Proofpoint, Thoma Bravo ink $12.3B cyber deal

Thoma Bravo is paying a 34% premium for Proofpoint

Private equity firm Thoma Bravo will acquire cybersecurity firm Proofpoint in an all-cash deal valued at $12.3 billion, the company announced Monday.

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 will become a private company once the acquisition is completed.

"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," Proofpoint CEO Gary Steele in a statement.

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The deal is expected to close in the third quarter of 2021.

"Proofpoint places people at the center of its compliance and security strategy and plays a vital role in helping enterprises protect their data," said Seth Boro, a managing partner at Thoma Bravo. "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."