The deal will enable the US-based Proofpoint to become a privately held company
Cybersecurity firm Proofpoint agrees to be acquired by Thoma Bravo. (Credit: Tumisu from Pixabay)
Thoma Bravo has agreed to acquire Proofpoint, a US-based cybersecurity and compliance company, for about $12.3bn in an all-cash deal.
As per the terms of the deal, the private equity investment firm is offering to acquire the enterprise security company for $176 per share.
Thoma Bravo partner Chip Virnig said: “Proofpoint has established itself as a true powerhouse in the cybersecurity sector due to its innovative suite of market-leading products and impressive customer base of leading companies around the world.
“As the sophistication of cyberattacks continues to increase, Proofpoint is delivering the most effective solutions to help organisations protect their data and people across digital platforms.
“We look forward to partnering with the talented Proofpoint team and leveraging Thoma Bravo’s significant security and operational expertise to help accelerate the Company’s growth.”
The deal will enable Proofpoint to become a privately held company, allowing it to gain the flexibility and resources to continue its operations.
Apart from that, the company is expected to benefit from Thoma Bravo’s operating capabilities, capital support, and also deep sector expertise.
Currently listed on NASDAQ, the SaaS-based cybersecurity and compliance firm registered annual revenue of more than $1bn.
For the first quarter of 2021, the company reported a net loss of $45.3m compared to a net loss of $66.8m made in Q1 2020. Its revenue for Q1 2021 was up by 15% to $287.8m, compared to $249.8m made in the first quarter of last year.
Founded in 2002, Proofpoint has a workforce of over 3,600 employees who cater to more than 8,000 enterprises across the world. The company, which became publicly listed in 2012, also has offices in Canada, the UK, Australia, France, and other countries.
Earlier this year, the company acquired InteliSecure, a US-based provider of data loss protection and managed security services, for $62.5m.
Proofpoint chairman and CEO Gary Steele said: “We believe that as a private company, we can be even more agile with greater flexibility to continue investing in innovation, building on our leadership position and staying ahead of threat actors.
“Thoma Bravo is an experienced software investor, providing capital and strategic support to technology organisations, and our partnership will accelerate Proofpoint’s growth and scale at an even faster pace.”
The deal, which is subject to approval by Proofpoint’s shareholders, regulatory approvals, and other customary closing conditions, is anticipated to close in Q3 2021.