This is Magnet Forensics’ first acquisition since it was acquired itself and delisted from the Toronto Stock Exchange in April.
American private-equity firm Thoma Bravo struck a deal in January to buy Kitchener-Waterloo-based Magnet for $1.8 billion CAD.
Magnet Forensics said it was not disclosing the terms of the acquisition, only that the deal closed on Aug. 10, 2023.
Founded in 2015 and based in Gothenburg, Sweden, Griffeye provides solutions designed to streamline digital investigations. The startup’s flagship Griffeye Analyze platform is used by over 1,000 police agencies across the world for processing, sorting, and analyzing large volumes of images and videos—especially in cases containing child sexual abuse material (CSAM), according to Magnet Forensics.
Griffeye has approximately 90 employees worldwide. Currently, it will operate as a standalone company, maintaining its product portfolio and customer base. Eventually, it will be integrated into Magnet Forensics, Magnet said. Griffeye said it would not disclose its previous funding, and did not say whether it had ever received funding rounds.
American private-equity firm Thoma Bravo struck a deal in January to buy Kitchener-Waterloo-based Magnet for $1.8 billion CAD, take the publicly-traded company private, and combine it with digital forensics firm Grayshift.
The acquisition closing and stock exchange delisting concluded what was a raucous and fractious acquisition, with independent director shareholders protesting the deal.
Founded in 2010, Magnet Forensics is a developer of digital-investigation solutions that acquire, analyze, report on, and manage evidence from digital sources, including mobile devices, computers, Internet of Things (IoT) devices and cloud services. Magnet Forensics claims that its products are used by more than 4,000 public and private sector customers in over 90 countries, and help investigators fight crime, protect assets, and guard national security.
Thoma Bravo recently merged Grayshift and Magnet to expand on each company’s separate capabilities. In July 2022, Magnet tried to buy Grayshift, only to be outbid by Thoma Bravo, The Globe and Mail reported. Before this merger, Magnet frequently partnered with Grayshift for help with extracting data from mobile devices.
That pattern of acquiring technology companies that complement Magnet’s work continues with this latest acquisition of Griffeye.
“In a time when forensic backlogs continue to grow, it’s critical for our customers to have tools that support automated workflows,” said Adam Belsher, CEO of Magnet Forensics. “When investigating child exploitation cases, nothing should stand in the way of serving justice, and having Griffeye become a part of Magnet Forensics will only strengthen our ability to help in that pursuit.”
Feature image courtesy Magnet Forensics.