(Reuters) - Private equity firm Symphony Technology Group said on Tuesday it has taken 70 percent stake in cybersecurity company RedSeal, a deal worth about $70 million.

The deal, shared with Reuters a day ahead of the official announcement, follows a slew of acquisitions in the cybersecurity sector by private equity firms last year including Thoma Bravo which spent billions of dollars buying cybersecurity companies like Imperva and Barracuda Networks.

“This investment doesn’t mean an initial public offering is completely off the table but the outcome is likely to be a high-multiple buyout,” said Chief Operating Officer Julie Parrish, when asked about exit plans for the company.

With the new investment by STG, RedSeal said it has raised $142 million to date. RedSeal, which was founded in 2004, analyzes a company’s cybersecurity and identifies risks.

STG will appoint up to four directors on RedSeal’s seven-member board, which will include current Chief Executive Officer Ray Rothrock. Richard Clarke, a former U.S. Coordinator for Security, Infrastructure Protection and Counter-terrorism, will join the firm as a board adviser, RedSeal said.