09:38 AM EDT, 05/06/2024 (MT Newswires) -- (Updates with additional details in the second and third paragraphs.)

Synopsys ( SNPS ) said Monday it has agreed to sell its Software Integrity Group business to Clearlake Capital Group and Francisco Partners in a deal with a total value of up to $2.1 billion, including up to $475 million in cash payable upon Francisco Partners and Clearlake achieving a specified rate of return in connection with one or more liquidity transactions.

The business will become a newly independent application security testing software provider upon completion of the deal, expected to occur in H2, Synopsys ( SNPS ) said.

After the deal closes, the current Software Integrity Group executive team is anticipated to lead the newly independent and privately held company, the name of which will be announced at a later date, according to Synopsys ( SNPS ).

Price: 542.29, Change: +5.35, Percent Change: +1.00