Forcepoint is selling its government-focused cybersecurity business to private equity firm TPG for $2.45 billion, the Austin, Texas-based company said Monday.

The sale, which is under a definitive agreement, is expected to close before the end of 2023 and marks one of the largest acquisitions in the cybersecurity market this year.

Forcepoint is separating out its Global Governments and Critical Infrastructure business, known as G2CI, in the sale to TPG, creating an independent entity. The cybersecurity firm will retain its commercial secure access service edge business under the ownership of Francisco Partners and existing investors, Forcepoint said.

“Today’s operating environment — one in which data volumes are compounding, attack surfaces are broadening and threats are growing in sophistication — demands dynamic security solutions,” Tim Millikin, partner at TPG, said in a statement.

“This is especially true for the public sector, and Forcepoint has designed its platform to address the unique complexities of government objectives and culture,” Millikin said.

Francisco Partners said it will remain investors in Forcepoint G2CI.

Forcepoint, which was founded in 1994, said it has nearly 3,000 employees and serves more than 14,000 customers across 150 countries.