Community safety firm Proofpoint goes non-public in $12.3B deal
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Personal equity company Thoma Bravo has introduced plans to manufacture cybersecurity agency Proofpoint in a deal value $12.3 billion.
The deal serves as additional proof, if any turned well-known, that inquire for cloud-based utterly safety is at an all-time extreme, pushed in colossal fragment by the continued embody of cloud computing and the upward thrust of distant work, which necessitates worthy neighborhood safety.
Based in 2002 by ragged Netscape CTO Eric Hahn, Proofpoint turned within the muse recognized for an e-mail safety product that helped companies identify junk mail, viruses, and numerous electrical correspondence that may maybe properly properly contravene agency insurance policies. Throughout the subsequent years, the Sunnyvale, California-based utterly agency has expanded its scope to include an array of cloud-based utterly safety merchandise designed to protect enterprises from targeted threats.
Proofpoint went public help in 2012, with its shares buying and selling on the initiating at round $13 — these grasp grown steadily over the earlier decade, hitting an all-time extreme of $140 earlier this twelve months, giving it a market capitalization of higher than $7 billion.
Thoma Bravo has a observe doc of taking publicly-traded cybersecurity companies personal, having carried out factual that with neighborhood safety agency Barracuda in 2017 deal value $1.6 billion and Sophos closing twelve months for $3.9 billion. The Proofpoint deal, which is anticipated to discontinuance in Q3 2021, sees Thoma Bravo paying a 34% prime value on Proofpoint’s closing value on the closing paunchy buying and selling day (April 23), with shareholders station to obtain $176 for each fragment that they grasp.
It’s value noting that the $12.3 billion price ticket positions this because the prime quality cybersecurity acquisition of all time, placing it sooner than the $7.68 billion that Intel doled out for McAfee 11 years in the past. And by VentureBeat’s calculations, the Proofpoint acquisition represents considered one of many important prime quality basic abilities acquisitions ever, placing it within the head 20 alongside megadeals along side Dell’s $67 billion EMC want, IBM’s $34 billion Purple Hat deal, and Salesforce’s impending $27.7 billion Slack acquisition.
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