The people
What they build
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Working at BlueCat
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About
Michael and Richard Hyatt started BlueCat in 2002, selling appliances at $10,000 apiece — half the price of competitors — and moving 25 in their first quarter. By 2017 it served roughly 1,000 corporate and government customers and Madison Dearborn Partners bought it for $400M. The Hyatts kept a minority stake and Michael stayed on the board until Audax Private Equity bought the company for $700-million-plus in 2022. BlueCat still operates and now sells a broader DDI and network observability line.
Backers
Owned by Audax Private Equity since 2022; Madison Dearborn Partners owned it 2017–2022
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Quick answers
What does BlueCat do?
It runs the core network plumbing — DNS, DHCP and IP address management, known as DDI — for large enterprises and governments, plus network observability and protective DNS.
Who founded BlueCat?
Brothers Michael and Richard Hyatt, in Toronto in 2002. It was their second company together after Dyadem, which sold to IHS in 2011.
Was BlueCat sold?
Twice. Madison Dearborn Partners bought it for $400M in 2017, and Audax Private Equity bought it for $700M-plus in 2022. Michael Hyatt sat on the board until the 2022 sale.