with large attacks affecting various entities including the meat industry, tech giants, federal agencies, and a major gas pipeline. The pandemic also provided new hacking opportunities as businesses shifted online and cyber criminals capitalized on the health and economic distractions.

Read more/Source: Geek Wire