This acquisition will allow Raytheon to have majority ownership of a new company it will create as a separately reported Raytheon business segment, according to a press release. The new company's CEO will be John R. McCormack, current CEO of Websense.
“The new joint venture will combine Raytheon Cyber Products and Websense capabilities to deliver the advanced, defense-grade technology solutions needed to meet this evolving threat,” said Thomas A. Kennedy, company chairman and CEO of Raytheon in the company's press release.
A board of directors will also be established with representatives from both Raytheon and Vista Equity Partners.
Vista will invest approximately $335 million for a nearly 20 percent equity stake in the new company.