Private equity firm STG takes 70 percent stake in cybersecurity firm RedSeal

Private equity firm Symphony Technology Group said on Tuesday it has taken 70 percent stake in cybersecurity company RedSeal, a deal worth about $70 million.

The deal, shared with Reuters a day ahead of the official announcement, follows a slew of acquisitions in the cybersecurity sector by private equity firms last year including Thoma Bravo which spent billions of dollars buying cybersecurity companies like Imperva and Barracuda Networks.