85 Advisors acts as exclusive financial advisor to Foxpass on its sale to Splashtop
NEW YORK, NY – March 24, 2023 – 85 Advisors is pleased to announce the sale of Foxpass – a provider of SaaS-based server and networks access management solutions – to Splashtop, a portfolio company of Sapphire Ventures and NEA.
The Foxpass platform provides passwordless identity and access management to ensure that employees do not share passwords and can access only the servers and networks they need, and only when needed. It integrates seamlessly with popular identity providers, including Microsoft O365, Google Workspace, and Okta, while its cloud RADIUS Server platform integrates with major Wi-Fi access point and VPN solutions.
Splashtop is a leading provider of cloud-based remote access and remote support software with more than 30 million users, encompassing enterprises, academic and research institutions, government agencies, small businesses, MSPs, IT departments, and individuals. Foxpass will enable Splashtop and its managed service provider partners to crack down on DevOps and SecOps personnel sharing Wi-Fi and privileged access passwords across VPN, network systems and servers. Eliminating password sharing will give Splashtop customers full visibility on the audit trail into which users accessed what resources.
85 Advisors acted as exclusive financial advisor to Foxpass in connection with the transaction. Financial terms were not disclosed.
A link to the Splashtop press release announcing the transaction is available here.
About Foxpass
Foxpass is a cloud-based identity-centric server and network access management solution that integrates seamlessly with popular identity providers, including Microsoft O365, Google Workspace, and Okta. The company was founded in 2015 and is headquartered in San Francisco.
About 85 Advisors
85 Advisors is a strategic and financial advisory firm that helps technology companies plan, analyze and execute successful growth, financing, and M&A strategies. We work closely with our clients' senior management and board of directors to evaluate, plan and execute myriad strategic alternatives, including mergers, acquisitions, financings, joint ventures, and divestitures. Our focus and expertise extend beyond traditional investment banking services and, accordingly, we serve as a trusted and objective advisor to growth-stage and middle market technology companies on a variety of investment, growth, and operational matters. Our recommendations are informed by our extensive domain expertise paired with rigorous analysis of relevant macro, industry, company- and situation-specific factors. To this end, we have a strong track record of anticipating disruptive trends and changes in the competitive dynamics within the IT sector, and advising our clients on how to exploit these shifts proactively. We operate with a singular focus to help our clients achieve their long-term strategic objectives