Proofpoint is going private, being acquired by private equity firm Thoma Bravo, in an all-cash deal valued at $12.3 billion.
“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,” said Gary Steele, Chairman and CEO of Proofpoint in a statement.
Under the terms of the deal, Proofpoint shareholders will receive $176.00 per share in cash, representing a premium of approximately 34% over Friday’s closing price.
“Proofpoint places people at the center of its compliance and security strategy and plays a vital role in helping enterprises protect their data. Thoma Bravo’s approach to value creation is rooted in partnering with the organization in which we invest and looking for opportunities to both enhance their existing operations and build technology platforms that drive significant growth” said Seth Boro, a Managing Partner at Thoma Bravo.
The deal is expected to close in the third quarter of 2021.