Global private equity investor Advent International has signed a definitive agreement to acquire Forescout Technologies in an all-cash transaction valued at $1.9 billion. The agreement is one of the biggest acquisitions of an Israeli-founded company.

Forescout Technologies was founded in 2000 by Israelis Oded Comay, Hezy Yeshurun, Doron Shikmoni and Dror Comay. It provides device visibility and control solutions for enterprises and government agencies, allowing them to reduce cyber and operational risks.

Based in San José, California, Forescout retains a development center in Tel Aviv. It has some 3,400 customers in over 85 countries.

Forescout went public on the New York Stock Exchange in 2017 with shares selling at $22. Advent, together with Crosspoint Capital Partners, is set to acquire all outstanding shares of Forescout common stock for $33 per share.

“Forescout has established itself as a leader in device visibility and control, with the most advanced platform in the market,” said Forescout CEO Michael DeCesare.

“We are still in early innings of a large market opportunity as every organization needs visibility into what is connecting to their network and how to mitigate against high risk devices, including non-traditional IoT and OT devices. This transaction represents an exciting new phase in the evolution of Forescout.”

The acquisition agreement includes a 30-day “go-shop” period, during which Forescout can solicit alternative acquisition proposals from third parties. The transaction is expected to close in the second quarter of 2020, subject to customary closing conditions. Upon completion of the transaction, Forescout common stock will no longer be listed on any public market.