Relatively narrow focus in the information technology (IT) security segment of the global software industry. Highly competitive and fragmented industry with larger competitors. Benefits from exposure to the fast growing cybersecurity end market. High adjusted last 12 months (LTM) leverage, about 11x. LTM free cash flow to debt in the -2% area, but expected to be positive over the next 12 months. Improving EBITDA margins, in the low-20% area. Acquisitive growth strategy. S&P Global Ratings' stable outlook on Optiv Inc. reflects our view that the company will continue to benefit from its exposure to the cybersecurity end market, grow its revenue base, and generate positive free cash flow over the next 12 months. We could lower the rating if Optiv
