Financial firm Thoma Bravo that has focused on investments in software and technology sector has announced that it is going for an all cash purchase of a security firm Proofpoint for 12.3 billion.
In what is known to Cybersecurity Insiders, all shareholders of Proofpoint will receive $175 per share in cash that was the last selling price of each share for Proofpoint on April 23rd, 2021.
Based on the terms and condition set, Proofpoint will become a private company after the deal completion and will offer cybersecurity and compliance related solutions to protect people and organizations around the world.
Trade experts say that Thoma Bravo all-cash deal will also help the Cybersecurity firm to increase its capital support and operating capabilities along with the ability to refine its technical expertise in Cybersecurity.
“The funding will help the company in developing products and tools that play an important role in preventing, defending and responding to today’s threats existing in the threat landscape”, said Gary Steele, chairperson and CEO of Proofpoint.
Highlight of this deal is that the board of directors of Proofpoint will have the privilege of turning down the merger agreement if they get a better offer from other third parties. However, the development will take place after a 45-day “Go Shop” period expiring on June 9th,2021.
Note- Since June 2019, Thoma Bravo, that reportedly has $76 Billion in assets under management, has set its focus on acquiring companies that are into software and technology sector. The company that is basically into financial investment business has plans to set up a new Cybersecurity related firm in Miami by the second half of 2021 and currently operates from its officers based in Chicago and San Francisco.