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Magnet Forensics
Jad Saliba built Magnet Forensics from a Waterloo basement to a $1.8B Thoma Bravo acquisition. Digital forensics tools for police and militaries worldwide.
Magnet Forensics
Magnet Forensics was co-founded in 2011 by Jad Saliba, a former digital forensics examiner with the Waterloo Regional Police, and Adam Belsher, a former BlackBerry executive who became CEO. Saliba built the initial tool, Internet Evidence Finder, to recover deleted browser history during a child exploitation investigation. The company grew quietly, bootstrapping its way to over 400 employees without institutional venture funding, and listed on the Toronto Stock Exchange in 2021 at a valuation exceeding $1.3 billion (per The Globe and Mail, 2021). The firm develops software that acquires, analyzes, and shares digital evidence from computers, smartphones, cloud services, and IoT devices — covering endpoints, mobile, and cloud forensics. Its core platforms, Magnet Axiom and Magnet Graykey, are deployed across public safety, national security, and corporate investigation teams. Customers include the Federal Bureau of Investigation, the US Department of Defense, and London's Metropolitan Police. Geographically, the firm supports agencies across North America, Europe, the Middle East, and Asia-Pacific, with confirmed contracts in Canada, the United States, the United Kingdom, Australia, and Japan. By 2022, Magnet Forensics reported total revenue of $96 million with a team that had grown considerably from its bootstrapped origins. The company had no investment vehicle structure — it operated as a single public entity. April 2023: Thoma Bravo completed its acquisition of Magnet Forensics, taking the company private in an all-cash deal valued at roughly $1.8 billion (per Reuters, April 2023). A group of insiders including Saliba and Belsher retained minority equity alongside the private equity firm, continuing to run the company as a standalone platform. What distinguishes Magnet Forensics structurally is its origin as a bootstrapped public-safety tool built by a former cop, not a typical venture-backed enterprise software story. It went public, then private again through a sponsor that typically consolidates software platforms. The retained insider equity and continued leadership by Saliba suggests the company is positioned as a potential platform for further forensic-software acquisitions under Thoma Bravo's ownership, rather than a purely financial flip.
General information
Firm type
Asset Manager
Year founded
2011
AUM
Undisclosed
Location
Region
North America
Country
Canada
City
Waterloo
Corporate office
Waterloo, ON, Canada
Principals
Adam Belsher
Chief Executive Officer
Jad Saliba
Founder & Chief Technology Officer
Sector focus
Frequently asked questions
What does Magnet Forensics actually build?
Magnet Forensics develops digital investigation software used to acquire, analyze, and share evidence from computers, smartphones, cloud services, and IoT devices. Their flagship products, Axiom and Graykey, allow forensic examiners to recover deleted data, parse chat logs, and reconstruct user activity. The tools are used by law enforcement and military agencies in more than 90 countries.
Who owns Magnet Forensics after the Thoma Bravo deal?
Thoma Bravo completed its acquisition of Magnet Forensics in April 2023, taking the company private in an all-cash transaction valued at approximately $1.8 billion (per Reuters, April 2023). Founder Jad Saliba, CEO Adam Belsher, and certain other insiders retained a minority stake and continue to lead the company.
How does the firm source its business relationships?
The firm has historically sold directly to government agencies, police forces, and military units through a trained forensic consultant network and established procurement channels. Its first client relationships were built by founder Jad Saliba's reputation within the Canadian law enforcement forensics community, expanding outward to US federal agencies and Five Eyes allies.
Is Magnet Forensics a family office or a private equity platform?
Neither. Magnet Forensics is an operating company that develops and sells digital forensics software. It was a publicly traded company on the Toronto Stock Exchange prior to being taken private by Thoma Bravo in 2023. It is not a family office, allocation vehicle, or fund — it is a portfolio company of a private equity firm.
What is Magnet Graykey and why does it matter?
Graykey is a purpose-built forensic tool for lawfully extracting encrypted or locked data from iOS and Android devices. The device, sold exclusively to government and law enforcement agencies, supports investigations where secure phones contain critical evidence. It is one of the few commercial tools capable of extracting data from modern locked smartphones, placing Magnet Forensics at the center of the law enforcement encryption debate.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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