Appgate Successfully Completes Recapitalization and Embarks on Next Phase of Growth
2024年7月3日 - 10:00PM
ビジネスワイヤ(英語)
Company emerges debt free from
recapitalization, launches new malware analysis service and
releases enhanced version of its Universal Zero Trust Network
Access Solution
Appgate, the secure access company, today announced the
successful completion of its recapitalization process and
transition to a private company. Post emergence, the company has
significantly strengthened its financial position with no issued
corporate debt outstanding and enhanced its capital reserves to
support and expand operations. As a result of this transition,
certain of Appgate’s existing lead investors have become the
majority equity owners of the company.
Building on this solid financial foundation as a private entity,
Appgate has secured additional equity financing from Magnetar, a
leading alternative investment firm with $15B1 in assets. This
investment is an important element of Appgate’s broader financial
restructuring to further fortify the company as it seeks to
strengthen its platform and drive sustainable growth.
A leading provider of Universal Zero Trust Network Access (ZTNA)
and Online Fraud Protection, Appgate maintained a strong customer
experience throughout the company’s transition to a private entity
and continued to see growing demand for its products. Appgate won
significant new business during the recapitalization process,
including the finalization of a meaningful deal with the Department
of Defense.
The company also recently released Appgate SDP 6.3, the latest
version of its award-winning Universal Zero Trust Network Access
(ZTNA) solution, which enables network transformation by hardening
an organization’s perimeter and securing its most valuable assets,
while reducing costs. The new version includes an AI-based risk
engine and maximizes resiliency, speed and performance to create a
more agile, efficient and secure network, improving business
continuity, security and performance.
Additionally, the company recently launched a new malware
analysis service, aimed at helping customers mitigate cyberthreats
by identifying and neutralizing malicious software.
“We are pleased to have completed our recapitalization to
strengthen our balance sheet and enhance our financial flexibility
as we seek to drive increased value for all Appgate stakeholders,”
said Leo Taddeo, CEO and President, Appgate. “Emerging from this
process, and on the heels of two consecutive quarters of strong
growth, we are moving forward with momentum and a fortified capital
structure that supports our ability to capitalize on the growing
market and increased demand for cybersecurity solutions that meet
the needs of today’s largest enterprises and government
agencies.”
Mr. Taddeo continued, “Through this recapitalization, Appgate is
now well positioned to increase investments in new technologies,
enhance the customer experience and pursue new customer acquisition
in our pursuit of profitable growth. We look forward to deepening
our partnership with our long-term investors to strengthen the
company for the future and drive continued innovation in securing
and protecting organizations’ most valuable assets and
applications.”
Kirkland & Ellis LLP served as legal advisor and Portage
Point Partners, LLC served as investment banker and financial
advisor to the company. Willkie Farr & Gallagher LLP served as
legal advisor and Uzzi & Lall and M3 Partners served as
financial advisors to certain Appgate investors.
About Appgate
Appgate secures and protects an organization's most valuable
assets and applications. Appgate is the market leader in Zero Trust
Network Access (ZTNA) and online fraud protection. Appgate products
include Appgate SDP for Universal ZTNA and 360 Fraud Protection.
Appgate services include threat advisory analysis and ZTNA
implementation. Appgate safeguards enterprises and government
agencies worldwide. Learn more at appgate.com.
1 As of March 31, 2024.
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ZAG Communications for Appgate appgate@zagcommunications.com