Thoma Bravo in Talks to Back Illumio at $2.9 Billion Value

Cybersecurity startup Illumio Inc. is in talks to raise about $250 million in a funding round that values the company at about $2.9 billion, according to people with knowledge of the matter.

Private equity firm Thoma Bravo is poised to lead the latest funding round for the Sunnyvale, California-based company, said the people, who requested anonymity because the information is private.

An Illumio representative didn’t immediately respond to a request for comment, while a Thoma Bravo spokesperson declined to comment.

Closely-held Illumio in February said it had a strong fiscal year ending Jan. 31, reporting an over 100% jump in international annual recurring revenue and a fourth quarter that was its strongest ever.

The startup, led by co-founder and Chief Executive Officer Andrew Rubin, said more than 10% of Fortune 100 companies -- including Morgan Stanley, BNP Paribas SA and Salesforce.com Inc. -- rely on it to protect their data centers, networks and other applications against cyberattacks.

Illumio has previously raised capital from clients advised by J.P. Morgan Asset Management as well as venture firms including Andreessen Horowitz, General Catalyst, 8VC, Accel and DCVC.

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