Clearlake Capital agreed to acquire Quest Software from Francisco Partners in November 2021, and Quest announced that the acquisition closed on February 2, 2022. Axios reported the deal at $5.4 billion, including debt—but Quest’s official announcements said the transaction terms were not disclosed. The $5.4 billion figure is therefore a reported deal value, not a purchase price confirmed by Quest.
What happened in the Quest Software deal?
On November 29, 2021, Quest Software announced that it had signed a definitive agreement for Clearlake Capital to acquire the company from Francisco Partners. Quest expected the transaction to close in the first quarter of 2022, subject to customary regulatory approvals and other closing conditions. Quest’s announcement of the agreement
Quest said on February 2, 2022, that Clearlake had completed the acquisition. Clearlake separately confirmed the completion that day. Quest’s completion announcement · Clearlake’s confirmation
Was the purchase price officially $5.4 billion?
No. Axios reported the transaction at $5.4 billion, including debt. Quest’s November agreement announcement stated, “The terms of the transaction were not disclosed.” Its February completion announcement also said the terms were not disclosed. The $5.4 billion figure should be attributed to Axios’s contemporaneous report, rather than presented as an official purchase-price disclosure by Quest. Axios’s report
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Because Axios’s figure includes debt, it describes a reported debt-inclusive transaction value; it is not necessarily the amount paid directly to Francisco Partners or received by its investors. The official announcements do not provide a separate purchase price or other deal breakdown.
What does Quest Software do?
In its completion announcement, Quest described its business as cybersecurity, data intelligence, and IT operations management software. These categories place the company in enterprise software rather than consumer finance or personal technology. Quest’s description of its business
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Who owns Quest now?
Clearlake completed its acquisition in February 2022. A June 17, 2026 update from Clearlake described Quest as Clearlake-backed and announced that Quest had acquired identity-security provider Anetac. That update indicates Quest remained Clearlake-backed at that time; it does not establish a new sale or disclose updated ownership economics. Clearlake’s June 2026 update
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