SonicWall's private equity owners are preparing to put the cybersecurity technology company up for sale, PE Hub reports.
Francisco Partners and Elliott Management acquired SonicWall from Dell Technologies in 2016. Now, those private equity firms have hired Morgan Stanley to advise on the SonicWall sale process, which is expected to start in late June 2021, PE Hub reports.
SonicWall has longstanding relationships with MSPs and MSSPs worldwide. Many of those partnerships initially involved managed firewall services.
Under CEO Bill Conner, SonicWall expanded the MSP and MSSP partner strategy to include more formalized efforts that extend across network, email, management, monitoring and reporting solutions.
Among the key moves: SonicWall updated its Boundless Cybersecurity portfolio in August 2020 to help MSSPs secure large-scale customer networks and remote workforces.
SonicWall's revenue, profits and estimated valuation are undisclosed. The cybersecurity company and the private equity firms did not comment about the PE Hub report.
